Development-stage drug maker EntreMed Inc. (NASDAQ: ENMD) reported a third-quarter profit Monday on lower costs and expenses, according to Associated Press.
The company earned $84,914, or zero cents per share, compared with a loss of $3.4 million, or 4 cents per share, during the same period a year prior. Revenue, mainly from royalties, rose 5 percent to $3.7 million from $3.5 million.
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Research and development expenses were cut in half to $2.3 million during the quarter.
The company had just over $10 million in cash and short-term investments as of Sept. 30.
Shares of EntreMed fell 28 cents, or 22 percent, to 99 cents in afternoon trading. The stock has traded between 15 cents and $1.53 over the last 52 weeks.
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