Celsion and AMS Settle Patent Dispute.COLUMBIA, Md. -- CELSION CORPORATION (AMEX:CLN) today announced that it had entered into an agreement with AMS (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMMD) that settles the patent dispute alleging that Celsion's Prolieve Thermodilatation([R]) system infringes certain of AMS' patents. Under the settlement terms Celsion will pay an undisclosed fee and a royalty based on sales of its Prolieve product to acquire a product license to AMS' patents for the use of microwave energy to treat 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) and prostatitis prostatitis (prŏs'tətī`tĭs), inflammation of the prostate gland. Acute prostatitis is usually a result of infection in the urinary tract or infection carried by the blood; in many cases the infection spreads from the urethra and is . The agreement will end litigation between the two parties. Mr. Michael Tardugno, Celsion's President and Chief Executive Officer said, "I am pleased that we have been able to arrive at an acceptable settlement with AMS. While Celsion continues to believe that there was no merit to the claims of infringement and that we would have prevailed in a trial, protracted pro·tract tr.v. pro·tract·ed, pro·tract·ing, pro·tracts 1. To draw out or lengthen in time; prolong: disputants who needlessly protracted the negotiations. 2. litigation, with its cost and uncertainty was not in the best interests of our Shareholders or our Company. With this issue now settled we can focus full attention on our promising ThermoDox clinical development program, where we plan to enter Phase III late this year." 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, 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, Montefiore Medical Center 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, 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. Celsion has also developed a microwave based system, the Prolieve Thermodilatation([R]) system, for the treatment of benign prostatic hyperplasia which is marketed in the United States under an exclusive distribution agreement with Boston Scientific Corporation. For more information on Celsion, visit our website: http://www.celsion.com |
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