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Celsion Reports Third Quarter 2010 Financial Results and Provides Business Update
Date:11/15/2010

er of 2010, Celsion recorded as other income a $0.5 million non-cash benefit related to a mark-to-market change in the common stock warrant liability related to the stock offering completed in September 2009.  In the first nine months of 2010, Celsion recorded a $0.7 million non-cash benefit related to the change in the common stock warrant liability.  In the same period of 2009, the Company recorded a non-cash indemnity reserve benefit of $1.1 million related to the sale of its medical device business in 2007, which reduced general and administrative expenses in the nine month prior year period.

The Company ended the third quarter with $3.2 million of cash and investments.  In September 2010, the Company raised $1.4 million from two draws under its June 2010 Committed Equity Financing Facility.  The proceeds will be used to accelerate commercial manufacturing activities for ThermoDox®.  On November 1, 2010, the Company was awarded a $244,000 grant under the Qualifying Therapeutic Discovery Project (QTDP) program under The Patient Protection and Affordable Care Act of 2010. This maximum grant amount for a single program was awarded to Celsion for its Thermodox® clinical development program.

Recent Business Highlights

  • Patient enrollment for the Phase III HEAT study to date is approaching 80% completion.  Efforts to stimulate patient enrollment continue with full enrollment expected in the first quarter of 2011;
  • The Committee for Orphan Medicinal Products of the European Medicines Agency (EMA) issued a positive opinion on the Company's application for Orphan Drug Designation for ThermoDox® for the treatment of HCC;
  • The Independent Data Monitoring Committee unanimously recommended continuation of the Phase III HEAT study to treat Primary Liver Cancer after review of 401 patients enrolled in the trial;
  • Fast Track designation received for ThermoDox® development program
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  • SOURCE Celsion Corporation
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