Celsion CEO Issues Letter to Stockholders
To My Fellow Stockholders:
With the closing of a small equity fundraise today,
First, we now count among our stockholders four institutional investors that have been following our progress with ThermoDox® over a sufficiently long period of time to fully understand our technology and the potential for success of our global Phase III OPTIMA Study in primary liver cancer, or HCC. As we have said, positive trial results will be transformational – for patients with HCC, for physicians, for our employees and for you, our stockholders. I believe these new investors recognize they are financing a drug development program that holds the promise to make a measurable difference for the global medical community.
Second, this small, relatively non-dilutive financing provides the Company with additional certainty in a highly volatile financial market. Given the extraordinary reaction by the stock markets to the COVID-19 coronavirus, we felt compelled to strengthen our balance sheet to buffer against the potential for a continued erosion in our equity valuation, while we complete the OPTIMA Study.
Third, while we do not expect any interruption in our supply of ThermoDox® or GEN-1 from our high-quality manufacturing partners in
Fourth, this financing extends our operating cash runway well into 2021. We believe we will have cash comfortably beyond the final data readout of the OPTIMA Study (anticipated for the first quarter of 2021), if needed. While clinical success likely would allow an equity raise at a higher valuation, given the potential for continued stock market volatility we determined that the best course of action was to strengthen our balance sheet now, and with quality investors.
Our fundamentals remain strong. We reaffirm expectations to report data from the second pre-planned interim efficacy analysis for the Phase III OPTIMA Study in the second quarter of 2020. Enrollment in this trial was completed in
In summary, we look forward to our future with optimism. On behalf of my colleagues at
Chairman, President and Chief Executive Officer
About Celsion Corporation
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Source: Celsion CORP