Celsion Corporation Announces Third Quarter Financial Results.COLUMBIA, Md.--(BUSINESS WIRE)--Aug. 10, 1999-- Celsion Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CELN) reported that its June 30, 1999 financial statements showed a reduced operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. and improvement in working capital and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. . The Company's Form 10-Q for the third fiscal quarter ended June 30, 1999 indicates three-month and nine-month losses from the Company's research and development activities of $(427,571) and $(1,588,465), respectively, as opposed to losses of $(1,606,646) and $(3,521,826) for the comparable periods in the prior year. In addition, the Company reported cash of $866,661 and total current assets of $953,017, compared with current liabilities of $489,225, resulting in an improved working capital surplus of $463,792 and a current ratio of 1.61 as of June 30, 1999. This is compared to cash of $54,920 and total current assets of $175,735 compared with current liabilities of $2,176,086, which resulted in a working capital deficit of ($2,000,351) and a current ratio of 0.08 as of September 30, 1998. In the same nine-month period, stockholders' equity increased to $593,667 as of June 30, 1999 from a deficit position of $(1,851,067) as of September 30, 1998. The smaller operating loss in the current periods was due to a reduction in the significantly higher levels of general and administrative expenses in 1998, and a reduction in research and development requirements. Significant system development costs were expended in 1998, which will no longer be necessary for the current breast cancer and benign prostatic hyperplasia benign prostatic hyperplasia n. Abbr. BPH A nonmalignant enlargement of the prostate gland commonly occurring in men after the age of 50, and sometimes leading to compression of the urethra and obstruction of the flow of urine. (BPH BPH abbr. benign prostatic hyperplasia BPH Benign prostatic hypertrophy, a very common noncancerous cause of prostatic enlargement in older men. ) treatment systems. Balance sheet improvements resulted from both a conversion into Common Stock of vendor debt and accrued employee salaries, and the completion of equity private placement financing in the second and third quarter. John Mon, Celsion's treasurer, said, "This improvement in our balance sheet is helping to solidify our financial position from prior periods, and should put the company in a better position to begin Phase I breast cancer human clinical trials and Phase II Human clinical studies for our BPH treatment system." Celsion Corporation is a research and development company dedicated to commercializing medical treatment systems for cancer and benign prostatic hyperplasia (BPH) enlargement using focused heat delivered by proprietary microwave technology. Animal studies on the Company's breast cancer treatment This article or section recently underwent a major revision or rewrite and needs further review. You can help! The mainstay of breast cancer treatment is surgery when the tumor is localized, with possible adjuvant hormonal therapy (with tamoxifen or an aromatase system were performed at Massachusetts General Hospital Massachusetts General Hospital Health care The major teaching hospital for Harvard Medical School, widely regarded as one of the best health care centers in the world , and Phase I human clinical studies were recently completed at Montefiore Medical Center Montefiore Medical Center, in the Bronx, New York, is the university hospital of the Albert Einstein College of Medicine. The hospital, named after Moses Montefiore, is one of the 50 largest employers in New York State [1]. . Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, possible changes in cost of materials, expense items, capital expenditures, capital structure, and other financial items; introduction of new products and possible acquisitions of 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. |
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