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EntreMed Focuses on Development of ENMD-2076
Posted by: gurufocus (IP Logged)
Date: December 15, 2008 06:08PM
Press Release: EntreMed Focuses on Development of ENMD-2076 EntreMed Inc. is a clinical-stage biopharmaceutical company developing and testing product candidates that address the role of blood and blood vessels in health and disease. They are primarily focused on developing antiangiogenic drugs designed to inhibit the abnormal new blood vessel growth associated with cancer as well as a broad range of diseasesincluding certain types of blindness and atherosclerosis. EntreMed Inc. has a market cap of $23.04 million; its shares were traded at around $0.25 with and P/S ratio of 3.11. More on ENMD: Gurus buys and sells of ENMD 10-year financial history of ENMD. Insider buys/sells of ENMD.
Operations and Management Realigned to Provide Full Support for Clinical Activities
(Logo: [www.newscom.com] )
ENMD-2076 is a unique small molecule kinase inhibitor which, in preclinical studies, has displayed an excellent activity profile and is currently in Phase 1 clinical trials for solid tumors and multiple myeloma. The Company expects to have available clinical data in mid-2009. While the Company's other product candidates, including MKC-1, ENMD-1198 and Panzem(R) in rheumatoid arthritis, continue to be promising, the Company will consider further clinical development only if additional financial resources are available. As a result, the Company expects to reduce all research activities to the minimal level necessary to continue its efforts to realize their potential value through arrangements with third parties. The Company's plan for these programs is not expected to affect ongoing trials and current patients.
As part of the restructuring and in order to further reduce costs, President and Chief Executive Officer,
The senior management team going forward will include:
This senior management team will report to a newly formed Executive Committee of the Board comprised of three independent directors:
"In addressing the near- to mid-term strategy for the Company, the Board concluded that focusing our human and financial resources on our most promising program and its upcoming clinical milestones is the best course for providing shareholder value," said Chairman of the Board,
The Company previously reported approximately
EntreMed, Inc. is a clinical-stage pharmaceutical company committed to developing primarily ENMD-2076, a selective angiogenic kinase inhibitor, for the treatment of cancer. ENMD-2076 is currently in Phase 1 studies in advanced cancers and multiple myeloma. The Company's other therapeutic candidates include MKC-1, an oral cell-cycle regulator with activity against the mTOR pathway currently in multiple Phase 2 clinical trials for cancer, and ENMD-1198, a novel antimitotic agent currently in Phase 1 studies in advanced cancers. The Company also has an approved IND application for Panzem(R) in rheumatoid arthritis. Additional information about EntreMed is available on the Company's web site at www.entremed.com and in various filings with the Securities and Exchange Commission.
ENMD-2076 is an orally-active, Aurora A/angiogenic kinase inhibitor with a unique kinase selectivity profile and multiple mechanisms of action. ENMD-2076 has been shown to inhibit a distinct profile of angiogenic tyrosine kinase targets in addition to Aurora A kinase and other oncogenic proteins. Aurora kinases are key regulators of mitosis (cell division), and are often over-expressed in human cancers. In addition, ENMD-2076 is relatively selective for the Aurora A isoform in comparison to Aurora B. ENMD-2076 has shown significant cytotoxic activity preclinically towards a variety of human leukemia and myeloma cell lines, as well as towards ex vivo-treated human leukemia patient samples.
Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for expectations for future financial or business performance (including the timing of royalty revenues and future R&D expenditures), strategies, expectations and goals. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and no duty to update forward-looking statements is assumed. Actual results could differ materially from those currently anticipated due to a number of factors, including those set forth in Securities and Exchange Commission filings under "Risk Factors," including risks relating to the need for additional capital and the uncertainty of additional funding; variations in actual sales of Thalomid(R), risks associated with the Company's product candidates; the early-stage products under development; results in preclinical models are not necessarily indicative of clinical results, uncertainties relating to preclinical and clinical trials; success in the clinical development of any products; dependence on third parties; future capital needs; and risks relating to the commercialization, if any, of the Company's proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks).
COMPANY CONTACT: MEDIA CONTACT: Ginny Dunn David Schull Associate Director President Corporate Communications Russo Partners & Investor Relations 212.845.4271 240.864.2643Source: PRNewsWire More on ENMD: Gurus buys and sells of ENMD 10-year financial history of ENMD. Insider buys/sells of ENMD.
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