Elan and EntreMed execute license agreement

Jan. 10, 2006 – Elan Corp. plc (NYSE: ELN) and EntreMed Inc. (NASDAQ: ENMD) announced they have entered into a license agreement in which EntreMed has been granted rights to use Elan’s proprietary nanocrystal technology to develop the oncology product candidate Panzem NCD (2ME2 or 2-methoxyestradiol).

Under the terms of the agreement, Elan is eligible to receive payments upon the achievement of clinical, manufacturing, and regulatory milestones. Additionally, Elan will receive royalty payments based on sales of Panzem NCD.

Elan will manufacture EntreMed’s Panzem NCD, a nanocrystal technology formulation with improved bioavailability and absorption. Other marketed pharmaceutical products in the United States using Elan’s nanocrystal technology include TriCor (marketed by Abbott), Megace ES (marketed by Par Pharmaceuticals), and Rapamune (marketed by Wyeth).

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