Celsion Corporation Announces Pricing of $10 Million Underwritten Offering of Common Stock
June 22 2020 - 3:00PM
Celsion Corporation (NASDAQ: CLSN), an oncology drug development
company, today announced the entry into an underwriting agreement
relating to the sale of 2,666,667 shares of its common stock at an
offering price of $3.75 per share, less underwriting discounts and
commission. The gross proceeds from the offering will be $10
million, before deducting underwriting discounts and commissions
and estimated offering expenses. The shares of common stock
are being sold to both existing and new institutional investors of
the Company. The offering is expected to close on June 24,
2020, subject to satisfaction of customary closing conditions.
Oppenheimer & Co. Inc. is acting as the sole
underwriter for the offering.
Celsion intends to use the net proceeds for
clinical development of our product candidates, working capital and
other general corporate purposes.
This shares are being offered by Celsion
pursuant to an effective shelf registration statement on Form S-3
(File No. 333-227236), previously filed with the Securities and
Exchange Commission (SEC) on September 7, 2018 and declared
effective on October 12, 2018. A prospectus supplement and the
accompanying prospectus relating to and describing the terms of the
offering will be filed with the SEC, and will be available on the
SEC’s website at http://www.sec.gov or by contacting
Oppenheimer & Co. Inc. at 85 Broad Street, 26th Floor, New
York, NY 10004, Attention: Equity Syndicate Prospectus Department,
by e-mail at equityprospectus@opco.com or by calling
(212) 667-8055.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy nor shall there be any
sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any
such state or other jurisdiction.
About Celsion Corporation
Celsion is a fully integrated oncology company
focused on developing a portfolio of innovative cancer treatments,
including directed chemotherapies, immunotherapies and RNA- or
DNA-based therapies. Celsion's lead program is ThermoDox®, a
proprietary heat-activated liposomal encapsulation of doxorubicin,
currently in Phase III development for the treatment of primary
liver cancer. The pipeline also includes GEN-1, a DNA-based
immunotherapy for the localized treatment of ovarian cancer.
Celsion has two platform technologies for the development of novel
nucleic acid-based immunotherapies and other anti-cancer DNA or RNA
therapies. For more information on Celsion, visit our website:
http://www.celsion.com.
This press release contains forward-looking
statements that involve substantial risks and uncertainties. All
statements pertaining to Celsion’s expectations regarding the
intention to conduct an offering, and sale of securities, ability
to complete the offering and expected use of
proceeds described in this press release constitute
forward-looking statements. All statements, other than statement of
historical facts (including, but not limited to, statements that
contain words such as “will,” “believes,” “plans,” “anticipates,”
“expects,” “estimates”) are forward-looking statements. Actual
results or events could differ materially from the plans,
intentions, expectations and projections disclosed in the
forward-looking statements. Various important factors could cause
actual results or events to differ materially from the
forward-looking statements that Celsion makes, including, but not
limited to, uncertainties associated with market conditions and the
completion of the public offering on the anticipated terms or at
all and other risks described in the “Risk Factors” sections of
Celsion’s most recent annual report filed with
the SEC on March 25, 2020, quarterly report filed
with the SEC on May 15, 2020, the prospectus
supplement related to the public offering and in other filings with
the SEC. Celsion does not assume any obligation to update any
forward-looking statements, except as required by law.
Celsion Investor Contact
Jeffrey W. Church609-482-2455 jchurch@celsion.com
LHA Investor Relations Kim Sutton Golodetz 212-838-3777
kgolodetz@lhai.com
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