Management Paper

3151 words - 13 pages

EntreMedExecutive Summary1.1 History and BackgroundEntreMed, Inc., Maryland founded in 1991 and publicly-traded since 1996 (NASDAQ: ENMD) a clinical-stage biopharmaceutical company developing therapeutics that "act on multiple cellular pathways involved in processes such as abnormal blood vessel growth, inflammation, coagulation, and programmed cell death"( Through a combination of both foresight and fortuity, EntreMed, in 1993, initiated its collaboration with Dr. Judah Folkman, the father of angiogenesis, who, more than 30 years ago, discovered that tumors were unable to thrive without networks of new blood vessels to feed them. The company's clinical drug candidates, led by the small molecule Panzem, have shown a strong safety profile with neither toxicity nor clinically significant side effects reported. The main focus of EntreMed's drug pipeline is small molecules and peptides.Since the company's inception in September 1991, they have devoted almost all of its efforts and resources to conducting research and development. Through December 31, 2002, all of its revenues have been generated from license fees, research and development funding, royalty payments, the sale of royalty rights, and certain research grants. EntreMed have not generated any revenue from direct product sales, and the management anticipates that this situation will change in the upcoming years because the company has nine product candidates in development and three product candidates in human clinical trials.1.2 Industry and CompetitorsEntreMed operates in a very challenging, but also rewarding industry, biotechnology industry. Nearly 20 percent of the 320 US publicly traded biotech companies underwent restructuring in 2002 and more than 80 percent of those restructured companies were forced to cut programs and lay of employees. On a global basis, the net loss of the biotechnology industry increased roughly $5.7 billion to $12.4 billion as the number of public companies decreased 3 percent in 2002.The past year was one of challenge for the biotechnology industry in general and EntreMed in particular. A recession in market value and tight capital market forced the company's management to review each and every piece of the business. One of the most important decisions that the company's management implemented was concentrating all of its efforts to the most economically feasible pipeline candidates: the small molecules and peptides, led by Panzem, and limiting or even ending other programs, including proteins Endostatin and Angiostatin.There is a lot of competition in the biotechnology industry. EntreMed is one of several hundred in the field of biotechnology. The direct competition that EntreMed faces is the biotechnological companies that are also specialize in the oncology and developing cures for cancer that include Amgen, Affymax, Onyvax , Angiotech Pharmaceuticals, Antigenics, ImClone Systems, etc. The indirect competition includes the bigger players in the...

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