LAWRENCEVILLE, N.J.,
Jan. 15, 2014 /PRNewswire/ -- Celsion Corporation (the
"Company") (NASDAQ:CLSN) today announced that it has received
commitments from institutional investors to purchase an aggregate
of approximately $15 million of the
Company's common stock in an at-the-market registered direct
offering, led by a dedicated health care fund.
The Company entered into definitive purchase agreements with
these investors pursuant to which the Company agreed to sell an
aggregate of 3,603,603 shares of its common stock at a per share
price of $4.1625. Additionally,
for each share of common stock purchased, investors will receive a
Series A Warrant to purchase one-quarter of a share of our common
stock at an exercise price of $4.10
per share, which shall be exercisable immediately and expire five
years from the date of issuance, and a Series B Warrant to purchase
one-quarter of a share of our common stock at an exercise price of
$4.10 per share, which shall be
exercisable immediately and expire one year from the date of
issuance. The closing of the offering is expected to take place on
or about January 21, 2014, subject to
the satisfaction of customary closing conditions.
The estimated net proceeds to the Company from the offering are
expected to be approximately $13.8
million. With the net proceeds from this offering, the
Company projects to have an unaudited cash and investment balance
of approximately $57 million.
The Company intends to use the net proceeds from this offering for
general corporate purposes.
H.C. Wainwright & Co., LLC acted as exclusive
placement agent in connection with the offering.
A shelf registration statement (File No. 333-183286) relating to
the shares issued in the offering has been filed with and declared
effective by the Securities and Exchange Commission (the
"SEC"). A prospectus supplement relating to the offering will
be filed by the Company with the SEC. Copies of the
prospectus supplement, together with the accompanying prospectus,
can be obtained at the SEC's website at http://www.sec.gov, from
request at H.C. Wainwright & Co., LLC by e-mailing
placements@hcwco.com, or from Celsion Corporation, 997 Lenox Drive,
Suite 100, Lawrenceville, NJ
08648, Attention: Chief Financial Officer.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of the Company in
this offering. There shall not be any offer, solicitation of an
offer to buy, or sale of securities in any state or jurisdiction in
which such an offering, solicitation, or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction. Any offering will be made
only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement.
Additional Information:
Statements made in this press release include forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, regarding, but not limited to, the amount and
use of proceeds the Company expects to receive from the offering
and the closing of the offering. Forward-looking statements can be
identified by the use of words such as "may," "will," "plan,"
"should," "expect," "anticipate," "estimate," "continue," or
comparable terminology. Such forward-looking statements are
inherently subject to certain risks, trends and uncertainties, many
of which the Company cannot predict with accuracy and some of which
the Company might not even anticipate, and involve factors that may
cause actual results to differ materially from those projected or
suggested. Readers are cautioned not to place undue reliance on
these forward-looking statements and are advised to consider the
factors listed above together with the additional factors under the
heading "Forward-Looking Statements" and "Risk Factors" in the
Company's Annual Reports on Form 10-K, as may be supplemented or
amended by the Company's Quarterly Reports on Form 10-Q. The
Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events, new information or otherwise.
Investor Contact
Jeffrey W.
Church
Senior Vice President – Chief Financial Officer &
Corporate Secretary
609-482-2455
jchurch@celsion.com
SOURCE Celsion Corporation