Celsion Corporation Reports Second Quarter 2008 Financial Results
COLUMBIA, Md., Aug 18, 2008 (BUSINESS WIRE) -- Celsion Corporation (NASDAQ: CLSN) today announced financial results for its second quarter ended June 30, 2008. The Company reported a net loss from continuing operations of $2.4 million, or $0.24 per diluted share, compared to a net loss from continuing operations of $4.6 million, or $0.43 per diluted share, for the second quarter of 2007. When factoring in discontinued operations in 2007, the Company reported net income of $44.2 million, or $3.80 per diluted share, in the second quarter ended June 30, 2007. Net income for 2007 included the gain on the Sale of the Prolieve assets of $48 million.
Recent Celsion Milestones:
-- Presented well-received abstract presentations regarding Phase I and preclinical studies at two prestigious oncologic and drug delivery conferences
-- Demonstrated biological activity of its formulation in a patient population in its Phase I study for RCW cancer
-- Included in the Russell Microcap Index
Mr. Michael H. Tardugno, Celsion's President and Chief Executive Officer, commented, "Advancing our Phase III Liver Cancer Trial is our number one priority and we made significant progress on achieving our goals in this respect. Additionally, we have been and will continue carefully managing overhead costs while fully supporting our development pipeline. These actions reflect our commitment to advancing our research programs and thus driving shareholder value."
"Celsion remains focused on advancing our current programs," continued Mr. Tardugno. "We are in a strong position to fund our Phase III primary liver cancer study to a point where we have sufficient results to determine if there is support for an NDA filing, as well as demonstrating feasibility for additional formulations. Additionally, we continue to make progress in accelerating our Recurrent Chest Wall (RCW) cancer trial and anticipate initiating our pivotal Phase II study before the end of this year."
For the six months ended June 30, 2008, Celsion reported a net loss from continuing operations of $6.5 million, or $0.64 per share compared to a net loss from continuing operations of $7.9 million, or $0.73 per share, for the comparable period in 2007. Including income from discontinued operations in 2007, the Company recorded net income of $41.9 million, or $3.64 per diluted share.
Celsion is holding a conference call to discuss second quarter results on Monday, August 18, 2008, at 11:00 a.m. Eastern Time. Interested participants may dial 877-604-2080 (U.S./Canada) or 706-902-1383 (International) for the teleconference and use Conference ID: #59454102 to register ten minutes before the call is scheduled to begin.
The call will be archived for replay on August 18, 2008 at 2:00 p.m. and will be made available until Monday, August 25, 2008. The replay can be accessed at 800-642-1687 or 706-645-9291, Conference ID: # 59454102. The call will also be available on the Company's website <www.celsion.com> for 30 days after 2:00 p.m. on Monday, August 18, 2008.
About Celsion: Celsion is dedicated to the development and commercialization of oncology drugs including tumor-targeting treatments using focused heat energy in combination with heat activated drug delivery systems.
Celsion has research, license or commercialization agreements with leading institutions such as the National Institutes of Health, Duke University Medical Center, University of Hong Kong, Cleveland Clinic, and the North Shore Long Island Jewish Health System.
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
Condensed Statements of Operations
(in thousands except for per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- -------------------------
2008 2007 2008 2007
------------ ------------ ------------ ------------
Revenues $ - $ - $ - $ -
Operating
expenses:
Research and
development 1,615 2,349 4,582 4,120
General and
administrative 581 1,671 1,077 2,965
------------ ------------ ------------ ------------
Total operating
expenses 2,196 4,020 5,659 7,085
------------ ------------ ------------ ------------
Loss from
operations (2,196) (4,020) (5,659) (7,085)
Other income
(expense):
Other expense (159) (416) (839) (416)
Interest income 29 120 104 301
Interest expense (104) (317) (118) (665)
------------ ------------ ------------ ------------
Loss from
continuing
operations (2,430) (4,633) (6,512) (7,865)
Discontinued
Operations
Income from
discontinued
operations - 48,847 - 49,722
------------ ------------ ------------ ------------
Net (loss) /
income $ (2,430) $ 44,214 $ (6,512) $ 41,857
============ ============ ============ ============
Net loss from
continuing
operations per
common share -
basic $ (0.24) $ (0.43) $ (0.64) $ (0.73)
============ ============ ============ ============
Net loss from
continuing
operations per
common share -
diluted $ (0.24) $ (0.43) $ (0.64) $ (0.73)
============ ============ ============ ============
Net income from
discontinued
operations per
common share -
basic $ - $ 4.53 $ - $ 4.62
============ ============ ============ ============
Net income from
discontinued
operations per
common share -
diluted $ - $ 4.20 $ - $ 4.33
============ ============ ============ ============
Net (loss) /
income per common
share - basic $ (0.24) $ 4.10 $ (0.64) $ 3.89
============ ============ ============ ============
Net (loss) /
income per common
share - diluted $ (0.24) $ 3.80 $ (0.64) $ 3.64
============ ============ ============ ============
Weighted average
shares
outstanding -
basic 10,146,446 10,773,023 10,144,944 10,760,019
============ ============ ============ ============
Weighted average
shares
outstanding -
diluted 10,146,446 11,628,480 10,144,944 11,493,854
============ ============ ============ ============
Celsion Corporation
Condensed Balance Sheets
(in thousands)
June 30,
2008 December 31,
(Unaudited) 2007
----------- ------------
Current assets
Cash and short term investments $ 12,642 $ 5,937
Accounts receivable 73 230
Due from Boston Scientific Corporation 15,000 15,000
Prepaid expenses 226 257
----------- ------------
Total current assets 27,941 21,424
----------- ------------
Property and equipment, net 212 268
Notes and loans receivable 378 1,382
Due from Boston Scientific Corporation -
Non Current - 15,000
Other assets 1,460 965
----------- ------------
Total other assets 1,838 17,347
----------- ------------
Total assets $ 29,991 $ 39,039
=========== ============
Current liabilities
Accounts payable $ 1,310 $ 1,830
Accrued expenses 3,394 5,066
Income taxes payable - 546
Note payable - current portion 578 677
----------- ------------
Total current liabilities 5,282 8,119
----------- ------------
Long-term liabilities
Note payable - 235
Other liabilities 31 34
----------- ------------
Total long-term liabilities 31 269
----------- ------------
Total liabilities 5,313 8,388
----------- ------------
Stockholders' equity
Common stock 108 108
Additional paid-in capital 88,866 88,320
Unrealized loss on available for sale
securities (7)
Accumulated deficit (61,650) (55,138)
----------- ------------
Subtotal 27,317 33,290
Less: Treasury Stock - at cost (2,639) (2,639)
----------- ------------
Total stockholders' equity 24,678 30,651
----------- ------------
Total liabilities and stockholders' equity $ 29,991 $ 39,039
=========== ============
SOURCE: Celsion Corporation
FD Ashton Partners Geoff Grande, 617-747-1721 geoff.grande@fdashtonpartners.com
Copyright Business Wire 2008
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