EntreMed, the beleaguered Rockville biotechnology company, got a financial bailout last week that helped boost its stock by 22 percent.
EntreMed, which was set to run out of money Jan. 1, agreed to license a line of experimental cancer therapies to competitor Celgene, easing its cash crunch and ending litigation between the two companies.
EntreMed granted Celgene the development rights for versions of the drug thalidomide and stock interests worth up to 49 percent of the company. As part of the $27 million package, both companies agreed to drop lawsuits against each other over patent infringement claims. Shares of EntreMed closed Friday at $1.14.
The Washington Post-Bloomberg regional stock index closed at 166.82 Friday, up 3.74 points for the week.
Shares of business software provider MicroStrategy rose 12 percent after the company announced that German-based Thomas Cook, the world's third-largest travel group, is using the MicroStrategy Business Intelligence Platform. Thomas Cook said it would use the organizational software to track hotel capacities and travel routes. Shares of McLean-based MicroStrategy closed Friday at $15.45.
Bad news from Home Depot was likely a factor in the sharp drop in the share price of toolmaker Black & Decker, making it one of the week's biggest decliners. Sales at Home Depot stores open at least a year fell 10 percent in December, and its chief executive, Robert L. Nardelli, warned that "these business trends indicate the likelihood of a challenging environment well into the next fiscal year."
The warning quickly hurt the chain's suppliers. Shares of Towson, Md.-based Black & Decker closed Friday at $40.01, down 5 percent for the week.
Shares of Hanover, Md.-based CompuDyne fell 8 percent, to $6.53, after the security firm lowered its earnings guidance for the fourth quarter that ended Dec. 31, 2002. The company was not specific about its revised estimate but said lower earnings would result from cost overruns for several projects, under-use of plant capacity and contract delays. The company said the fourth quarter would be "nominally profitable."