Celsion Signs "Exclusive Option" for Tumor Targeting Peptide.

Celsion's option to license a novel peptide ligand has potential to significantly enhance its platform technology

COLUMBIA, Md. -- Fourth graph, second sentence of release should read: The initiation of our Phase III studies for the treatment of primary liver cancer is expected to take place early next year and the Phase I study at Duke in patients with recurrent breast cancer at the chest wall looks set to move to the next dose cohort in a similar timescale.(sted The initiation of our Phase III studies for the treatment of primary liver cancer is expected to take place this year and the Phase I study at Duke in patients with recurrent breast cancer at the chest wall looks set to move to the next dose cohort in a similar timescale.)

The corrected release reads:

CELSION SIGNS "EXCLUSIVE OPTION" FOR TUMOR TARGETING PEPTIDE

Celsion's option to license a novel peptide ligand has potential to significantly enhance its platform technology

CELSION CORPORATION (AMEX: CLN) today reported that it had signed an option to license worldwide rights to a novel peptide ligand for targeting drug delivery vehicles to cancer cells. The option gives Celsion the exclusive rights to perform scientific and intellectual property due diligence on this ligand. Additionally the option provides Celsion an exclusive license negotiation period. As part of the option agreement, Celsion has filed patent applications covering the ligand and its use as a targeting agent.

Epidermal growth factor receptors (EGFR) are over expressed in a wide variety of human cancers including lung, breast, bladder and ovarian cancers. The novel peptide ligand is specific for a surface pocket on the EGFR. Early preclinical work with non-temperature sensitive liposomes containing doxorubicin suggests improved efficacy in mouse xenograph studies over similar liposomes without the peptide. Celsion and its collaborators will expand this work to temperature sensitive liposomes during early 2008. If successful, in addition to improving the efficacy of Celsion's Heat Sensitive Liposomal platform and ThermoDox in particular, this technology may be applicable for use in targeting delivery vehicles containing many different drugs, providing Celsion with broad commercialization opportunities.

Mr. Michael Tardugno, Celsion's President and Chief Executive Officer, commented, "The preliminary data from these studies is very encouraging. Using heat to target our liposome is very effective in treating identified primary tumors. Active targeting, we theorize, enables us to go one step further by targeting metastatic lesions throughout the body and by so doing may result in a reduced risk of cancer recurring following successful treatment of the primary tumor. Over the next 6-7 months we expect to test our hypothesis in xenograph tumor lines following which we expect to conduct toxicological studies and develop a path to human studies in collaboration with FDA. Through programs such as this, Celsion will continue to build a pipeline of chemotherapeutic drugs and technology platforms for the treatment of cancers where patients have few other options."

Mr. Tardugno added, "In the meantime we remain focused and are committed to delivering timely clinical results and regulatory approval for our drug in development, ThermoDox([R]). The initiation of our Phase III studies for the treatment of primary liver cancer is expected to take place early next year and the Phase I study at Duke in patients with recurrent breast cancer at the chest wall looks set to move to the next dose cohort in a similar timescale."

ThermoDox is Celsion's proprietary heat-sensitive liposomal encapsulation of doxorubicin, an approved and frequently used anti-cancer drug used in the treatment of various cancers including breast cancer. Localized mild hyperthermia (40-42oC) releases the entrapped doxorubicin from the liposome. This delivery technology enables high concentrations of doxorubicin to be deposited preferentially in a targeted tumor.

About Celsion: Celsion is dedicated to the development and commercialization of oncology drugs including tumor-targeting treatments using focused heat energy in combination with heat activated drug delivery systems.

Celsion has research, license or commercialization agreements with leading institutions such as the National Institutes of Health, Duke University Medical Center, University of Hong Kong, Cleveland Clinic, North Shore Long Island Jewish Health System.

For more information on Celsion, visit our website: http://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 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.