Celsion Corporation Announces $6.6 Million Registered Direct Offering

Celsion Corporation announced that it has received commitments from institutional investors to purchase an aggregate of $6.6 million of the Company's securities in a registered direct offering. The Company entered into definitive purchase agreements with these investors pursuant to which the Company agreed to sell an aggregate of approximately 2.1 million shares of its common stock and warrants, potentially exercisable for up to approximately 630,000 additional shares of its common stock. The securities will be sold in units at a price of $3.1675 per unit, with each unit consisting of one share of common stock and a warrant to purchase 0.3 shares of common stock. The warrant will be exercisable at a price of $3.13 per share and will expire five years from the issuance date. The closing of the offering is expected to take place on or about July 6, 2011, subject to the satisfaction of customary closing conditions. The estimated net proceeds to the Company from the offering are expected to be approximately $6 million. The Company intends to use the net proceeds from this offering for general corporate purposes, including the funding of the clinical development of its product pipeline of cancer drugs. Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc., acted as the exclusive placement agent for the offering.