Celsion Corporation Prices $4.8 Million Registered Direct Offering
February 28 2020 - 8:45AM
Celsion Corporation (NASDAQ: CLSN) (“Celsion” or the “Company”),
today announced it has entered into securities purchase
agreements with institutional investors for the purchase and sale
of 4,571,428 shares of the Company’s common stock, par value $0.01
per share, pursuant to a registered direct offering. The Company
has also agreed to issue to such investors, in a concurrent private
placement, warrants to purchase 2,971,428 shares of the Company’s
common stock. The warrants will be exercisable on the six-month
anniversary of the issuance date, will expire on the five-year
anniversary of the initial exercise date and have an exercise price
of $1.15 per share. The gross proceeds of the offering will be
approximately $4.8 million before deducting placement agent fees
and other estimated offering expenses.
The Company intends to use the net proceeds from
the offering for working capital and for other general corporate
purposes. The closing of the offering is expected to take place on
or about March 3, 2020, subject to the satisfaction of customary
closing conditions.
A.G.P./Alliance Global Partners is acting as
sole placement agent for the offering. Brookline Capital Markets, a
division of Arcadia Securities, LLC, acted as the Company’s
financial advisor for the offering.
This offering is being made pursuant to an
effective shelf registration statement on Form S-3 (File No.
333-227236) previously filed with the U.S. Securities and Exchange
Commission (the “SEC”). A prospectus supplement describing the
terms of the offering will be filed with the SEC and will be
available on the SEC’s website located at http://www.sec.gov.
Electronic copies of the prospectus supplement may be obtained,
when available, from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 36th Floor, New York, NY 10022, or by telephone at (212)
624-2060, or by email at prospectus@allianceg.com. Before investing
in this offering, interested parties should read in their entirety
the prospectus supplement and the accompanying prospectus and the
other documents that the Company has filed with the SEC that are
incorporated by reference in such prospectus supplement and the
accompanying prospectus, which provide more information about the
Company and such offering.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
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 cancer.
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.
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. Readers are cautioned
that such forward-looking statements involve risks and
uncertainties including, without limitation, statements relating to
the offering and the use of proceeds therefrom, 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.
Celsion Investor ContactJeffrey
W. ChurchExecutive Vice President, CFO and Corporate
Secretary609-482-2455 jchurch@celsion.com
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