Celsion Corporation Reports Third Quarter 2005 Financial Results; Company Reports Revenue of $3.2 Million for Quarter. Net Loss reduced by 41%.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 third quarter ended September 30, 2005. The Company reported revenue of $3.2 million for the quarter, compared to $0.5 million for the third quarter of 2004. The Company recorded a net loss for the third quarter of $2.0 million, or $0.01 per basic and diluted share, compared to a net loss of $3.3 million, or $0.02 per basic and diluted share for the comparable quarter in 2004. The increase in revenues and reduction in the net loss for the quarter and year to date was primarily due to income generated from the sale of Prolieve(TM) control units and catheters. Revenue for the nine months ended September 30, 2005 was $8.0 million, compared to $1.1 million in the comparable period in 2004. Net loss for the nine months was $6.6 million, or $0.04 per basic and diluted share, compared to $10.9 million, or $0.07 per basic and diluted share in the first nine months of 2004 Dr. Lawrence Olanoff, Celsion's Chief Executive Officer, commented, "We are very encouraged by these results. Prolieve sales continue to be strong. We expect to see this progress continue and as a result we are increasing our guidance for 2005 annual sales from our current estimate of $10 million to $12 million. We are making good progress in our ThermoDox 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 trial, having recently completed the third cohort of patients. Additionally, we have agreed to fund a Phase I dose escalation es·ca·late v. es·ca·lat·ed, es·ca·lat·ing, es·ca·lates v.tr. To increase, enlarge, or intensify: escalated the hostilities in the Persian Gulf. v.intr. study in recurrent chest wall breast cancer at Duke University Medical Center and we expect to start enrolling patients in this study early in 2006." About Celsion: The Prolieve Thermodilatation system is a minimally invasive transurethral transurethral /trans·ure·thral/ (trans?u-re´thral) performed through the urethra. transurethral performed through the urethra. 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 balloon catheter n. A catheter with an inflatable balloon at its tip, used especially to expand a partially obstructed blood vessel or bodily passage and to measure blood pressure in a blood vessel. Also called balloon-tip catheter. . Prolieve is marketed, in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. under an exclusive distribution agreement, with 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, 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 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. -Financial Tables Follow-
Celsion Corporation
Condensed Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
------------------------- -------------------------
2004 2005 2004 2005
------------ ------------ ------------ ------------
Revenues $ 540 $ 3,206 $ 1,083 $ 7,972
Cost of sales 473 2,187 897 5,385
------------ ------------ ------------ ------------
Gross margin 67 1,019 186 2,587
------------ ------------ ------------ ------------
Operating expenses
Research &
development 2,974 2,294 8,946 6,998
General &
administrative 602 810 2,538 2,648
------------ ------------ ------------ ------------
Total
Operating
expenses 3,576 3,104 11,484 9,646
------------ ------------ ------------ ------------
Loss from
operations (3,509) (2,085) (11,298) (7,059)
Other
income/(expense)
License fee
amortization 143 143 333 429
Interest
income, net 66 10 165 136
Loss from
investment in
Celsion China
Ltd 11 22 48 67
------------ ------------ ------------ ------------
Net loss before
income taxes (3,311) (1,954) (10,848) (6,561)
Income taxes - - - -
------------ ------------ ------------ ------------
Net loss $ (3,311) $ (1,954) $ (10,848) $ (6,561)
============ ============ ============ ============
Net loss per
common share
(basic and
diluted) $ (0.02) $ (0.01) $ (0.07) $ (0.04)
============ ============ ============ ============
Weighted average
shares
outstanding 160,639,842 160,601,600 158,062,867 160,897,950
============ ============ ============ ============
Celsion Corporation
Condensed Balance Sheets
(in thousands)
December 31 September 30
-------------------------
2004 2005
------------ -----------
ASSETS (Unaudited) (Unaudited)
Current assets
Cash and cash equivalents $ 10,484 $ 9,255
Accounts receivable 783 876
Inventory 2,202 4,008
Prepaid expenses 679 510
------------ ------------
Total current assets 14,148 14,648
Property and equipment, net 682 593
Investment in Celsion China, Ltd. 108 41
Escrow account - license fee 2,007 2,036
Other assets 107 60
------------ ------------
Total assets $ 17,052 $ 17,379
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 819 $ 1,622
Accrued expenses 738 1,128
Deferred income 571 571
------------ ------------
Total current liabilities 2,128 3,321
Loan Payable 6,056
Deferred revenue 2,952 2,524
------------ ------------
Total liabilities 5,080 11,901
------------ ------------
Stockholders' equity
Common stock 1,608 1,609
Additional paid-in capital 84,581 84,648
Accumulated deficit (74,217) (80,779)
------------ ------------
Total stockholders' equity 11,972 5,478
------------ ------------
Total liabilities and
stockholders' equity $ 17,052 $ 17,379
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