ROCKVILLE, Md., Nov. 6 /PRNewswire-FirstCall/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer and inflammatory diseases, today reported results for the three- and nine-month periods ending September 30, 2008.
Revenues for the third quarter 2008 were approximately $3,501,000 versus $3,520,000 for the comparable period a year ago. The Company reported a net loss for the third quarter of approximately ($3.4 million) or ($0.04) per share. This compares with a net loss of approximately ($3.0 million), or ($0.04) per share for the same period last year.
Revenues for the nine months ended September 30, 2008 were approximately $3,501,000 versus $3,520,000 for 2007. Reported net loss for the first nine months of 2008 was ($21.3 million), or ($0.26) per share as compared to ($18.6 million) or ($0.23) per share for 2007. As of September 30, 2008, EntreMed had cash and short-term investments of approximately $28 million.
Dane R. Saglio, EntreMed Chief Financial Officer, commented, "We have
estimated that the royalty revenue from sales of Thalomid(R) for the 3rd
quarter will be $3.5 million and we expect royalty revenue for the year to
increase over 2007 with Celgene's acquisition of Pharmion Corporation.
Research and development expenses for the third quarter declined versus the
prior quarters in 2008 due in part to the decision made earlier in the year
to discontinue the use of Panzem in oncology, but also impacted by a
decreasing number of patients being treated with MKC-1 related to Phase 2
|SOURCE EntreMed, Inc.|
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