ROCKVILLE, Md.--(BW HealthWire)--May 24, 1999--EntreMed, Inc. (NASDAQ:ENMD) today reported results for its fiscal 1999 first quarter ended March 31, 1999. The Company's revenues for the first quarter ended March 31, 1999 were $1,444,039, versus $1,154,971 for the comparable period a year ago. The Company reported a net loss of ($7,148,840), or $(0.55) per share, for the three months ended March 31, 1999, as compared with a net loss of ($3,112,126), or $(0.25) per share, for the same period last year. At March 31, 1999, the Company had cash, cash equivalents and short-term investments of $27,597,628. Dr. John W. Holaday, EntreMed Chairman and Chief Executive Officer commented on the Company's financial performance: "EntreMed continues to remain fiscally sound as we prepare to commence the first human clinical safety trials of our lead product candidate, Endostatin(TM) protein, later this year. EntreMed is continuing with preclinical studies in support of upcoming Investigational New Drug (IND) application filings for Angiostatin(R) protein and 2-methoxyestradiol, and we look forward to extending these studies into the clinic as quickly as possible." Rockville, MD-based EntreMed, Inc. The Angiogenesis Company(TM) , is a leader in the field of antiangiogenesis research, which studies the inhibition of abnormal blood vessel growth recently associated with a broad range of diseases. The Company's strategy is to accelerate development of its core technologies through collaborations and sponsored research programs with university medical departments, research companies and government laboratories. For further information, please visit the EntreMed web site at www.entremed.com. Statements herein that are not descriptions of historical facts are forward-looking and subject to risk and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including those set forth in the Company's Securities and Exchange Commission filings under "Risk Factors," including risks relating to the early stage of products under development; uncertainties relating to clinical trials; 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). ENTREMED, INC. SUMMARY OF OPERATING RESULTS Three Months Ended March 31, 1999 1998 --------------------------------- Total revenues $ 1,444,039 $ 1,154,971 Research & development 7,107,455 3,499,431 General & administrative 1,895,838 1,305,890 Net loss $(7,148,840) $(3,112,126) Net loss per share (basic and diluted) $ (0.55) $ (0.25) Weighted average number of shares outstanding (basic and diluted) 13,057,561 12,300,943  