Celsion Receives Milestone Payments and Treats First Patients with Prolieve.Business Editors/Health/Medical Writers COLUMBIA, Md.--(BUSINESS WIRE)--March 11, 2004 CELSION CORPORATION (AMEX AMEX See: American Stock Exchange :CLN) today announced that it has fulfilled the milestone obligations included in its distribution agreement with Boston Scientific Corporation, under which Boston Scientific will market Celsion's Prolieve(TM) Thermodilatation system. As a result, Boston Scientific has invested $4 million to acquire 2,083,333 shares of Celsion's common stock and has acquired a license to distribute and market Celsion's 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) technology for another $4 million. Under the distribution agreement, no later than April 5, 2004, Boston Scientific will invest an additional $2 million to acquire additional shares of Celsion's common stock based on the average closing price of Celsion's common stock measured over 30 trading days from the approval of the product. Boston Scientific made an initial investment of $5 million through the purchase of 9,375,354 shares of Celsion common stock on January 21, 2003. Celsion's Prolieve Thermodilatation system treats the symptoms of Benign Prostatic Hyperplasia, a condition affecting older men, more commonly referred to as an enlarged prostate. The Prolieve Thermodilatation system is a dual action technology employing heat and urethral dilatation (hence, "Thermodilatation") to provide significant symptomatic improvement in two weeks. This device is used in an in-office procedure that minimizes patient discomfort and the need for post-treatment catheterization catheterization Threading of a flexible tube (catheter) through a channel in the body to inject drugs or a contrast medium, measure and record flow and pressures, inspect structures, take samples, diagnose disorders, or clear blockages. . Celsion also reported that the first commercial treatments using the Prolieve Thermodilatation system were performed on March 9 and 10 at Regional Urology in Shreveport, Louisiana. Dr. Augustine Cheung, Celsion's Chief Executive Officer commented, "We are delighted that we have been able to meet all the milestones required under our agreement with Boston Scientific. The resultant cash infusion of $10 million has significantly strengthened our balance sheet. We are also delighted that Boston Scientific has successfully introduced Prolieve to the market within three weeks of its approval by the FDA." About Celsion: Celsion Corporation, based in Columbia, Maryland, is a biotechnology company dedicated to the development and commercialization of treatment systems for cancer and other diseases using focused-heat energy, either administered alone, or in combination with other therapeutic devices, heat activated genes and heat activated drugs. In January 2003, Celsion entered into a strategic alliance with Boston Scientific Corporation (NYSE NYSE See: New York Stock Exchange :BSX) in which Boston Scientific will initially distribute the Prolieve Thermodilatation system worldwide. Boston Scientific currently owns approximately 7% of Celsion's outstanding stock. Celsion has research, license or commercialization agreements with leading institutions such as the National Institute of Health, Duke University 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, , 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. , 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 Memorial Sloan-Kettering Cancer Center The Memorial Sloan-Kettering Cancer Center (MSKCC) in New York City is a cancer treatment and research institution founded in 1884 as the New York Cancer Hospital. The main campus is located at 1275 York Avenue, between 67th and 68th Streets, with other locations in New in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Roswell Park Cancer Institute The Roswell Park Cancer Institute is a cancer research and treatment center located in Buffalo, New York. Founded in 1898 by Dr. Roswell Park, it was the first dedicated medical facility for cancer treatment and research in the United States. in Buffalo, New York, and Duke University. For more information on Celsion, visit our website: 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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