Celsion Completes Sale of Prolieve Assets.Boston Scientific Purchases Prolieve Assets for $60 Million 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 closing of the previously announced sale of its Prolieve assets to Boston Scientific. Boston Scientific will pay Celsion $60 million for the Prolieve assets in three installments, $30 million at closing and $15 million to be paid on each of the first and second anniversaries of the closing. Celsion repaid the principal and accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. on a $15 million promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. due to Boston Scientific at closing. "The proceeds of the sale of the Prolieve assets will underwrite the development of our first drug, ThermoDox([R]), for the treatment of primary liver cancer through filing an NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any . They will also enable us to initiate our Phase II studies for recurrent breast cancer on the chest wall," said Michael H. Tardugno, Celsion's President and Chief Executive Officer. "This transaction completes Celsion's transition to an oncology drug company and will enable us to focus all of our resources on the development of ThermoDox. The recently announced indication of clinical activity in recurrent breast cancer on the chest wall, notably the complete response achieved in one patient at a relatively low dose, reaffirms our strategic direction and our excitement for the promise of our heat sensitive liposome liposome (lī`pəsōm', lĭp`ə–), microscopic, fluid-filled pouch whose walls are made of layers of phospholipids identical to the phospholipids that make up cell membranes. platform technology." 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. 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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