Celsion Announces Results of 2007 Annual Stockholder Meeting.Stockholders Approve All Proposals COLUMBIA, Md. -- CELSION CORPORATION (AMEX AMEX See: American Stock Exchange :CLN CLN Clean CLN Community Learning Network CLN Colon CLN Celsion Corporation CLN Class Library for Numbers CLN Credit Linked Note CLN Comitato di Liberazione Nazionale (Committee of National Liberation) CLN Corn Lethal Necrosis ) today announced the results of its Annual Meeting of Stockholders held on June 13, 2007. Stockholders approved all the proposals included in the Company's Proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. . At the meeting: * Dr. Max Link, Dr. Kris Venkat and Mr. Michael Tardugno were elected to serve three year terms as Directors of the Company; * the Company's 2007 Stock Incentive Plan was approved; * the selection of Stegman and Company as the Company's independent registered public accounting firm was ratified; and * the proposal to sell the Company's Prolieve assets to Boston Scientific was ratified and approved. The Company also announced the immediate resignation of Dr. Lawrence Olanoff, the Company's former Chief Executive Officer, from the Board of Directors due to time constraints imposed by his current employment as President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Forrest Laboratories Inc. During their remarks at the meeting, Dr. Max Link, Celsion's Chairman, and Mr. Michael Tardugno, the Company's Chief Executive Officer, noted that substantial progress was made at Celsion over the last twelve months. Further, the sale of the Prolieve assets will complete the repositioning of Celsion as a pure drug development company with very promising programs in both recurrent breast cancer at the chest wall and in primary liver cancer Liver Cancer Definition Liver cancer is a relatively rare form of cancer but has a high mortality rate. Liver cancers can be classified into two types. . Mr. Tardugno also noted that the Company had received Hart Scott Rudino approval to proceed with the Prolieve asset sale, and with stockholder approval, the transaction is expected to close before the end of June. They also thanked Dr. Olanoff for his contributions both as Chief Executive and a Director and wished him well in his current pursuits. About Celsion: Celsion is dedicated to the development and commercialization of oncology drugs including tumor-targeting treatments using focused heat energy in combination with heat activated drug delivery systems. Celsion has research, license or commercialization agreements with leading institutions such as the National Institutes of Health, Duke University Medical Center, University of Hong Kong The University of Hong Kong (commonly abbreviated as HKU, pronounced as "Hong Kong U") is the oldest tertiary institution in Hong Kong. Its motto is "Sapientia et Virtus" in Latin, and " , Cleveland Clinic, North Shore Long Island Jewish Health System. Celsion has also developed a microwave based system, the Prolieve Thermodilatation[R] system, for the treatment of benign prostatic hyperplasia benign prostatic hyperplasia n. Abbr. BPH A nonmalignant enlargement of the prostate gland commonly occurring in men after the age of 50, and sometimes leading to compression of the urethra and obstruction of the flow of urine. which is marketed in the United States under an exclusive distribution agreement with Boston Scientific Corporation. 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " 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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