Celsion Reports On March 31, 2000 Quarter Improved Balance Sheet.

Business/Technology Editors & Health/Medical Writers

COLUMBIA, Md.--(BW HealthWire)--May 5, 2000

Celsion Corporation (OTC BB: CELN) a leader in the development of treatment systems for breast cancer, BPH, and other cancer diseases, announced today that, as of March 31, 2000, it had cash and cash equivalents totaling $9,619,276, an amount more than sufficient to fund completion of clinical trials now underway in breast cancer and BPH. The Company also reported a net worth of $9,490,000 - well in excess of what is required for a NASDAQ listing.

The Company reported a loss of ($1,917,000), or ($.03) per share for the six month period ended March 31, 2000. This compares with a loss of ($1,161,000) or $ (.03) per share for the six months ended March 31, 1999. Weighted average shares outstanding increased from 42,257,300 to 55,120,781 shares over the period.

On January 31, 2000, the Company closed a private placement that raised approximately $4.2 million, net of costs. On February 7, 2000, the Company called its series 700 and series 800 warrants, raising an additional $5.4 million.

During the quarter, the Company conducted Phase 1 clinical trials of its Breast Cancer Treatment System, which is being developed to kill tumors with focused microwave heat alone, without surgery. These trials are underway at Harbor UCLA Medical Center and at the Center for Breast Cancer Surgery in Palm Beach, Florida. On April 11, 2000, the Company announced that it has completed expanded Phase 1 trials to test the safety of its Prostate Treatment System, which is designed to offer immediate relief to patients suffering from BPH - a disease which impairs the ability to urinate of more than 50% of men over the age of 55.

During the quarter, the Company also reported significant progress by Duke University in its efforts to develop a new technology for delivering heat activated site specific cancer drugs. A key animal study appeared in the March 1 issue of the journal Cancer Research Advances in Brief. Celsion owns 100% of the commercial rights to this new technology.

According to Spencer Volk, Celsion President and CEO, "Celsion has enjoyed an excellent quarter, making progress on all fronts. And now, with sufficient funding in place, we intend to move aggressively to organize late stage multi-center trials for both BPH and Breast Cancer; trials that will include Johns Hopkins, Massachusetts General and Hammersmith (London) Hospitals."

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, license or commercialization agreements with leading institutions such as Duke University Medical Center, Massachusetts Institute of Technology, Harbor UCLA Medical Center, the University of California at San Francisco, Montefiore Medical Center, Memorial Sloan Kettering Cancer Center in New York and Duke University.

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.

                         CELSION CORPORATION

                                          SIX MONTHS ENDED MARCH 31
                                              2000            1999

Net (loss) income                        ($1,917,199)    ($1,160,894)
Net (loss) income per common share(a)         ($0.03)         ($0.03)
Weighted average shares outstanding       55,120,781      42,257,300

(a)Common stock equivalents have been excluded from the calculation
of net loss per share as their inclusion would be anti-dilutive.

                     SELECTED BALANCE SHEET DATA

                               3/31/00       9/30/99


Cash & Cash Equivalents     $ 9,619,276   $ 1,357,464
Total Assets                 10,092,767     1,558,684
Current Liabilities             596,324       517,132
Long Term Liabilities             3,939         4,427
Total Stockholders Equity     9,490,505     1,039,125