EntreMed To Open China Office, Ends SVT Alliance

EntreMed, Inc. plans to establish an office in China to facilitate its drug development and clinical trials in the region. Additionally, EntreMed and Selected Value Therapeutics, LLC (SVT) have terminated their agreement regarding SVT’s right to enter into a license agreement to develop and commercialize the company’s lead compound, ENMD-2076, in China and certain of its territories. SVT agreed to terminate the agreement in order to allow the company greater flexibility to execute its global drug development strategy.
 
Dr. Wei-Wu He, EntreMed’s executive chairman of the board, said, “Our recent strategic financing, led by IDG-Accel, provided an opportunity for the company to assess its clinical strategy and new resources to accelerate the development of targeted drug candidates, such as ENMD-2076, by using a global approach to conducting high quality clinical trials, with an emphasis in China and the U.S. Establishing an operation in China will facilitate building deeper relationships with local medical institutions, regulatory agencies and broader sources of capital. We will also continue to be opportunistic about the timing and terms of financing opportunities in both the U.S. and China. We believe this global approach will be a key driver to build value for our shareholders.”