Attached files
| file | filename |
|---|---|
| 8-K - CASI Pharmaceuticals, Inc. | v173198_8k.htm |
| EX-5.1 - CASI Pharmaceuticals, Inc. | v173198_ex5-1.htm |
| EX-10.1 - CASI Pharmaceuticals, Inc. | v173198_ex10-1.htm |
| EX-1.1 - CASI Pharmaceuticals, Inc. | v173198_ex1-1.htm |
Exhibit
99.1
|
FOR
IMMEDIATE RELEASE:
|
CONTACT:
|
|
February 4,
2010
|
Ginny
Dunn
|
|
4:15
p.m. ET
|
Associate
Director, Corporate Communications & Investor
Relations
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|
EntreMed,
Inc.
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|
|
240.864.2643
|
ENTREMED
RAISES ADDITIONAL $2.5 MILLION IN
REGISTERED
DIRECT OFFERING
ROCKVILLE, MD, February 4,
2010 – EntreMed, Inc. (Nasdaq: ENMD) today announced that it completed a
registered direct offering of 3,846,154 shares of its common stock, at a
purchase price of $0.65 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 February 3, 2010. The per share
purchase price reflects a 10% discount to the five-day average closing sale
price ending on February 2, 2010.
EntreMed
plans to use the net proceeds of the offering, which are expected 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.
These
securities are being offered through a prospectus supplement and accompanying
base prospectus pursuant to the Company’s effective shelf registration
statement, previously filed and declared effective by the Securities and
Exchange Commission (SEC). The prospectus supplement related to the
offering will be filed with the SEC. Wharton Capital Markets LLC
acted as the exclusive placement agent in connection with this transaction.
Copies of the final prospectus supplement and accompanying base prospectus can
be obtained from Wharton Capital Markets LLC at 444 Madison Avenue, 40th Floor,
New York, NY 10022, or at the SEC’s website at www.sec.gov.
This
press release does not and shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities, nor shall there be any
sale of the securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any state.
About
EntreMed
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, multiple myeloma, and leukemia. 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®
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.
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 any unanticipated costs and expenses
related to the offering, and other risks set forth in Securities and Exchange
Commission filings under "Risk Factors," including the volatility of the
Company’s common stock; risks relating to the need for additional capital and
the uncertainty of securing additional funding on favorable terms; the failure
to consummate a transaction to monetize the royalty stream for any reason,
including our inability to obtain the required third-party consents; declines in
actual sales of Thalomid® resulting in reduced revenues; 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, including
delays to the commencement of such trials; success in the clinical development
of any products; dependence on third parties; 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).
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