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Celsion Corporation Reports Year End 2012 Financial Results and Provides Business Update
Date:3/18/2013

ow the study population to determine the OS profile are widely supported by our Lead Principal Investigators and medical experts.  We expect that the strength of our balance sheet will afford us the opportunity to support our current development programs including the Phase II clinical evaluation of ThermoDox® in Recurrent Chest Wall Breast Cancer and in Cancer Metastasis to the Bone.  Additionally, we continue to carefully evaluate strategic options with consideration given to a number of factors, including investment in, or acquisition of, complementary technologies or products, partnering opportunities and working capital requirements."

Recent Business Developments

In January 2013, the Company entered into a Technology Development Agreement with Hisun for ThermoDox® for the greater China territory.  Under the terms of the agreement, Hisun paid Celsion a non-refundable $5 million payment in support of the ThermoDox® manufacturing development program.

On February 1, 2013, the Company entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. pursuant to which Celsion may offer and sell, from time to time, through Cantor, shares of its common stock having an aggregate offering price of up to $25 million.  During the month of February 2013, the Company issued shares under the Agreement and received gross proceeds of approximately $7 million.

On February 22, 2013, the Company entered into a Securities Purchase Agreement with certain institutional investors, pursuant to which the Company sold, in a registered offering, an aggregate of 15,000 shares of its Series A 0% convertible preferred stock and warrants to purchase approximately 6.0 million shares of its common stock at an exercise price of $1.18 per share, for an aggregate purchase price of $15 million.

Financial ResultsFor the year ended December 31, 2012, Celsion reported a net
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