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Celsion Corporation Announces $15 Million At-The-Market Registered Direct Offering
Date:1/15/2014

LAWRENCEVILLE, N.J., Jan. 15, 2014 /PRNewswire/ -- Celsion Corporation (the "Company") (NASDAQ: CLSN) today announced that it has received commitments from institutional investors to purchase an aggregate of approximately $15 million of the Company's common stock in an at-the-market registered direct offering, led by a dedicated health care fund.

The Company entered into definitive purchase agreements with these investors pursuant to which the Company agreed to sell an aggregate of 3,603,603 shares of its common stock at a per share price of $4.1625.  Additionally, for each share of common stock purchased, investors will receive a Series A Warrant to purchase one-quarter of a share of our common stock at an exercise price of $4.10 per share, which shall be exercisable immediately and expire five years from the date of issuance, and a Series B Warrant to purchase one-quarter of a share of our common stock at an exercise price of $4.10 per share, which shall be exercisable immediately and expire one year from the date of issuance. The closing of the offering is expected to take place on or about January 21, 2014, subject to the satisfaction of customary closing conditions.

The estimated net proceeds to the Company from the offering are expected to be approximately $13.8 million.  With the net proceeds from this offering, the Company projects to have an unaudited cash and investment balance of approximately $57 million.  The Company intends to use the net proceeds from this offering for general corporate purposes.

H.C. Wainwright & Co., LLC  acted as exclusive placement agent in connection with the offering.

A shelf registration statement (File No. 333-183286) relating to the shares issued in the offering has been filed with and declared effective by the Securities and Exchange Commission (the "SEC"
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SOURCE Celsion Corporation
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