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EntreMed Offers $2.5 Million Of Common Stock

January 13, 2010 (FinancialWire) — EntreMed, Inc. (NASDAQ: ENMD) said it has completed a registered direct offering of 3.125 million shares of its common stock at a purchase price of $0.80 per share, to a single accredited institutional investor.

The sale resulted in gross proceeds to the company of $2.5 million. The terms of the purchase were set forth in a stock purchase agreement entered into by the parties on January 8, 2010. The per share purchase price reflects a 7% discount to the ten-day average closing sale price ending on January 7, 2010.

EntreMed plans to use the net proceeds of the offering, which it expects to be approximately $2.3 million after deducting the placement agent’s fee and estimated offering expenses payable by EntreMed, to further clinical development of its Aurora A/angiogenic kinase inhibitor, ENMD-2076, and for other general corporate purposes.

Maryland-based EntreMed is a clinical-stage pharmaceutical company committed to developing primarily ENMD-2076, a selective angiogenic kinase inhibitor, for the treatment of cancer.  

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