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Celsion Corporation Announces Strategic Loan Facility
Date:11/26/2013

LAWRENCEVILLE, N.J., Nov. 26, 2013 /PRNewswire/ -- Celsion Corporation (NASDAQ: CLSN), an oncology drug development company, announced today that it has entered into a loan agreement with Hercules Technology Growth Capital, Inc. (NYSE: HTGC) ("Hercules") that would permit up to $20 million in new capital distributable in multiple tranches with agreement from Hercules.  Celsion drew the first tranche of $5 million upon closing of the loan agreement on November 25, 2013.  Approximately $4 million of the proceeds were used to repay the outstanding obligations under the Company's loan agreement with Oxford Finance LLC and Horizon Technology Finance Corporation.  The Company anticipates that it would use any additional funding provided under the agreement for working capital or in support of its previously announced strategic acquisition initiative, which is designed to identify new technologies and clinical stage products for its development pipeline.

"This facility strengthens our balance sheet and provides non-dilutive capital dedicated specifically to our product acquisition strategy," said Michael H. Tardugno, Celsion's President and Chief Executive Officer. "Our current cash position, $45.5 million as of September 30, 2013, is expected to provide resources sufficient to fund current operations well into the second half of 2016, which includes expenses associated with our planned pivotal Phase III HCC trial. This loan ensures the financial flexibility necessary to meet a number of key, value-driving objectives by providing the added capital and leverage to execute our M&A strategy. We appreciate the support of our new lender and their confidence in ThermoDox® and the Celsion management team."


SOURCE Celsion Corporation
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