Celsion Corporation Reports Third Quarter 2007 Financial Results
Columbia, MD., November 8, 2007: CELSION CORPORATION (AMEX: CLN) today announced financial results for its third quarter ended September 30, 2007. The Company reported a net loss of $3.6 million, or $0.34 per share, compared to a net loss of $1.0 million, or $0.09 per share, for the third quarter of 2006. Excluding income from discontinued operations, the Company recorded a loss from continuing operations of $3.7 million compared to a loss of $2.6 million for the third quarter of 2006. The increased loss was the result of clinical trial costs related to the Company's continued development of its liver cancer and RCW programs, drug manufacturing costs to support those programs, and increased salaries and benefit accruals, including amounts due to former employees.
For the nine months ended September 30, 2007 the Company reported net income of $38.2 million, or $3.55 per share, basic and $3.32 per share, diluted, compared to a net loss of $6.5 million, or $0.61 per share, in the comparable period in 2006. Excluding income from discontinued operations the Company recorded a loss from continuing operations for the nine months ended September 30, 2007 of $11.5 million, or $1.07 per share, compared to a loss of $7.3 million, or $0.68 per share, for the nine months ended September 30, 2006.
Mr. Michael H. Tardugno, Celsion's president and chief executive officer, commented, "We continue to execute on our business strategy as planned and have further sharpened our focus on the development of ThermoDox®. Our financial resources are sufficient to advance our current programs, in particular, our Phase III primary liver cancer study. Pending approval of our SPA by the FDA, we have targeted that we will treat the first patient in study in the first quarter of 2008. While the start of the study has been delayed from our prior target due to the additional FDA submission iteration, the Company is proceeding on a number of startup clinical operational tasks in parallel, which will ensure that the overall timeline to study completion will be on track. We continue to maintain momentum for the Phase III study."
Mr. Tardugno added, "We continue to make progress in accelerating our RCW trial and anticipate adding an additional site, this year."
"Moving our primary liver cancer and RCW programs forward", Mr. Tardugno concluded, "while enhancing the number of drug targets in our development pipeline, is our focus. As such, we anticipate carefully adding to our clinical and scientific staff to ensure that we manage these opportunities successfully."
The Company is holding a shareholders' conference call on Thursday, November 8, 2007, at 11:00 a.m. Eastern Time. To participate in the call, interested parties can dial 877 604 2080 (U.S./Canada) or 706 902 1383 (International), Conference ID: # 23308858 to register ten minutes before the call is scheduled to begin.
The call will be archived for replay November 8, 2007 at 2:00 p.m. until Thursday, November 15, 2007. The replay can be accessed at 800 642 1687 or 706 645 9291, Conference ID: # 23308858. The call will also be available on the Company's website, http://www.celsion.com for 90 days after 2:00 p.m. on Thursday, November 8, 2007.
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, 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.
Paul G. Henning