Celsion Reports Fiscal 1999 Results With Sharply Reduced Operating Losses and a Much Improved Balance Sheet.Business Editors and Health/Medical Writers COLUMBIA, Md.--(BW HealthWire)--Dec. 30, 1999 Celsion Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CELN), a leader in the development of treatment systems for breast cancer, BPH BPH abbr. benign prostatic hyperplasia BPH Benign prostatic hypertrophy, a very common noncancerous cause of prostatic enlargement in older men. and other cancer diseases, today reported its audited financial results for the year ended September 30, 1999. The Company posted a loss for fiscal 1999 from research and development activities of $(2,436,192), as compared to a loss of $(4,200,488) for the previous fiscal year. The year-over-year reduction in 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. is primarily attributable to lower general and administrative expenses as well as fewer research and development requirements. The Company also noted that significant system development costs were expended in fiscal 1998, which were not required during fiscal 1999. At September 30, 1999, the Company reported $1,357,464 in cash and a working capital of $906,926. This compares with $54,920 in cash and working capital of $(2,000,351) as of September 30, 1998. The Company also noted that its independent auditors Stegman & Co. removed their fiscal 1998 opinion regarding a going concern uncertainty when issuing their opinion in Celsion's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended September 30, 1999. "During fiscal 1999, Celsion made meaningful and steady progress in the development of its medical treatment systems, in forging alliances with key partners and in improving its financial position," commented Spencer Volk, Company president and chief executive officer. "The Company completed development of its second generation focused heat treatment systems, and has since made the transition from the early development stage into clinical studies with human trials already underway." "Today, Celsion offers a robust technology platform and several promising near-term applications," Volk added. "These applications address a myriad of diseases afflicting large numbers of people with treatment approaches that may offer substantial improvements over current practices."
Condensed Balance Sheet
September 30, 1999 September 30, 1998
ASSETS
Cash and equities $1,357,464 $54,920
Total assets $1,558 $330,738
LIABILITIES & STOCKHOLDERS' EQUITY
Total liabilities $521,559 $2,181,805
Total stockholders' equity $1,037,175 $(1,851,007)
Condensed Statement of Operations
For the Year Ended For the Year Ended
September 30, 1999 September 30, 1998
Total revenues -- $174,182
Loss from operations $(2,391,102) $(4,013,012)
Net income (loss) $(2,436,192) $(4,200,488)
Net income (loss) per share $(0.05) $(0.12)
Basic and diluted weighted
average number of common
shares outstanding 45,900,424 34,867,001
Celsion Corporation is a research and development company dedicated to commercializing medical treatment systems for 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) using focused heat delivered by patented microwave technology. Clinical trials and further development of the Company's treatment systems are being conducted by leading institutions such as Columbia Hospital (a Columbia/HCA Healthcare member), Duke University, 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. , 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, , 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 the University of California The University of California has a combined student body of more than 191,000 students, over 1,340,000 living alumni, and a combined systemwide and campus endowment of just over $7.3 billion (8th largest in the United States). at San Francisco. Forward-looking statements 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. 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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