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EntreMed ends quarter with $39 million of cash; Q3 revenues more than double
By Lisa Kerner
Charlotte, N.C., Nov. 6 - EntreMed, Inc.'s third-quarter 2006 revenues more than doubled to $3.0 million from $1.3 million for the third quarter of 2005.
The company's net loss for the quarter was slightly improved at $3.5 million, or $0.05 per share, from a net loss $4.4 million, or $0.09 per share, for the same period last year.
Research and development expenses were up at $5.5 million for the quarter, from $4.1 million for the prior-year period.
Revenues for the nine months ending Sept. 30 were $3.0 million, up from $1.9 million for the first nine months of 2005.
EntreMed reported a net loss for the nine-month period of $44.3 million, or $0.63 per share, compared with a net loss of $14.1 million, or $0.35 per share, reported for the same period in 2005. Excluding a non-cash charge of $29.5 million from the acquisition of Miikana Therapeutics Inc. in January 2006, the company's net loss for the first nine months of 2006 was $14.8 million, or $0.42 per share.
The company's research and development expenses for the first nine months of 2006 reached nearly $14.0 million, compared with slightly more than $12.0 million for the first nine months of 2005.
As of Sept. 30, EntreMed had cash and short-term investments of about $39 million.
"We are continuing to benefit from increasing sales of Celgene's Thalomid, and we expect to record at least a similar amount of royalty revenue for the final quarter of 2006," chief financial officer Dane R. Saglio said in a company news release.
"We also expect research and development expenditures to continue increasing into 2007 as we expand our clinical programs, including securing material to support multiple clinical trials for our lead compounds, Panzem NCD and MKC-1."
EntreMed is a clinical-stage pharmaceutical company based in Rockville, Md.
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