Celsion Posts Wider Loss In FY20

(RTTNews) - Celsion Corp. (CLSN) reported a net loss of $21.5 million or $0.67 per share in 2020, compared to a loss of $16.8 million or $0.77 per share, prior year. Research and development expenses were $11.3 million in 2020, a decrease of 15% from prior year.

Cash, cash equivalents and investments as of December 31, 2020 were $17.2 million. Subsequent to year-end, the company raised more than $40 million in net proceeds from sales of common stock during the first quarter of 2020. The company expects to receive net proceeds of $1.85 million from the sale of its New Jersey state NOLs by the end of the first quarter of 2021.