Celsion Corporation to Delist from the Tel Aviv Stock Exchange
August 04 2017 - 6:35PM
Limited TASE Trading Activity Does
Not Warrant Listing
Celsion Corporation (NASDAQ:CLSN), an oncology drug development
company, today announced that it is taking steps to voluntarily
delist the Company’s common shares from trading on the Tel Aviv
Stock Exchange (TASE). Celsion is delisting its shares from
the TASE in order to be subject to one set of listing regulations
instead of two, to allow greater flexibility to execute its
business and financing strategy and to reduce cost of
operations. As such, Celsion has requested that the TASE
immediately initiate the process to delist the Company’s shares.
The TASE initially approved the listing of Celsion's shares
of common stock on November 12, 2015.
Under applicable Israeli law, the delisting of
Celsion’s common shares from trading on the TASE is expected to
become effective three (3) months from the date of the request
(November 6, 2017). During this time, the Company’s common
shares will continue to be traded on the TASE. Celsion is not
aware of any technical or substantive impediment to the trading of
the Company's securities on the NASDAQ Capital Market following its
delisting from the TASE.
“While our listing on the TASE has provided a
venue for a limited number of Celsion investors to trade, we
believe it is in the Company’s best interest and use of resources
to concentrate our trading on NASDAQ,” said Michael H. Tardugno,
Celsion’s chairman, president and chief executive officer. “We wish
to thank all of those investors who traded Celsion shares on the
TASE.”
Celsion’s listing on the NASDAQ will be
unaffected by this decision. The Company’s shares will
continue to trade on the NASDAQ Capital Market and will remain
subject to the rules and regulations of the U.S. Securities and
Exchange Commission and NASDAQ Capital Market applicable to listed
companies.
About Celsion
Corporation
Celsion is a fully-integrated oncology company
focused on developing a portfolio of innovative cancer treatments,
including directed chemotherapies, immunotherapies and RNA- or
DNA-based therapies. The Company's lead program is ThermoDox®, a
proprietary heat-activated liposomal encapsulation of doxorubicin,
currently in Phase III development for the treatment of primary
liver cancer and in Phase II development for the treatment of
recurrent chest wall breast cancer. The pipeline also
includes GEN-1, a DNA-based immunotherapy for the localized
treatment of ovarian and brain cancers. Celsion has two
platform technologies for the development of novel nucleic
acid-based immunotherapies and other anti-cancer DNA or RNA
therapies. For more information on Celsion, visit our
website: http://www.celsion.com. (CLSN-Financial)
Celsion wishes to inform readers that
forward-looking statements in this release are made pursuant to the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Readers are cautioned that such
forward-looking statements involve risks and uncertainties
including, without limitation, unforeseen changes in the course of
research and development activities and in clinical trials; the
uncertainties of and difficulties in analyzing interim clinical
data; FDA and regulatory uncertainties and risks; the significant
expense, time, and risk of failure of conducting clinical trials;
the need for Celsion to evaluate its future development plans;
possible acquisitions or licenses of other technologies, assets or
businesses; possible actions by customers, suppliers, competitors,
regulatory authorities; and other risks detailed from time to time
in Celsion's periodic reports and prospectuses filed with the
Securities and Exchange Commission. Celsion assumes no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events, new information or
otherwise.
Celsion Investor Contact
Jeffrey W. Church
Sr. Vice President and CFO
609-482-2455
jchurch@celsion.com
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