Cheung Laboratories Name and Symbol Change Effective Immediately; Celsion Corporation Begins Trading Today Under CELN.COLUMBIA, Md.--(BW HealthWire)--May 18, 1998--Cheung Laboratories, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CGLB) today announced that the Company will begin trading today under the name Celsion Corporation and stock symbol CELN. The name change reflects the Company's primary business of using deep focused heat to kill cancer cells and was approved at the annual shareholders' meeting in April 1998. "Adopting the name Celsion redefines and sets the stage for the Company as we prepare to enter clinical human trials to demonstrate our system's effectiveness in treating breast cancer and 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 BPH abbr. benign prostatic hyperplasia BPH Benign prostatic hypertrophy, a very common noncancerous cause of prostatic enlargement in older men. )," stated Company President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Spencer Volk. Breast Cancer Treatment This article or section recently underwent a major revision or rewrite and needs further review. You can help! The mainstay of breast cancer treatment is surgery when the tumor is localized, with possible adjuvant hormonal therapy (with tamoxifen or an aromatase System In May 1998, researchers from Hammersmith Hospital in London, England successfully concluded an initial study of the Company's breast cancer treatment system in a large animal model. These findings further confirmed the system's safety and effectiveness as established by Harvard's Massachusetts General Hospital Massachusetts General Hospital Health care The major teaching hospital for Harvard Medical School, widely regarded as one of the best health care centers in the world (MGH) in Boston, Massachusetts where an initial safety study, conducted in March 1997, demonstrated the system's ability to heat deep tumors without burning superficial tissues and resulted in the FDA Pre Market Approval (PMA) for commercialization in September 1997. Additional preclinical evaluations to demonstrate the feasibility of using the system to ablate breast and other tumors have recently been initiated at MGH. Data from MGH to confirm tumor ablation is expected by the end of June 1998. The hospitals which will conduct clinical trials on breast tumor ablation include Hammersmith and MGH as well as Columbia HCA Healthcare's JFK Medical Center in West Palm Beach, Florida West Palm Beach, also known as West Palm, is the most populous city in Palm Beach County, Florida, USA. The city is also the oldest incorporated municipality in South Florida. According to the University of Florida's 2006 estimates, the city had a population of 107,617. . Benign Prostatic Hyperplasia (BPH) Treatment System Animal testing of the Company's BPH treatment system was completed in February 1998 at the 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]. in New York, and an Investigational Device Exemption An Investigational Device Exemption (IDE) allows the investigational device to be used in a clinical study in order to collect safety and effectiveness data required to support a Premarket Approval (PMA) application or a Premarket Notification [510(k)] submission to Food and (IDE) application was filed by the Company with the FDA in April 1998. Receipt of the IDE will allow the Company to begin patient studies to obtain data demonstrating the system's safety and efficacy in order to apply for a PMA for commercialization. The Company has made arrangements with the Montefiore Hospital and the Walter Reed Army Medical Research Institute in Washington, D.C. as initial clinical sites for the BPH system. Celsion Corporation, formerly Cheung Laboratories, Inc., is a research and development company dedicated to commercializing medical treatment systems for cancer and benign prostatic hyperplasia (BPH) utilizing deep focused heat delivered by patented microwave technology. Celsion is presently working with leading institutions to develop its focused heat treatments, including Massachusetts General Hospital (MGH), Montefiore Medical Center, and Duke University in the United States, and Hammersmith Hospital and Oxford University in England. -0- 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. 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. CONTACT: Cheung Laboratories, Inc. John Mon, (410) 290-5390 www.cglb.com OR OTC Financial Network Geoffrey Eiten, (888) 399-7541 / (781) 444-6100 www.otcfn.com/celn |
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