Market Globalist

Celsion Corporation (CLSN) stock gains in Pre-Market: Let’s Find out why.

Shares of Celsion Corporation (CLSN) stock were gaining in the pre-market today on June 10, 2021, following the announcement of new appointments by Celsion Corporation. CLSN stock price saw a push of 0.80% to reach $1.26 a share at the time of this writing. Celsion stock recorded a $1.25 per share price at the previous closing with no loss or gain. Let’s check out more about CLSN stock.

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New appointments by Celsion Corporation:

Celsion Corporation announced on June 9, 2021, that Christine A. Pellizzari has joined the Celsion Corporation as a member of its board of directors from June 8, 2021. Ms. Pellizzari is an experienced professional having leadership experience of more than 20 years in the pharmaceutical industry and currently, she is serving as the Chief legal officer of Insmed Incorporated, a biopharmaceutical company focused on patients with rare diseases.With this appointment, the Celsion stock has now 8 members of its Board of directors.

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Prior to the above announcement, on June 8, 2021, CLSN stock announced that it has appointed  Stacy R. Lindborg, Ph.D. as a member of its board of directors from June 4, 2021. Dr. Lindborg has replaced Dr. Alberto Martinez who retired from Celsion’s board at the end of last year. Dr. Lindborg has immense experience in the pharmaceutical industry, and she is famous for executive management, strategy, and research and development.

Financial View of CLSN stock:

Net loss of Celsion stock in the first quarter of 2021 was 5.7 million as compared to $5.1 million in the same period of the prior year. Operating expenses for CLSN stock increased by 13% to reach $5.5 million in the recently reported quarter and $2.6 million in research and development expenses were reported lesser than $3.1 million in the same tenure of the prior year.

Corporate Developments in 2021:

In this year, CLSN stock strengthened its balance sheet by adding an amount of $50 million that resulted from the registered direct offering shares of its common stock.

$32.6 million net proceeds were obtained via a registered direct offering of 25,925,925 shares of CLSN’s common stock. The per-share purchasing price was $1.35 for that offering. The second closing of registered direct offering happened on April 5, 2021, in which Celsion stock offered 11,538,462 shares of its common stock at a $1.30 per share purchase price. The net proceeds resulting from this offering were totaled $13.9 million without deducting offering-related expenses however placement agent fees was paid before.

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Wrap Up:

Celsion stock went high today after the previous closing with no loss or gain. Hopefully, Celsion Corporation will get benefit from the experiences of new members of its Board of directors. Celsion’s strong balance sheet has enabled it to fund its operations confidently through 2024.

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