Celsion Amends Annual SEC Report on Form 10K.Business Editors/Health & Medical Writers COLUMBIA, Md.--(BUSINESS WIRE)--Jan. 29, 2003 Celsion Corporation (AMEX AMEX See: American Stock Exchange :CLN) filed an amendment to its Annual Report on Form 10-K for the year ended September 30, 2002, originally filed on December 30, 2002, to reflect an amended audit opinion. In the December 30 filing, Celsion's auditor, Stegman and Company, issued a qualified opinion expressing concern at the company's ability to fund operations through the current fiscal year. On January 20, 2003 Celsion agreed to grant global distribution rights for its BPH BPH abbr. benign prostatic hyperplasia BPH Benign prostatic hypertrophy, a very common noncancerous cause of prostatic enlargement in older men. 800 Microwave Urethroplasty(TM) treatment system to Boston Scientific Corporation and Boston Scientific Corporation agreed to pay up to $15 million to Celsion in a combination of cash and equity, including a $5 million equity investment at the time of signing, with the balance to be paid upon Celsion achieving various milestones. Completion of this transaction has given Stegman and Company comfort as to Celsion's ability to fund its operations through the current fiscal year and, therefore, has enabled Stegman to issue an unqualified opinion. About Celsion: Celsion Corporation, based in Columbia, Maryland, is a research and development company dedicated to commercializing medical treatment systems for cancer and other diseases using focused-heat technology delivered by patented microwave technology. Celsion has research, license or commercialization agreements with leading institutions such as Duke University Medical Center, Massachusetts Institute of Technology Massachusetts Institute of Technology, at Cambridge; coeducational; chartered 1861, opened 1865 in Boston, moved 1916. It has long been recognized as an outstanding technological institute and its Sloan School of Management has notable programs in business, , Harbor UCLA Medical Center UCLA Medical Center is a hospital located on the campus of the University of California, Los Angeles in Los Angeles, California. It is rated as one of the top three hospitals in the United States and is the top hospital on the West Coast according to US News & World Report. , the Center for Breast Surgery at Columbia Hospital in Florida, Montefiore Medical Center Montefiore Medical Center, in the Bronx, New York, is the university hospital of the Albert Einstein College of Medicine. The hospital, named after Moses Montefiore, is one of the 50 largest employers in New York State [1]. , Memorial Sloan-Kettering Cancer Center The Memorial Sloan-Kettering Cancer Center (MSKCC) in New York City is a cancer treatment and research institution founded in 1884 as the New York Cancer Hospital. The main campus is located at 1275 York Avenue, between 67th and 68th Streets, with other locations in New in New York, Roswell Park Cancer Institute The Roswell Park Cancer Institute is a cancer research and treatment center located in Buffalo, New York. Founded in 1898 by Dr. Roswell Park, it was the first dedicated medical facility for cancer treatment and research in the United States. in Buffalo, New York, and Duke University. For more information on Celsion, visit our website: http://www.celsion.com. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 by others; possible acquisitions of other technologies, assets or businesses; possible actions by customers, suppliers, competitors, regulatory authorities; and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. |
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