Celsion Corporation (CLSN) saw its loss widen to $6.41 million, or $0.23 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $4.27 million, or $0.19 a share. Revenue during the quarter was stable at $0.12 million, when compared with the previous year period.
Operating loss for the quarter was $5.60 million, compared with an operating loss of $4.24 million in the previous year period.
"Over the last nine months, we have realized meaningful progress with respect to our two lead programs, ThermoDox and GEN-1. Importantly, we are well positioned to sustain this momentum through the balance of 2016 and beyond," said Michael H. Tardugno, Celsion's chairman, president and chief executive officer. "The initial data from our GEN-1 program provides highly valuable insights into its favorable clinical and safety profile indicating a great deal of potential in both first and second-line ovarian cancer, and we look forward to reporting additional data from our ongoing OVATION study before year-end."
Working capital turns negative
Working capital of Celsion Corporation has turned negative to $0.73 million on Sep. 30, 2016 from positive $16.35 million on Sep. 30, 2015. Current ratio was at 0.92 as on Sep. 30, 2016, down from 2.94 on Sep. 30, 2015. Days sales outstanding went down to 271 days for the quarter compared with 429 days for the same period last year.
Debt comes down significantly
Celsion Corporation has recorded a decline in total debt over the last one year. It stood at $3.59 million as on Sep. 30, 2016, down 50.92 percent or $3.73 million from $7.32 million on Sep. 30, 2015. Total debt was 9.59 percent of total assets as on Sep. 30, 2016, compared with 13.64 percent on Sep. 30, 2015. Debt to equity ratio was at 0.34 as on Sep. 30, 2016, up from 0.29 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
