Celsion Corporation Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
October 03 2018 - 5:15PM
Celsion Corporation (NASDAQ: CLSN), an oncology drug development
company, today announced that on September 28, 2018, the
Compensation Committee of the Company's Board of Directors approved
the grant of (i) inducement stock options (the “Inducement Option
Grants”) to purchase a total of 164,004 shares of common stock and
(ii) restricted stock grants (the “Inducement Stock Grants”)
totaling 19,000 shares of common stock to three new employees.
All awards have a grant date of September 28, 2018.
Each of the Inducement Option Grants has an
exercise price per share equal to $2.77, the closing price of
Celsion’s common stock as reported by Nasdaq on September 28, 2018.
Each Inducement Option Grant vests over three years, with one-third
vesting on the one-year anniversary of the employee's first day of
employment with the Company and one-third vesting on the second and
third anniversaries thereafter, subject to the new employee's
continued service relationship with the Company on each such date.
Each Inducement Option Grant has a ten-year term and is subject to
the terms and conditions of the applicable stock option
agreement.
Each of the Inducement Stock Grants will vest on
the one-year anniversary of the employee's first day of employment
with the Company and are subject to the new employee's continued
service relationship with the Company on such date.
Each of the stock options and stock grants is an
inducement material to the new employees entering into employment
with Celsion Corporation in accordance with NASDAQ listing Rule
5635(c)(4).
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. 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-FIN).
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; 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
Marianne Lambertson
Vice President, Communications & Investor Relations
(609) 482-2498
Mlambertson@celsion.com
Celsion (NASDAQ:CLSN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Celsion (NASDAQ:CLSN)
Historical Stock Chart
From Apr 2023 to Apr 2024