EntreMed Reports Fourth Quarter and Year-End 2007 Financial Results
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For fiscal year 2007, revenues were $7.4 million versus $6.9 million for2006. For the year ended December 31, 2007, the Company reported a net lossof ($23.4 million) or ($0.28) per share, versus ($50.9 million), or ($0.71)per share, for fiscal year 2006. As of December 31, 2007, the Company hadcash and short-term investments of approximately $47.7 million.
Revenues for the fourth quarters ended December 31, 2007 and December 31,2006 were both $3.9 million. The Company reported a net loss of ($4.0million), or ($.05) per share for the three months ended December 31, 2007.This compares with a net loss of ($5.9 million), or ($0.08) per share for thefourth quarter 2006.
Dane R. Saglio, EntreMed Chief Financial Officer, commented, "Financialresults for 2007 reflect an increase in both revenue and research anddevelopment expenses versus 2006. For the year, we recorded $7.4 million inroyalty revenue, a small increase over 2006 royalty revenues of $6.9 million.While research and development expenses decreased in the fourth quarter, therewas an increase of approximately $2 million for the full year as a result ofthe initiation of multiple Phase 2 trials for MKC-1 and Panzem(R) NCD, as wellas the submission and acceptance of two IND filings in 2007. In addition toreporting our operating results, our 2006 financial statements also reflectthe acquisition of Miikana Therapeutics and the resultant $29.5 million non-cash charge booked as acquired in-process R&D. In 2008, we expect our cashexpenses will remain at similar levels as compared to 2007 or increaseslightly as a result of supporting ongoing and new clinical trials."
James S. Burns, President and Chief Executive Officer further commented,"These are volatile times in the financial markets and microcap oncologycompanies such as ours have been hit particularly hard. We are financedadequately and have sufficient cash to fund our clinical and research programswell into 2009. We will continue to pursue a strategy focused on orally-administered, small molecule compounds that can provide us with multipleopportunities to succeed and to mitigate the inherent risk of oncology drugdevelopment."
The fourth quarter update call is scheduled for Thursday, March 13, 2008at 10:00 a.m. ET and will include a question and answer session. To accessthe live conference, please dial 800-418-7236 (U.S. or Canada) or 973-935-8757(internationally) and reference conference number 37155333 at least 10 minutesprior to the beginning of the call. A digital recording will be availableapproximately two hours after completion of the conference and will beaccessible for 60 days. To access the recording, dial 800-642-1687 (U.S. orCanada) or 706-645-9291 (internationally) and enter the digital pin number37155333. This call will not be web cast; however, an audio replay will alsobe available on the Company's website at www.entremed.com approximately onehour after the conclusion of the live conference.
EntreMed, Inc. is a clinical-stage pharmaceutical company developingtherapeutic candidates primarily for the treatment of cancer and inflammation.MKC-1 is currently in multiple Phase 2 clinical trials for cancer. MKC-1 is anoral cell-cycle regulator with activity against the mTOR pathway. Panzem(R)(2-methoxyestradiol) NCD is also in multiple Phase 2 studies in oncologypatients. Additionally, ENMD-1198, a novel tubulin-binding agent, is in Phase1 studies in advanced cancers. The Company has approved IND applications forPanzem(R) in rheumatoid arthritis, and EN
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