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Financial Results
For the quarter ended
In the third quarter of 2012, the Company recorded an
Research and development costs decreased by approximately
Quarterly Conference Call
The Company is hosting a conference call to provide a business update and discuss the third quarter 2012 results at
The call will be archived for replay on
About ThermoDox® and the Phase III HEAT Study
ThermoDox® is a proprietary heat-activated liposomal encapsulation of doxorubicin, an approved and frequently used oncology drug for the treatment of a wide range of cancers. In the HEAT Study, ThermoDox® is administered intravenously in combination with Radio Frequency Ablation (RFA). Localized mild hyperthermia (39.5 - 42 degrees Celsius) created by the RFA releases the entrapped doxorubicin from the liposome. This delivery technology enables high concentrations of doxorubicin to be deposited preferentially in a targeted tumor.
For primary liver cancer, ThermoDox® is being evaluated in a global, multi-center, randomized, pivotal Phase III HEAT Study at 79 clinical sites under an FDA Special Protocol Assessment. The study is designed to evaluate the efficacy of ThermoDox® in combination with RFA when compared to patients who receive RFA alone as the control. The primary endpoint for the study is progression-free survival with a secondary confirmatory endpoint of overall survival.
Additional information on the Company's ThermoDox® clinical studies may be found at www.clinicaltrials.gov.
About
For more information on
Celsion Corporation
Condensed Statements of Operations
(in thousands except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Licensing revenue $ - $ - $ - $ 2,000
--------- --------- --------- ---------
Operating expenses:
Research and development 3,540 5,414 12,345 14,727
General and administrative 1,420 1,409 4,586 3,906
--------- --------- --------- ---------
Total operating expenses 4,960 6,823 16,931 18,633
--------- --------- --------- ---------
Loss from operations (4,960) (6,823) (16,931) (16,633)
--------- --------- --------- ---------
Other (expense) income:
(Loss) gain from valuation of
common stock warrant
liability (881) 375 (1,251) (42)
Other (expense)income, net (177) 55 (127) (426)
--------- --------- --------- ---------
Total other (expense)
income, net (1,058) 430 (1,378) (468)
--------- --------- --------- ---------
Net Loss $ (6,018) $ (6,393) $ (18,309) $ (17,101)
========= ========= ========= =========
Net loss per common share -
basic and diluted $ (0.18) $ (0.25) $ (0.55) $ (0.93)
========= ========= ========= =========
Weighted average shares
outstanding - basic and diluted 33,642 25,150 33,418 18,360
========= ========= ========= =========
Celsion Corporation
Selected Balance Sheet Information
(in thousands)
September 30,
2012 December 31,
(unaudited) 2011
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 8,318 $ 20,146
Short-term investments 14,229 10,157
Accrued interest on short term investments 134 244
Other current assets 1,085 961
------------- -------------
Total current assets 23,766 31,508
------------- -------------
Property and equipment 1,008 783
------------- -------------
Other assets:
Deposits, deferred fees and other assets 605 323
Patent licensing fees, net 30 35
------------- -------------
Total other assets 635 358
------------- -------------
Total assets $ 25,409 $ 32,649
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 5,661 $ 6,042
Notes payable - current portion 945 110
------------- -------------
Total current liabilities 6,606 6,152
Common stock warrant liability 1,417 166
Notes payable - non-current portion &
other 4,362 137
------------- -------------
Total liabilities 12,385 6,455
------------- -------------
Stockholders' equity:
Common stock 354 339
Additional paid-in capital 158,121 153,237
Accumulated other comprehensive loss (131) (276)
Accumulated deficit (142,620) (124,222)
------------- -------------
Subtotal 15,724 29,078
Treasury stock (2,700) (2,884)
------------- -------------
Total stockholders' equity 13,024 26,194
------------- -------------
Total liabilities and stockholders'
equity $ 25,409 $ 32,649
============= =============
Investor ContactDavid Pitts Argot Partners 212-600-1902 Email Contact
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