Bristol-Myers Squibb Won't Develop EntreMed's Anticancer Drug

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Bristol-Myers Squibb

(BMY) - Get Report

said it will no longer develop

EntreMed's

(ENMD)

experimental anticancer drug, angiostatin, as part of the companies' research agreement. Bristol Myers said that, in its current form, the drug does not meet criteria for molecules that advance to clinical trials. However, Bristol-Myers will retain the rights to develop and market a product based on angiostatin if research by EntreMed shows the protein is effective in pre-human studies.

TheStreet.com

skeptically watched EntreMed's stock explode back in

early May when investors seemed to think the company had a real shot at destroying the big C.

Blaming a lack of resources, Brazil's state of Minas Gerais will not meet any of the $108 million in Euroband debt payments due tomorrow,

Reuters

reported. Brazil's federal government has repeatedly promised to meet Minas Gerais' Eurobond payments if the state were unable to.

In other postclose news (earnings estimates from

First Call

; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

Blue Rhino

(RINO)

restated its fiscal 1998 and first-quarter 1999 results to include charges associated with the write-off of a $635,000 convertible loan to Bison Valve. The company posted a 1998 loss of $1.04 a share, compared with the previously reported loss of $1.10, and a first-quarter 1999 loss of a penny a share, compared with the previously reported profit of 5 cents.

Century Aluminum

(CENX) - Get Report

reported fourth-quarter earnings of 10 cents a share, 3 cents higher than the four-analyst forecast but lower than the year-earlier 18 cents. And the company said it sees little earnings improvement in 1999 because of a weak price environment.

Encad

(ENCD)

reported a fourth-quarter loss of $1.30 a share, including charges from workforce cuts, excess inventory, and an increase in the allowance for doubtful accounts. The five-analyst estimate called for an operating loss of 6 cents vs. the year-ago profit of 42 cents.

Northeast Utilities

(NU)

recorded a fourth-quarter loss of $1.01 a share, including write-offs for Connecticut and Argentine plants. The six-analyst forecast called for an operating loss of 7 cents vs. the year-ago loss of 41 cents.

Systems Software Associates

(SSAX)

warned it sees first-quarter results falling below the four-analyst outlook for a repeat of the year-ago loss of 2 cents a share. The company blamed lower software license revenue.

In other earnings news:

Mergers, acquisitions and joint ventures

Tosco

(TOS)

and

Union Carbide

(UK)

agreed to create an equally owned venture for the production and marketing of polypropylene.

Unocal

(UCL)

said the planned sale of its fertilizer unit fell through because the unnamed investor did not raise sufficient cash for the deal.