Celsion Corporation Reports Second Quarter 2005 Financial Results; Company Reports Revenue of $2.9 Million for Quarter. Up 53% over First 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 second quarter ended June June: see month. 30, 2005. The Company reported revenue of $2.9 million for the quarter, compared to $0.4 million for the second quarter of 2004. Revenue increased 53% over first quarter 2005 revenue of $1.9. The Company recorded a net loss for the second quarter of $2.6 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 $1.7 million or $0.01 per basic and diluted share for the comparable quarter in 2004. The increase in the net loss for the quarter was primarily due to non cash adjustments to stock related compensation resulting from the change in the stock price versus the comparable period. Revenue for the six months ended June 30, 2005 was $4.8 million compared to $0.5 million in the comparable period in 2004. Net loss for the six months was $5.0 million, or $0.03 per basic and diluted share, compared to $7.8 million, or $0.05 per basic and diluted share in the first half of 2004 Dr. Lawrence Olanoff, Celsion's Chief Executive Officer, commented, "Having come on board as CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. at the end of July, I am pleased with the progress this business has made, reflected in the results for this quarter and for the year to date. Prolieve continues to perform very well and is exceeding expectations. We are also making good progress on our liver cancer Liver Cancer Definition Liver cancer is a relatively rare form of cancer but has a high mortality rate. Liver cancers can be classified into two types. Phase I study for ThermoDox in combination with radio frequency ablation ablation /ab·la·tion/ (-shun) 1. separation or detachment; extirpation; eradication. 2. removal or destruction, especially by cutting. ab·la·tion n. ." 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
Condensed Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
-------------------------- --------------------------
2004 2005 2004 2005
------------ ------------ ------------ ------------
Revenues $ 443 $ 2,896 $ 543 $ 4,767
Cost of Sales 349 1,926 424 3,199
------------ ------------ ------------ ------------
Gross Margin 94 970 119 1,568
------------ ------------ ------------ ------------
Operating
Expenses
Research &
development 1,386 2,485 5,973 4,704
General &
Administrative 367 1,072 1,936 1,838
------------ ------------ ------------ ------------
Total
Operating
Expenses 1,753 3,557 7,909 6,542
------------ ------------ ------------ ------------
Loss from
Operations (1,659) (2,587) (7,790) (4,974)
Other
Income/(Expense)
License fee
amortization 143 143 191 286
Interest income 59 64 100 125
Loss from
investment in
Celsion China
Ltd 14 24 38 21
------------ ------------ ------------ ------------
Net loss before
income taxes (1,471) (2,404) (7,537) (4,584)
Income taxes - - - -
------------ ------------ ------------ ------------
Net loss $ (1,471) $ (2,404) $ (7,537) $ (4,584)
============ ============ ============ ============
Net loss per
common share
(basic and
diluted) $ (0.01) $ (0.01) $ (0.05) $ (0.03)
============ ============ ============ ============
Weighted
average shares
outstanding 160,302,355 160,898,206 156,764,532 160,850,846
============ ============ ============ ============
Celsion Corporation
Condensed Balance Sheets
(in thousands)
December 31 June 30
---------------------------
2004 2005
------------ -----------
ASSETS (Unaudited) (Unaudited)
Current assets
Cash and cash equivalents $ 10,484 $ 5,316
Accounts receivable 783 962
Inventory 2,202 3,950
Prepaid expenses 679 620
------------ ------------
Total current assets 14,148 10,848
Property and equipment, net 682 615
Investment in Celsion China, Ltd. 108 64
Escrow account - license fee 2,007 2,023
Other assets 107 72
------------ ------------
Total assets $ 17,052 $ 13,622
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 819 $ 1,656
Accrued expenses 738 1,296
Deferred income 571 571
------------ ------------
Total current liabilities 2,128 3,523
Deferred revenue 2,952 2,667
------------ ------------
Total liabilities 5,080 6,190
------------ ------------
Stockholders' equity
Common stock 1,608 1,609
Additional paid-in capital 84,581 84,648
Accumulated deficit (74,217) (78,825)
------------ ------------
Total stockholders' equity 11,972 7,432
------------ ------------
Total liabilities and stockholders'
equity $ 17,052 $ 13,622
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