EntreMed (ENMD) Enters $9.3M of Strategic Financing, Two Board Members Resign
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EntreMed, Inc. (Nasdaq: ENMD), has received approximately $9.3 million in strategic financing, as previously announced on January 23, 2012. The Company expects to receive the remaining funds on or about February 10, 2012. The financing was led by IDG-Accel China Growth Fund II L.P. and joined by other accredited investors, including Emerging Technology Partners, LLC, and Dr. Tak W. Mak, Director of the Campbell Family Institute for Breast Cancer Research.
In connection with the financing, Mr. Michael Tarnow and Mr. Donald Brooks have resigned from the Board of Directors, effective immediately. Mr. Tarnow will provide consulting services to the Company until May 31, 2012 to assist with the transition efforts. Wei-Wu He, Ph.D. has joined the Board of Directors as Executive Chairman, and Dr. Tak W. Mak, Ph.D., has also been elected to the Board of Directors.
In connection with the financing, Mr. Michael Tarnow and Mr. Donald Brooks have resigned from the Board of Directors, effective immediately. Mr. Tarnow will provide consulting services to the Company until May 31, 2012 to assist with the transition efforts. Wei-Wu He, Ph.D. has joined the Board of Directors as Executive Chairman, and Dr. Tak W. Mak, Ph.D., has also been elected to the Board of Directors.
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