EntreMed reports second-quarter 2006 net loss of $6 million

By Lisa Kerner

Charlotte, N.C., Aug. 9 - EntreMed, Inc. reported a second-quarter 2006 net loss $6.0 million, or $0.09 per share, up from a net loss of $4.3 million, or $0.09 per share, for the prior-year period.

The company reported no revenues for the three-month period but reported revenues of $579,461 for the second-quarter 2005.

For the first six months of 2006, EntreMed's net loss increased to $40.7 million, or $0.59 per share, from $9.8 million, or $0.22 per share, for the first half of 2005.

While the company did not report any revenues for the first six months of 2006, compared to revenues of $605,000 for the comparable period in 2005, EntreMed said it expects to record royalty revenue on sales of Thalomid by Celgene in the third and fourth quarters of 2006.

EntreMed had cash and short-term investments of $45.1 million as of June 30.

"Our progress for the first half of 2006 is consistent with both our guidance and my expectations," president and chief executive officer James S. Burns said in a company news release.

"R&D [research and development] expenses are in line with our progress on Panzem NCD, MKC-1, ENMD-1198 and our key preclinical programs."

EntreMed is a Rockville, Md., clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer and inflammatory diseases.

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