ROCKVILLE, Md., March 5, 2012 /PRNewswire/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, announced today that it has initiated plans to establish an office in China to facilitate the Company's drug development and clinical trials in that country. Additionally, the Company and Selected Value Therapeutics, LLC (SVT) terminated their agreement regarding SVT's right to enter into a license agreement to develop and commercialize the Company's lead compound, ENMD-2076, in China and certain of its territories. SVT will not retain any rights to ENMD-2076. SVT, of which a majority of its shareholders participated in the Company's recent strategic financing, agreed to terminate the agreement in order to allow the Company greater flexibility to execute its global drug development strategy.
Dr. Wei-Wu He, the Company's Executive Chairman of the Board commented, "Our recent strategic financing, led by IDG-Accel, provided an opportunity for the Company to assess its clinical strategy and new resources to accelerate the development of targeted drug candidates, such as ENMD-2076, by using a global approach to conducting high quality clinical trials, with an emphasis in China and the United States. Establishing an operation in China will facilitate building deeper relationships with local medical institutions, regulatory agencies and broader sources of capital. We will also continue to be opportunistic about the timing and terms of financing opportunities in both the United States and China. We believe this global approach will be a key driver to build value for our shareholders."
About EntreMedEntreMed, Inc. is a clinical-stage pharmaceutical company committed to developing ENMD-2076, a selective angiogenic kinase inhibitor, for the treatment of cancer. ENMD-2076 is currently completing a multi-center Phase 2 study in ovarian cancer and completed several Phase 1 studies in solid tumors, multiple myeloma, and leukemia. 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 (the SEC). About ENMD-2076 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 the Aurora A kinase. Aurora kinases are key regulators of mitosis (cell division), and are often over-expressed in human cancers. ENMD-2076 also targets the VEGFR, Flt-3 and FGFR3 kinases which have been shown to play important roles in the pathology of several cancers. ENMD-2076 has shown promising activity in Phase 1 clinical trials in solid tumor cancers, leukemia, and multiple myeloma. ENMD-2076 is currently completing a Phase 2 trial for ovarian cancer.