CLSN - Celsion receives $1.4M from sale of unused New Jersey net operating losses

Celsion (CLSN) received $1.4M in net cash proceeds from the sale of ~$1.5M of its unused New Jersey net operating losses. Strengthening its balance sheet, this non-dilutive funding adds to the $55M+ in gross proceeds from equity offerings completed in 2021. Over the upcoming three years, the company plans to sell an additional $3.5M of unused New Jersey NOLs available to the company. Based on current budget projections, Celsion foresees the current cash balance coupled with future sales of its unused NOLs to be sufficient to fund the company’s operations and clinical development programs through 2024. "We are positioned to advance our development programs well beyond several important value inflection points, including final readout of progression-free survival data, the primary endpoint for our ongoing Phase II OVATION 2 Study with GEN-1 in advanced ovarian cancer as well as non-human primate data for our vaccine initiative," chairman, president and CEO Michael H. Tardugno commented. Balancing the high cost of research and drug development

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Celsion receives $1.4M from sale of unused New Jersey net operating losses