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EXHIBIT 99.2
Contact:
Mary P. Sundeen, Senior Director
Corporate Communications
301-738-2490
FOR IMMEDIATE RELEASE
June 6, 2000
ENTREMED, INC. RECEIVES $11 MILLION FROM EXERCISE OF WARRANTS
Rockville, MD,...June 6, 2000...EntreMed, Inc. (NASDAQ:ENMD) today
announced that it has received additional funding through the exercise of stock
warrants and options.
On May 3, 2000, EntreMed exercised its right to redeem the Series 2
Warrants that were issued in connection with its private offering of stock in
July 1999. Upon the receipt of that notice, holders of the Series 2 Warrants had
the option to exercise their warrants or have them expire. Such holders elected
to exercise Series 2 Warrants for the purchase of 430,669 shares of EntreMed
common stock resulting in proceeds to EntreMed of approximately $11,000,000.
This brings the total proceeds received from the exercise of redeemable warrants
issued in connection with the July 1999 private offering to approximately
$24,200,000.
In addition EntreMed has also received approximately $4,200,000
since January 1, 2000 from the exercise of options and other warrants. At
present, the Company has approximately 15.7 million shares outstanding.
Dr. John Holaday, EntreMed Chairman, President and Chief Executive
Officer commented: We creatively structured our July 1999 PIPE transaction to
provide further revenues to the Company beyond the initial $30 million raised.
We are proud that our resourcefulness has enabled us to move four antiangiogenic
drug candidates from discovery into the clinic in record time, and with a net
operating loss of approximately $92 million since our founding in 1991. These
records will enable us to maintain our aggressive clinical development timetable
for Endostatin(TM), Angiostatin(R), and 2ME2.
Rockville, MD-based EntreMed, Inc. The Angiogenesis Company(TM) is a
leader in the field of antiangiogenesis research, which studies the inhibition
of abnormal blood vessel growth recently associated with a broad range of
diseases such as cancer 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 www.entremed.com.
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