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EntreMed reports 3Q profit on lower costs
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ROCKVILLE, Md. - 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 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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