Celsion Corporation Announces $5.0 Million Public Offering
February 15 2017 - 7:00AM
Celsion Corporation (the “Company”) (NASDAQ:CLSN) today announced
the pricing of a public offering with expected total gross proceeds
of approximately $5.0 million.
The offering was priced at $0.23 per share of
common stock (or common stock equivalent), with each share of
common stock (or common stock equivalent) sold with one five-year
warrant to purchase 0.75 of a share of common stock, at an exercise
price of $0.23 per share. The offering is expected to close on or
about February 21, 2017, subject to satisfaction of customary
closing conditions.
Rodman & Renshaw, a unit of H.C. Wainwright
& Co., LLC, is acting as exclusive lead placement agent and
Maxim Group LLC is acting as co-placement agent in connection with
this offering.
The estimated net proceeds to the Company are
expected to be approximately $4.3 million, excluding the proceeds,
if any, from the exercise of the warrants. Celsion intends to
use the net proceeds from this offering primarily to continue
funding development of OPTIMA, its ongoing Phase III clinical trial
of ThermoDox® in patients with primary liver cancer and OVATION,
its ongoing Phase I clinical trial of GEN-1 in patients with
advanced ovarian cancer and for general corporate purposes,
including research and development activities, capital expenditures
and working capital.
The securities are being offered pursuant to a
registration statement on Form S-1 (File No. 333-215321) previously
filed with the Securities and Exchange Commission (the “SEC”) and
declared effective on February 14, 2017. The securities may
be offered only by means of a prospectus. The preliminary
prospectus related to the offering has been filed with the SEC and
a final prospectus related to the offering will be filed with the
SEC on or about February 15, 2017. Copies of the preliminary
prospectus and the final prospectus, when available, may be
obtained at the SEC's website located at http://www.sec.gov, and
may also be obtained from H.C. Wainwright & Co., LLC by calling
(646) 975-6996 or emailing placements@hcwco.com or Maxim Group LLC
by calling (212) 895-3745 or emailing syndicate@maximgrp.com.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities.
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.
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 sale of the shares of the securities offered,
market conditions, and the closing of the transaction described in
this press release, which is subject to customary conditions.
Forward-looking statements can be identified by the use of words
such as "may," "will," "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 Quarterly Report on Form 10-Q,
dated November 10, 2016. 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 & CFO
609-482-2455
jchurch@celsion.com
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