Celsion Corporation Closes $4.8 Million Private Placement.Business Editors COLUMBIA, Md.--(BUSINESS WIRE)--Feb. 3, 2000 Portion of Proceeds Will Fund Ongoing Clinical Trials for Breast Cancer and Bph Treatment and New Technology Development Celsion Corporation (OTC BB:CELN) today announced that it has closed a private placement offering in which it received net proceeds of $4,231,675 from the sale of Series A 10% Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . The offering, made to accredited investors under SEC Regulation D, was handled through Joseph Charles &Associates, Inc., of Boca Raton, Florida Boca Raton ("bōkə rə-tōn") is a city in Palm Beach County, Florida incorporated in May 1925. As of the 2000 census, the city had a total population of 74,764; the 2006 population recorded by the U.S. Census Bureau was 86,396. , as placement agent. A portion of the proceeds from the offering will be used to fund ongoing clinical trials for Celsion's breast cancer treatment This article or section recently underwent a major revision or rewrite and needs further review. You can help! The mainstay of breast cancer treatment is surgery when the tumor is localized, with possible adjuvant hormonal therapy (with tamoxifen or an aromatase system and its treatment system for 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. (BPH), as well as for further development work on the heat-triggered drug delivery technology recently licensed from Duke University. &uot;The funding received from the offering will help solidify the Company's capital base and represents a significant step in our ongoing efforts to improve Celsion's financial position,&uot; stated Spencer J. Volk, Celsion's President and Chief Executive Officer. &uot;Our new resources should enable us to complete all presently scheduled clinical trials of the Company's breast cancer and BPH treatment systems in a timely manner.&uot; Celsion Corporation is a research and development company dedicated to commercializing medical treatment systems for cancer and other diseases using focused heat delivered by patented microwave technology. Clinicals and further development of the Company's treatment systems are being conducted by leading institutions such as Duke University Medical Center, 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. , Columbia Hospital (a Columbia/HCA Healthcare member), 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]. , 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, , the University of California at San Francisco, and Duke University. Forward-looking statements in this release are made pursuant to the &uot;safe harbor&uot; 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. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, possible changes in cost of materials, expense items, capital expenditures, capital structure, and other financial items; introduction of new products and possible acquisitions of 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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