Celsion Corporation Reports First Quarter 2005 Financial Results; Company Reports Revenue of $1.9 Million for Quarter
Revenue of $1.9 million for the first quarter of 2005 represented an increase of 36% over revenue of $1.4 million for the Company's fourth quarter of 2004, ended December 31, 2004. Compared to the fourth quarter of 2004, Celsion reported a gross margin of 32%, up from 15% for the prior quarter, as a result of a higher proportion of sales being derived from catheter kits in the most recent period.
Dr. Augustine Cheung, Celsion's Founder, President and Chief Executive Officer, commented, "We are extremely pleased with our first quarter results. Prolieve is gaining traction in the marketplace. During the quarter, Boston Scientific placed 58 machines in service and, approximately 1,500 patients were treated using our Prolieve system. The improvement in gross margin is also encouraging and we expect this trend to continue as the year progresses."
Celsion has research, license or commercialization agreements with leading institutions such as the National Institutes of Health, Duke University Medical Center, Massachusetts Institute of Technology, Harbor UCLA Medical Center, Montefiore Medical Center and Memorial Sloan-Kettering Cancer Center in New York City, Roswell Park Cancer Institute in Buffalo, New York, and Duke University. For more information on Celsion, visit our website: http://www.celsion.com.
Celsion wishes to inform readers that forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, unforeseen changes in the course of research and development activities and in clinical trials by others; possible acquisitions of other technologies, assets or businesses; possible actions by customers, suppliers, competitors, regulatory authorities; and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
Celsion Corporation
Statements of Operations
(in thousands, except per share amounts)
Three Months Ended
March 31,
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2005 2004
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(Unaudited)
Revenues $ 1,870 $ 100
Cost of Sales 1,272 75
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Gross Margin 598 25
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Operating Expenses
Research & development 2,219 4,586
General and administrative 766 1,569
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Total Operating Expenses 2,985 6,155
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Loss from Operations (2,387) (6,130)
Other Income/(Expense)
License fee amortization 143 47
Interest income 62 41
Loss from investment in Celsion China
Ltd. (21) (24)
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Net loss before income taxes (2,203) (6,066)
Income taxes - -
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Net Income $ (2,203) $ (6,066)
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Net loss per common share (basic and diluted)$ (0.01) $ (0.04)
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Weighted average shares outstanding 160,802 153,221
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Celsion Corporation
Consolidated Condensed Balance Sheets
(in thousands)
December 31,
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2005 2004
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ASSETS (Unaudited)
Current assets
Cash and cash equivalents $ 7,534 $ 10,484
Accounts receivable 1,599 783
Inventory 2,689 2,202
Prepaid expenses 639 679
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Total current assets 12,461 14,148
Property and equipment, net 663 682
Investment in Celsion China, Ltd. 87 108
Escrow account - license fee 2,013 2,007
Other assets 166 107
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Total assets $ 15,390 $ 17,052
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 1,583 $ 873
Accrued expenses 598 685
Deferred income 571 571
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Total current liabilities 2,752 2,129
Deferred revenue
Total liabilities 2,809 2,952
Stockholders' equity
Common stock 1,609 1,607
Additional paid-in capital 84,640 84,581
Accumulated deficit (76,420) (74,217)
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Total stockholders' equity 9,829 11,971
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Total liabilities and stockholders'
equity $ 15,390 $ 17,052
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CONTACT: Celsion Corporation
Tony Deasey, 410-290-5390
tony@celsion.com
or
General Info:
Financial Relations Board
Marilynn Meek, 212-827-3773
mmeek@financialrelationsboard.com
or
Investor Info:
Susan Garland, 212-827-3775
sgarland@financialrelationsboard.com
SOURCE: Celsion Corporation
