Celsion Corporation Announces Closing Of $18.4 Million In Financing

Celsion Corporation announced the closings of its previously announced sales of an aggregate of $18.4 million of the Company's securities, of which $13.0 million was from institutional investors in a registered direct offering and an additional $5.4 million was from other investors in a private placement. The Company received approximately $17 million in net proceeds from the offerings, after deducting placement agent fees and estimated offerings expenses. The securities were sold in units at a price of $4.27 per unit, with each unit consisting of one share of common stock and a warrant to purchase 0.4 shares of common stock. The warrants in the offerings are immediately exercisable at a price of $4.22 per share, for total potential additional proceeds to the Company of up to approximately $6 million upon exercise of the warrants. The warrants will expire in five years. The estimated net proceeds to the Company from the common stock purchased in the offerings are expected to be approximately $17 million. The Company intends to use the net proceeds from the offerings for general corporate purposes, including the funding of the clinical development of its product pipeline of cancer drugs.