ROCKVILLE, Md.,- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, today reported financial results for the three and six-month periods ending June 30, 2012.
EntreMed reported a net loss for the second quarter of 2012 of ($10.5 million), or ($0.56) per share. This compares with a net loss of ($1.7 million), or ($0.17) per share, for the same period last year. For the first six months of 2012 the reported net loss was ($13.0 million), or ($0.86) per share as compared to ($4.3 million), or ($0.41) per share for 2011. The 2012 net loss amounts included non-cash interest charges associated with our Strategic Financing totaling $9.2 million and $10.0 million for the three and six months ended June 30, 2012, respectively. Excluding the non-cash interest, net loss for the second quarter and first six months of 2012 was ($1.3 million), or ($0.07) per share and ($3.0 million) or ($0.19) per share, respectively.
As of June 30, 2012, EntreMed had cash and cash equivalents of approximately $10.1 million.
Sara B. Capitelli, EntreMed's Vice President, Finance & Principal Accounting Officer, commented on the second quarter results, "Our second quarter 2012 financial results were in line with expectations. Our research and development expenses for the second quarter decreased compared to the previous year as we completed enrollment of patients in the ENMD-2076 Phase 2 ovarian cancer study in 2011. We anticipate third and fourth quarter operating expenses to increase as we execute on our clinical development plan in the US and China."
Ken Ren, PhD, EntreMed's Chief Executive Officer, further commented, "We continue to move forward with our clinical development of ENMD-2076. As previously announced, we recently initiated and are recruiting patients for a Phase 2 trial in triple negative breast cancer and are currently in the process of planning additional trials in other targeted indications. In addition, our China operations and local development activities are up and running; these are all steps towards executing our global development plans."
