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EntreMed sees earnings, revenue drop

EntreMed Inc. of Rockville, a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, reported fourth-quarter net income of $1 million, or 6 cents per diluted share, versus net income of $1.1 million, or 7 cents per diluted share, for the 2010 quarter.

Revenue was $1.9 million in fourth-quarter 2011 versus $3.7 million for the prior-year period. The company attributed the drop in revenue to a decrease in royalties on sales of Thalomid from New Jersey-based Celgene Corp. Celgene licensed Thalomid, a thalidomide-related drug used to treat cancer, from Entremed in 1998.

EntreMed said the decrease in royalty revenue was in line with expectations.

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