Celsion Corporation Reports Fourth Quarter 2006 Financial Results.Record Revenues of $4.5 for Quarter; Net Loss Reduced by 49% COLUMBIA, 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 fourth quarter ended December 31, 2006. The Company reported revenue of $4.5 million for the quarter, compared to $4.3 million for the fourth quarter of 2005. Net loss for the fourth quarter was $1.1 million, or $0.10 per basic and diluted share, compared to a net loss of $2.1 million, or $0.20 per basic and diluted share for the comparable quarter in 2005. The reduction in the net loss reflects a substantial increase in gross margin, up from 37.2% of net sales in the fourth quarter of 2005 to 47.3% of net sales in the fourth quarter of 2006. This increase was primarily due to the commissioning of a new Prolieve([R]) disposable catheter kit supplier and a 27% reduction in research and development expenses as a result of decreased Prolieve development costs. Revenue for the year ended December 31, 2006 of $11.3 million compared to revenue of $12.3 million in the comparable period in 2005. Net loss for the year was $7.6 million, or $0.71 per basic and diluted share, compared to $8.7 million, or $0.81 per basic and diluted share for the year ended December 31, 2006. Michael H. Tardugno, Celsion's President and Chief Executive Officer, commented, "The Company ended 2006 on a strong note. Sales of Prolieve continued to grow and are now generating a profit on a fully absorbed basis. Our cash burn rate for the fourth quarter of $1.3 million continued well below historic levels. Our outlook for 2007 is positive. We expect that annual sales of Prolieve will approach $18 million along with a continued improvement in profitability. Our liver and recurrent chest wall breast cancer studies are on schedule and progressing well. As a result, we anticipate the initiation of a Phase III study in primary liver cancer before the end of the year." About Celsion: The Prolieve Thermodilatation system is a minimally invasive transurethral microwave system which combines a transurethral microwave thermotherapy ther·mo·ther·a·py n. Medical therapy involving the application of heat. thermotherapy device with pressure applied by a balloon catheter. Prolieve is marketed, in the United States under an exclusive distribution agreement, with Boston Scientific Corporation. 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, and Duke University. 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 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; and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. [TABLE OMITTED] [TABLE OMITTED] (1) Adjusted to reflect February 27, 2006 15:1 reverse stock split |
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