Press Releases
Celsion Corporation Reports First Quarter 2013 Financial Results and Provides Business Update
Following the announcement on
"With the support of our medical advisors, we have been working diligently to better understand the clinical data and findings from the Phase III HEAT Study. Concurrently, we have been taking appropriate measures to position
Recent Business Developments
During the first quarter of 2013, the Company raised
Celsion sold common stock through a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. and received gross proceeds of approximately$7 million .Celsion entered into a Securities Purchase Agreement with certain institutional investors, pursuant to which the Company sold, in a registered offering, an aggregate of 15,000 shares of its Series A 0% convertible preferred stock and warrants to purchase approximately 6.0 million shares of its common stock at an exercise price of$1.18 per share, for gross proceeds of$15 million .Celsion entered into a Technology Development Agreement with Zhejiang Hisun Pharmaceutical Co., Ltd. (Hisun) for ThermoDox® for the greaterChina territory. Under the terms of the agreement, Hisun paidCelsion a$5 million payment in support of ThermoDox® technology development.
In
- Emerging findings from the HEAT Study post hoc analysis suggests that ThermoDox® markedly improved progression free survival (PFS) and overall survival (OS) in patients who had optimal RFA. The post hoc analysis indicated that if patients' lesions undergo RFA for 45 minutes or more, they clearly benefitted from ThermoDox®. These findings apply to HCC lesions from both size cohorts of the HEAT Study (3-5 cm and 5-7 cm) and represent a sizable subgroup of patients.
- The Company implemented a restructuring program to lower its operating costs to conserve capital. The program included the elimination of approximately one-third of
Celsion 's workforce and the deferral of expenses associated with the Company's Phase II study of ThermoDox® in combination with RFA for the treatment of colorectal liver metastases (The ABLATE Study). - The Company engaged Cantor Fitzgerald & Co. to conduct a comprehensive review of merger and acquisition opportunities with the goal of identifying novel products with high potential, or companies, for
Celsion to acquire.
Financial Results
For the quarter ended
For the quarter ended
Research and development expenses decreased by
Quarterly Conference Call
The Company is hosting a conference call to provide a business update and discuss the first quarter 2013 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. ThermoDox® is being evaluated in a Phase III clinical trial for primary liver cancer (the HEAT study), a Phase II clinical trial for colorectal liver metastasis and a Phase II clinical trial for recurrent chest wall breast cancer. Localized mild hyperthermia (39.5 - 42 degrees Celsius) created by radiofrequency ablation (RFA) releases the entrapped doxorubicin from the liposome. This delivery technology enables high concentrations of doxorubicin to be deposited preferentially in a targeted tumor. On
About
Investor Contact
Senior Vice President — Corporate
Strategy and Investor Relations
609-482-2455
jchurch@celsion.com
| ||||
Three Months Ended | ||||
2013 |
2012 | |||
Licensing revenue |
$ |
125 |
$ |
- |
Operating expenses: |
||||
Research and development |
3,203 |
4,693 | ||
General and administrative |
1,689 |
1,570 | ||
Total operating expenses |
4,892 |
6,263 | ||
Loss from operations |
(4,767) |
(6,263) | ||
Other income (expense): |
||||
Gain from valuation of common stock warrant liability |
4,280 |
78 | ||
Interest, dividends and other income (expense), net |
(164) |
(1) | ||
Total other income, net |
4,116 |
77 | ||
Net loss |
(651) |
(6,186) | ||
Non-cash deemed dividends from beneficial conversion feature on convertible preferred stock |
(4,601) |
— | ||
Net loss attributable to common shareholders |
$ |
(5,252) |
$ |
(6,186) |
Net loss attributable to common shareholders per |
$ |
(0.12) |
$ |
(0.19) |
Weighted average common shares outstanding — basic and diluted |
42,996 |
33,197 | ||
|
|||||
ASSETS |
2013 (Unaudited) |
|
|||
Current assets |
|||||
Cash and cash equivalents |
$ |
20,367 |
$ |
14,991 |
|
Short term investments and accrued interest |
25,486 |
8,104 |
|||
Other current assets |
562 |
554 |
|||
Total current assets |
46,415 |
23,649 |
|||
Property and equipment |
1,040 |
1,115 |
|||
Other assets |
|||||
Deposits and other assets |
477 |
567 |
|||
Patent license fees, net |
26 |
28 |
|||
Total other assets |
503 |
595 |
|||
Total assets |
$ |
47,958 |
$ |
25,359 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Current liabilities |
|||||
Accounts payable and accrued liabilities |
$ |
5,278 |
$ |
3,595 |
|
Deferred revenue — current portion |
500 |
— |
|||
Note payable - current portion |
1,884 |
1,410 |
|||
Total current liabilities |
7,662 |
5,005 |
|||
Common stock warrant liability |
4 |
4,284 |
|||
Note payable — non-current portion |
3,173 |
3,661 |
|||
Deferred revenue — noncurrent portion |
4,375 |
— |
|||
Other liabilities — noncurrent portion |
443 |
447 |
|||
Total liabilities |
15,657 |
13,397 |
|||
Stockholders' equity |
|||||
Series A convertible preferred stock |
1 |
— |
|||
Common stock |
515 |
380 |
|||
Additional paid-in capital |
190,743 |
165,276 |
|||
Accumulated other comprehensive loss |
(159) |
(127) |
|||
Accumulated deficit |
(156,119) |
(150,877) |
|||
Subtotal |
34,981 |
14,652 |
|||
Less: Treasury stock |
(2,680) |
(2,690) |
|||
Total stockholders' equity |
32,301 |
11,962 |
|||
Total liabilities and stockholders' equity |
$ |
47,958 |
$ |
25,359 |
SOURCE
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