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Celsion Reports Third Quarter 2010 Financial Results and Provides Business Update
Date:11/15/2010

COLUMBIA, Md., Nov. 15, 2010 /PRNewswire-FirstCall/ -- Celsion Corporation (Nasdaq: CLSN), a biotechnology drug development company, today announced financial results for the third quarter and nine months ended September 30, 2010 and addressed the progress of its clinical trials of ThermoDox®, Celsion's proprietary heat-activated liposomal encapsulation of doxorubicin for the treatment of hepatocellular carcinoma (HCC), commonly referred to as primary liver cancer.  ThermoDox® is currently being evaluated under a Special Protocol Assessment with the FDA in a 600 patient pivotal Phase III trial (the HEAT study) in patients with non-resectable primary liver cancer and in a Phase I/II trial for patients with recurrent chest wall breast cancer.   The HEAT study has been designated as a Priority Trial for liver cancer by the National Institutes of Health.

"We are approaching 80% completion of patient enrollment into our Phase III primary liver cancer HEAT study of ThermoDox®.  Together with our Special Protocol Assessment for the HEAT study, Celsion received Fast Track Designation from the FDA providing us with the opportunity to file our New Drug Application on a rolling basis.  We now have an efficient clinical and regulatory pathway for commercialization of ThermoDox®," said Michael Tardugno, Celsion's President and Chief Executive Officer.Financial Results For the third quarter ended September 30, 2010, Celsion reported a net loss from operations of $5.2 million compared to a net loss from operations of $4.7 million for the same period of 2009.  For the first nine months of 2010, net cash used in operations was $10.6 million.  Celsion reported a net loss from operations of $14.2 million for the first nine months of 2010 compared to a net loss from operations of $13.2 million for the same period of 2009.  In the third quart
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