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Celsion Corporation Announces Completion of $5.1 Million Registered Direct Offering
Date:1/21/2011

COLUMBIA, Md., Jan. 21, 2011 /PRNewswire/ -- Celsion Corporation (Nasdaq: CLSN), a leading oncology drug development company dedicated to the development and commercialization of innovative oncology drugs, today announced that it has completed its registered direct offering of 5,000 shares of 8% redeemable convertible preferred stock with a stated value of $1,000 and warrants to purchase up to 2,083,333 shares of common stock.  The convertible preferred stock and warrants were sold in units (the "Units"), with each Unit consisting of one share of convertible preferred stock and a warrant to purchase up to 416.6666 shares of common stock at an exercise price of $3.25 per whole share of common stock. The Units were sold to unaffiliated third party investors at a negotiated purchase price of $1,000 per Unit and to officers and directors at an at-the-market price of $1,197.92 per Unit in accordance with the NASDAQ Stock Market Rules.  Each share of preferred stock is convertible into shares of common stock at an initial conversion price of $2.40 per share, subject to adjustment in the event of stock splits, recapitalizations or reorganizations that affect all holders of common stock equally. The Company expects to receive gross proceeds from the offering of approximately $5.1 million, before deducting placement agents' fees and estimated offering expenses.  The Company intends to use the net proceeds from the sale of the Units pursuant to this offering for general corporate purposes, including the funding of the clinical development of its product pipeline of cancer drugs.

Dominick & Dominick LLC acted as placement agent for the offering.  Copies of the prospectus supplement and accompanying base prospectus relating to these securities can be obtained at the SEC's website at http://www.sec.gov or by writing or calling the C
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