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Celsion Corporation Reports First Quarter 2013 Financial Results and Provides Business Update
Date:5/9/2013

elsion for future success including reducing expenses and exploring acquisition opportunities," said Michael Tardugno , Celsion's President and Chief Executive Officer. "At this point, we have concluded that emerging findings from our post hoc analysis of the HEAT Study provide a basis for review with various regulatory agencies and an opportunity to discuss a path forward for our HCC development program.  Our recent expense reduction initiatives ensure a strong balance sheet as we explore opportunities to broaden our product pipeline and mitigate risk."

Recent Business DevelopmentsDuring the first quarter of 2013, the Company raised $27 million in gross proceeds from several financing transactions as well as a new research and development collaboration:

  • Celsion sold common stock through a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. and received gross proceeds of approximately $7 million.
  • Celsion entered into a Securities Purchase Agreement with certain institutional investors, pursuant to which the Company sold, in a registered offering, an aggregate of 15,000 shares of its Series A 0% convertible preferred stock and warrants to purchase approximately 6.0 million shares of its common stock at an exercise price of $1.18 per share, for gross proceeds of $15 million.
  • Celsion entered into a Technology Development Agreement with Zhejiang Hisun Pharmaceutical Co., Ltd. (Hisun) for ThermoDox® for the greater China territory.  Under the terms of the agreement, Hisun paid Celsion a $5 million payment in support of ThermoDox® technology development.
  • In April 2013, the Company provided a comprehensive business update which included the following:

  • Emerging findings from the HEAT Study post hoc analysis suggests that ThermoDox® markedly improved progression free survival (PFS) and overall survival (OS) in patients
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