ROCKVILLE, Md., Oct. 27 /PRNewswire-FirstCall/ -- EntreMed, Inc. , a clinical-stage pharmaceutical company developing therapeutics primarily for the treatment of cancer and inflammatory diseases, today announced that it has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC). This registration statement, once declared effective by the SEC, will enable EntreMed to sell from time to time, in one or more separate offerings, up to $50 million of its Common Stock and warrants to purchase Common Stock. Terms and price will be determined at the time of an offering or offerings.
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James S. Burns, EntreMed’s President and Chief Executive Officer, commented, “While there are no immediate plans for this shelf, future proceeds will help provide support for the expansion of our clinical programs, specifically, Phase II studies for our lead oncology drug candidate, Panzem(R) NCD (2ME2) and Phase I trials for a second oncology product candidate, ENMD- 1198. We also intend to commence IND-enabling studies for 2ME2 in rheumatoid arthritis this quarter in anticipation of filing an IND in 2006.”
Mr. Burns further noted, “We have made excellent progress during the past year positioning Panzem(R) NCD for Phase II clinical trials and ENMD-1198 for Phase I clinical trials. We felt that this is the right time to file a shelf registration, providing us with the flexibility to take advantage of financing opportunities when and if deemed appropriate to fund the anticipated progress of our anticancer and antiinflammatory pipeline.”
A registration statement relating to the securities listed in the shelf registration has been filed with the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such an 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 clinical trials for cancer, as well as in preclinical development for non-oncology indications. EntreMed’s goal is to develop and commercialize new compounds based on the Company’s expertise in angiogenesis, cell cycle regulation 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, 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; 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.
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CONTACT: Ginny Dunn, Associate Director, Corporate Communications &Investor Relations of EntreMed, Inc., +1-240-864-2643
Web site: http://www.entremed.com//
