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April 3, 2012 /PRNewswire/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, announced today that the Company has appointed Dr.
Ken K. Ren as interim Chief Executive Officer, effective as of
April 2, 2012. Dr. Ren has distinguished himself as a leader in the pharmaceutical industry in the roles of drug discovery, development and regulatory, and brings years of experience in conducting global trials for multi-national pharmaceutical and biotech companies. Dr. Ren was also the founder and key manager of several private companies operating in
the United States and
China in pharmaceutical development and services.
Wei-Wu He, the Company's Executive Chairman, commented, "We are very excited to bring Dr. Ren on board to be a part of our team. Dr. Ren has a tremendous amount of experience with conducting international trials, including in the U.S. and China. This experience and expertise, along with his practical business sense and personal record of starting and building successful companies, will make Ken instrumental to achieving EntreMed's business objectives. His approach is consistent with our philosophy of entrepreneurial medicine – the term from which our company name was derived. We are currently in the planning stages for our next international trial for ENMD-2076 and having Ken's leadership will help us accelerate the process, as well as add depth to our management team as we move forward with optimism."
The Compensation Committee of the Company's Board of Directors approved the issuance of an inducement option award to Dr. Ren to purchase up to 150,000 shares of the Company's common stock. The exercise price of this option is equal to the fair market value of the Company's common stock on
April 2, 2012, or
$2.16. The option will have a term of ten years and will vest and become exercisable as follows: (i) 50% on
October 2, 2012 and (ii) the remaining 50% on
April 2, 2013. The award, which was made outside of the Company's 2011 Long-Term Incentive Plan, was granted as an inducement award material to Dr. Ren's employment, in accordance NASDAQ Listing Rule 5635(c)(4).
EntreMed, 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).
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.