EntreMed Inc. has raised $20 million in financing from three major financial companies to help fund clinical work for the next two years.
The Rockville pharmaceutical company, which develops treatment for cancer and inflammatory diseases, said Monday it closed the secured loan agreement with GE Healthcare Financial Services, Merrill Lynch Capital and Oxford Finance Corp.
The money will be used specifically to support clinical studies with the medications Panzem NCD, MKC-1and ENMD-1198. The financing will also fund clinical trials for Panzem in rheumatoid arthritis and the Aurora-angiogenesis inhibitor to combat cancer.
EntreMed (NASDAQ: ENMD) said last month it lost $7.9 million in the second quarter ended June 30, compared with a $6 million loss in the year-ago quarter. The company did not report any revenue for the quarter, nor did it in the year-ago quarter.
Source :
washington.bizjournals.com 
