Celsion Officers Convert Personal Loans to The Company into CELN Common Shares and Warrants.COLUMBIA, Md.--(BW HealthWire)--Dec. 23, 1998--Celsion Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CELN) today announced that two officers of the Company have converted approximately $183,000 in personal loans to Celsion into CELN common shares and warrants to purchase common shares. Chairman and CSO Dr. Augustine Cheung and President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Spencer Volk converted personal loans of approximately $80,000 and $103,000, respectively, into CELN common stock at $.25 to $.30 per share and warrants to purchase CELN common stock at $.50 and $1.00 per share. The officers stated that their actions reflect their confidence in the potential of the 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 BPH abbr. benign prostatic hyperplasia BPH Benign prostatic hypertrophy, a very common noncancerous cause of prostatic enlargement in older men. ) and cancer treatment systems being developed by the Company to improve patient recovery rates and obtain cost advantages. Cheung and Volk noted that these advantages, coupled with the strategic alliances which the Company is pursuing, are expected, upon commercialization, to enable Celsion to rapidly achieve a significant market share. BPH Treatment System The Company is currently conducting phase one clinicals, at the Montefiore Hospital in New York, of its benign prostatic hyperplasia (BPH) system which utilizes microwave heating and balloon compression to provide non-surgical treatment of the enlarged prostate gland condition which affects an estimated 50% of men over 55. The clinicals are expected to be completed in early 1999, after which the Company intends to commence multiple-site phase two clinicals to collect the efficacy data necessary to apply for an FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. Premarket Approval (PMA PMA (papillary-marginal-attached), n a system of epidemiologic scoring of periodontal disease devised by Schour and Massler in which the symbols denote the areas involved in gingival inflammation. PMA Progressive muscular atrophy ) for commercialization. Celsion noted that it is continuing discussions with a number of well-known firms in the medical industry regarding possible strategic alliances in the distribution, marketing, and manufacturing of the BPH equipment. Cancer Treatment Systems The Company is raising capital to fund phase one clinicals, at the Massachusetts General Hospital Massachusetts General Hospital Health care The major teaching hospital for Harvard Medical School, widely regarded as one of the best health care centers in the world in Boston, of its breast cancer system to expand its indications of use. The breast cancer system, which already has a PMA from the FDA, is one of a line of cancer treatment systems which Celsion is developing to treat breast, prostate, and deep-seated cancers. The Celsion cancer treatment systems use minimally invasive technology, developed by the 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, , to deliver controlled deep heating to kill cancer cells. The Company is also developing heat-sensitive liposomes to deliver toxic drugs, genetic modifiers, and anti-angiogenesis compounds directly to the tumor site. About Celsion Celsion Corporation is a research and development company dedicated to commercializing medical treatment systems for cancer and BPH using focused heat delivered by several patented microwave technologies. Clinicals and further development of Celsion's systems are being conducted by leading institutions such as the Massachusetts Institute of Technology, Massachusetts General Hospital, 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]. , and Duke University in the United States, and Hammersmith Hospital and Oxford University in England. 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, and 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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