Celsion Corporation Completes $5 Million Warrant Call; $5 Million Proceeds Coupled With Recent Private Placement Yield Over $9 Million in Net Assets.Business/Technology Editors COLUMBIA, Md.--(BUSINESS WIRE)--March 15, 2000 Celsion Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CELN) today announced that 100% of the warrant holders of its outstanding Series 700 and 800 Warrants had elected to exercise their warrants in response to Celsion's call for redemption, resulting in net proceeds of more than $5 million to the Company. The shares of Common Stock purchased by the warrant holders are restricted. The warrant call, coupled with a recent private placement, gives the Company over $9 million in net assets, which will be used to fund the completion of Phase I and II clinical trials of Celsion's breast cancer and BPH (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. ) treatments and further development of the targeted drug delivery Scientists began to study targeted drug delivery, because the traditional drug delivery system had many disadvantages, such as high toxic effect and high minimum effective dose. In traditional drug delivery system, after the patient takes some drugs, the drugs will be all over his body platform exclusively licensed from Duke University. These net assets were reported to NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on in the Company's recent application to be listed on the NASDAQ SmallCap market. Kurt B. O'Neill, CPA and Celsion's Controller stated, "Our net assets far exceed the minimum financial requirements for the NASDAQ SmallCap listing. Celsion's financial position has never been stronger. We can meet all our financial commitments for our clinical studies and planned product development. "About Celsion: Celsion Corporation 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 or commercial associations with 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), Montifiore 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, , the University of California The University of California has a combined student body of more than 191,000 students, over 1,340,000 living alumni, and a combined systemwide and campus endowment of just over $7.3 billion (8th largest in the United States). at San Francisco, and Duke University. 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. 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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