Celsion Corporation Reports First Quarter 2005 Financial Results; Company Reports Revenue of $1.9 Million for Quarter.COLUMBIA Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. , Md. -- CELSION CORPORATION (AMEX AMEX See: American Stock Exchange :CLN CLN Clean CLN Community Learning Network CLN Colon CLN Celsion Corporation CLN Class Library for Numbers CLN Credit Linked Note CLN Comitato di Liberazione Nazionale (Committee of National Liberation) CLN Corn Lethal Necrosis ) today announced financial results for its first quarter ended March 31, 2005. The Company reported revenue of $1.9 million for the quarter, compared to $0.1 million for the first quarter of 2004. The net loss for the first quarter of $2.2 million, or $0.01 per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net loss of $6.0 million, or $0.04 per basic and diluted share, for the comparable quarter in 2004. 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 catheter /cath·e·ter/ (kath´e-ter) 1. a tubular, flexible surgical instrument that is inserted into a cavity of the body to withdraw or introduce fluid. 2. urethral c. 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(TM) is gaining traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. in the marketplace. During the quarter, Boston Scientific The Boston Scientific Corporation (NYSE: BSX) (abbreviated BSC), is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a range of interventional medical specialties, including interventional cardiology, peripheral interventions, 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 Massachusetts Institute of Technology, at Cambridge; coeducational; chartered 1861, opened 1865 in Boston, moved 1916. It has long been recognized as an outstanding technological institute and its Sloan School of Management has notable programs in business, , Harbor UCLA Medical Center UCLA Medical Center is a hospital located on the campus of the University of California, Los Angeles in Los Angeles, California. It is rated as one of the top three hospitals in the United States and is the top hospital on the West Coast according to US News & World Report. , 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]. and Memorial Sloan-Kettering Cancer Center The Memorial Sloan-Kettering Cancer Center (MSKCC) in New York City is a cancer treatment and research institution founded in 1884 as the New York Cancer Hospital. The main campus is located at 1275 York Avenue, between 67th and 68th Streets, with other locations in New in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Roswell Park Cancer Institute The Roswell Park Cancer Institute is a cancer research and treatment center located in Buffalo, New York. Founded in 1898 by Dr. Roswell Park, it was the first dedicated medical facility for cancer treatment and research in the United States. in Buffalo, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , and Duke University. For more information on Celsion, visit our website: http://www.celsion.com. Celsion wishes to inform readers that forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this release are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " 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. 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 Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities ; 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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