EntreMed Reports 3Q Profit On Lower Costs

ROCKVILLE, Md. (AP) ¿ Development-stage drug maker EntreMed Inc. reported a third-quarter profit Monday on lower costs and expenses.

The company earned $84,914, or zero cents per share, compared with a loss of $3.4 million, or 4 cents per share, during the same period a year prior. Revenue, mainly from royalties, rose 5 percent to $3.7 million from $3.5 million.

Research and development expenses were cut in half to $2.3 million during the quarter.

The company had just over $10 million in cash and short-term investments as of Sept. 30.

Shares of EntreMed fell 15 cents, or 12 percent, to $1.12 in morning trading. The stock has traded between 15 cents and $1.53 over the last 52 weeks.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More from Technology

Facebook Messenger Could Bring in Billions of Dollars -- Here's How

Facebook Messenger Could Bring in Billions of Dollars -- Here's How

Tesla's Battery Tech Is Unrivaled

Tesla's Battery Tech Is Unrivaled

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

Salesforce Is Hitting on All Cylinders as Shares Notch an All-Time High

Salesforce Is Hitting on All Cylinders as Shares Notch an All-Time High