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Celsion Corporation Provides Business Update
Date:4/23/2013

#174; activity."

Michael Tardugno , Celsion's Chief Executive Officer, added, "Based on the strength of these findings, the Company will request a meeting with regulatory authorities for guidance on moving forward with our HCC development program.  We plan to disclose the details of the HEAT Study data at upcoming medical meetings and in a peer-reviewed publication.  We will provide updates on these activities when appropriate."

Corporate Restructuring

The Company implemented a restructuring program to lower its operating costs to conserve capital.  The program includes elimination of approximately one-third of Celsion's workforce and the deferral of expenses associated with the Company's Phase II study of ThermoDox® in combination with RFA for the treatment of colorectal liver metastases (The ABLATE Study).  Celsion expects these measures to remain in effect until such time as it finalizes its plans for the continuation of its development program with ThermoDox® in HCC.  Celsion ended the first quarter of 2013 with approximately $46 million in cash and investments.  Ongoing salary costs, net of restructuring costs, are expected to reduce overall operating expenses during the current fiscal year.

"While it is difficult to eliminate positions in our talented and dedicated workforce, this move is necessary to ensure that our costs are adequately aligned with our resources and business strategy," Mr. Tardugno said.  "We are reducing expenses in all areas, but we are doing this with an eye toward limiting the impact on our future development programs for ThermoDox® as well as afford us the opportunity to identify and develop new product candidates."

Engagement of Financial Advisor to Evaluate Acquisition Alternatives

The Company has engaged Cantor Fitzgerald & Co. to conduct a comprehensive review of merger and acquisiti
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