ROCKVILLE, Md., Dec. 19 /PRNewswire-FirstCall/ -- EntreMed, Inc. , a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer and inflammatory diseases, today announced that it has completed its registered offering of 10,727,500 shares of its common stock at $1.60 per share to select institutional investors. ThinkEquity Partners LLC acted as lead placement agent and Rodman & Renshaw, LLC acted as co-placement agent in connection with this transaction. Continuing and new institutional investors participated in the transaction, including Celgene Corporation, EntreMed's principal shareholder.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010620/ENMDLOGO )
EntreMed President and Chief Executive Officer, James S. Burns, commented on the transaction, "The proceeds from this transaction will provide the financial resources for our development programs well into 2008. Our clinical pipeline is developing nicely and our two lead preclinical programs are now in pre-IND studies."
Mr. Burns continued, "In 2007, we expect to begin reporting results from our two Phase 2 clinical programs (Panzem(R) NCD and MKC-1), complete the Phase 1 trial for ENMD-1198 in oncology, and file INDs for both Panzem(R) in rheumatoid arthritis and our multi-target kinase inhibitor (ENMD-981693) in oncology. The proceeds from this financing will be directed primarily to advancing these key EntreMed programs."
The shares of common stock may only be offered by means of a prospectus. Copies of the final prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the offices of ThinkEquity Partners LLC, 31 West 52nd Street, 17th Floor, New York, NY 10019, or directly from the Company.
A registration statement relating to these securities was filed with and has been declared effective by the Securities and Exchange Commission. This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
About EntreMed
EntreMed, Inc. is a clinical-stage pharmaceutical company developing therapeutic candidates primarily for the treatment of cancer and inflammation. Panzem(R) (2-methoxyestradiol or 2ME2), the Company's lead drug candidate, is currently in Phase 1 and 2 clinical trials for cancer, as well as in preclinical development for rheumatoid arthritis. MKC-1, an oral cell cycle regulator, is in Phase 1 and 2 clinical trials for cancer. ENMD-1198, a novel tubulin binding agent, is also in Phase 1 studies in advanced cancers. EntreMed's goal is to develop and commercialize new compounds based on the Company's expertise in angiogenesis, cell cycle regulation, signaling pathways, and inflammation -- processes vital to the treatment of cancer and other diseases, such as rheumatoid arthritis. Additional information about EntreMed is available on the Company's website at http://www.entremed.com and in various filings with the Securities and Exchange Commission.
Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for expectations for future financial or business performance (including the timing of royalty revenues and future R&D expenditures), strategies, expectations and goals. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and no duty to update forward-looking statements is assumed. Actual results could differ materially from those currently anticipated due to a number of factors, including those set forth in Securities and Exchange Commission filings under "Risk Factors," including risks relating to the need for additional capital and the uncertainty of additional funding; variations in actual sales of Thalomid(R), risks associated with development of product candidates; the early-stage products under development; results in preclinical models are not necessarily indicative of clinical results; uncertainties relating to preclinical and clinical trials; success in the clinical development of any products; dependence on third parties; future capital needs; and risks relating to the commercialization, if any, of the Company's proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks).
CONTACT: Ginny Dunn, Associate Director, Corporate Communications & Investor Relations of EntreMed, Inc., +1-240-864-2643.
Photo: Newscom: http://www.newscom.com/cgi-bin/prnh/20010620/ENMDLOGOAP Archive: http://photoarchive.ap.orgPRN Photo Desk photodesk@prnewswire.comEntreMed, Inc.CONTACT: Ginny Dunn, Associate Director, Corporate Communications &Investor Relations of EntreMed, Inc., +1-240-864-2643
Web site: http://www.entremed.com/
