Celsion Raises $1 Million Through Warrant Exercise; Stronger Financial Position as Company Prepares for Phase I and Phase II Clinical Trials.

COLUMBIA, Md.--(BW HealthWire)--Aug. 30, 1999--

Celsion Corp. (OTC BB:CELN), a medical device and technology developer, today announced that it raised approximately $1,000,000 from its series 700 warrants called on July 21, 1999.

The Company said that more than 90% of its series 700 warrant holders used their right to exercise, thus demonstrating their overwhelming shareholder confidence and support of Celsion.

Celsion said that the funds raised through the warrant will further strengthen the Company's financial position as it begins multi-site Phase I clinical trials of its breast cancer treatment and prepares for approval from the U.S. Food and Drug Administration (FDA) for multi-site Phase II studies of its BPH system.

"I am very pleased to state that this additional capital further strengthens our ability to conduct both the Phase I breast cancer and Phase II BPH clinical evaluations," said Spencer Volk, Celsion president and chief executive officer. "We believe both systems can significantly improve treatment results and drastically reduce healthcare costs, and are therefore extremely excited to proceed towards commercialization."

Celsion Corporation is a research and development company dedicated to commercializing medical treatment systems for cancer and benign prostatic hyperplasia 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 the Columbia Hospital (a Columbia/HCA Healthcare member), Duke University, Harbor UCLA Medical Center, Massachusetts Institute of Technology, and Montefiore Medical Center.

Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act 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.