EntreMed Receives $1.7 Million Royalty Payment
December 14, 2009 (FinancialWire) — EntreMed, Inc. (NASDAQ: ENMD), said it has received $1.7 million in royalty revenue from sales of Thalomid during the third quarter compared to estimated royalty revenue of $3.3 million. The company said it also anticipates a decrease in fourth quarter and projected revenue for fiscal 2009. The difference in estimated and actual revenues for the third quarter will be reflected in the fourth quarter financial results, according to EntreMed.
EntreMed said it plans to explore the sale of its rights to future royalties from sales of Thalomid and has instituted additional expense reductions in non-clinical areas. EntreMed said it will continue ongoing activities in preparation for initiating a Phase II trial in ovarian cancer patients in the second quarter of 2010.
EntreMed is a clinical-stage pharmaceutical company.
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