EntreMed Repurchases Shares of Stock
ROCKVILLE, Md., Jan. 2 /PRNewswire/ -- EntreMed, Inc. (Nasdaq: ENMD) today announced it has exercised the second of three options to repurchase 291,666 shares of its common stock at $13.143 per share from Bristol-Myers Squibb Company. EntreMed elected to repurchase the shares pursuant to its 1995 Restricted Stock Purchase Agreement, as amended in February 1999, with Bristol-Myers Squibb. On December 10, 1999, EntreMed announced the repurchase of the first block of shares available under this agreement.
Rockville, Md.-based EntreMed, Inc., The Angiogenesis Company(TM), is a clinical-stage biopharmaceutical company emphasizing antiangiogenesis therapeutics that inhibit abnormal blood vessel growth associated with a broad range of diseases such as cancer, blindness and atherosclerosis. The Company's strategy is to accelerate development of its core technologies through collaborations and sponsored research programs with university medical departments, research companies and government laboratories.
For further information, please visit the EntreMed web site at http://www.entremed.com.
Statements herein that are not descriptions of historical facts are forward-looking and subject to risk and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including those set forth in the Company's Securities and Exchange Commission filings under "Risk Factors," including risks relating to the early stage of products under development; uncertainties relating to clinical trials; dependence on third parties; future capital needs; and risks relating to the commercialization, if any, of the Company's proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks). SOURCE EntreMed, Inc.
CONTACT: Mary P. Sundeen, Sr. Director, Corp. Communications, of EntreMed, Inc., 240-864-2142/