Celsion Corporation Announces Pricing of $30 Million Registered Direct Offerings of Convertible Redeemable Preferred Stock
January 13 2022 - 5:30PM
Celsion Corporation (NASDAQ: CLSN), a clinical-stage development
company focused on DNA-based immunotherapy and next-generation
vaccines, today announced the closing of its previously announced
registered direct offering with certain institutional investors to
purchase 50,000 shares of Series A convertible redeemable preferred
stock and 50,000 shares of Series B convertible redeemable
preferred stock. Each share of Series A and Series B preferred
stock had a purchase price of $285, representing an original issue
discount of 5% of the $300 stated value of each share, resulting in
net proceeds of approximately $28.5 million, before deducting
placement agent's fees and other estimated offering expenses.
A.G.P. /Alliance Global Partners acted as the
sole placement agent in connection with the offering.
This offering was made pursuant to an effective
shelf registration statement on Form S-3 (333-254515), which was
declared effective by the Securities and Exchange Commission on
March 30, 2021. The offerings were made by means of a prospectus
supplement and a prospectus that form a part of the registration
statement. Copies of the final prospectus supplements and
accompanying prospectus relating to the registered direct offering
may be obtained from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 28th Floor, New York, NY 10022 at (212) 624-2060.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About
Celsion Corporation
Celsion is a fully
integrated, clinical-stage biotechnology company focused on
advancing a portfolio of innovative cancer treatments, including
immunotherapies and DNA-based therapies, and a platform for the
development of nucleic acid vaccines currently focused on
SARS-CoV-2. The Company’s product pipeline includes GEN-1, a
DNA-based immunotherapy for the localized treatment of ovarian
cancer. Celsion also has two feasibility-stage platform
technologies for the development of novel nucleic acid-based
immunotherapies and other anticancer DNA or RNA therapies. Both are
novel synthetic, non-viral vectors with demonstrated capability in
nucleic acid cellular transfection. For more information on
Celsion, visit www.celsion.com.
Celsion GmbH is
Celsion’s wholly owned, special purpose subsidiary based in Zug,
Switzerland. Celsion GmbH is responsible for supporting studies of
ThermoDox®, a proprietary heat-activated liposomal encapsulation of
doxorubicin, is under investigator-sponsored development for
several cancer indications. For more information on Celsion GmbH,
visit www.celsiongmbh.com.
Forward-looking Statements
Forward-looking
statements in this news release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. These statements are based upon current beliefs,
expectation, and assumptions and include statements regarding the
platform having the potential to provide broad protection against
coronavirus disease 2019 (COVID-19), and possible future mutations
of SARS-CoV-2 or other coronaviruses. These statements are subject
to a number of risks and uncertainties, many of which are difficult
to predict, including the ability of the Company’s platform to
provide broad protection against COVID-19, and possible future
mutations of SARS-CoV-2 or other coronaviruses, the issuance of a
patent to the Company for use of its technology platform for
treating or preventing infection with the SARS-CoV-2 virus that
causes COVID-19, unforeseen changes in the course of research and
development activities and in clinical trials; the uncertainties of
and difficulties in analyzing interim clinical data, particularly
in small subgroups that are not statistically significant; 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
or regulatory authorities; and other risks detailed from time to
time in the Celsion's periodic filings 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.
CONTACTS:
Celsion
CorporationJeffrey W. ChurchExecutive Vice President and
CFO609-482-2455jchurch@celsion.com
LHA Investor
RelationsKim Sutton Golodetz
212-838-3777kgolodetz@lhai.com
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