SOURCE: Celsion Corporation

Celsion Corporation

August 18, 2011 09:33 ET

Celsion Announces Approval of New Jersey Economic Development Authority Incentive Grant

Grant Provides for Up to $1.12 Million in Incentives

COLUMBIA, MD--(Marketwire - Aug 18, 2011) - Celsion Corporation (NASDAQ: CLSN), a leading oncology drug development company, announced today that the New Jersey Economic Development Authority has approved the Company's application for a Business Employment Incentive Program (BEIP) grant. BEIP grants are available to economically viable expanding or relocating businesses that create jobs in New Jersey. The approved grant provides for up to $1.12 million in tax incentives for jobs created in, or relocated to the State. Celsion announced in July plans to relocate its operations and corporate headquarters to Lawrenceville, New Jersey, contingent upon receipt of the grant.

"As we approach several pivotal milestones in the development of our lead therapeutic, ThermoDox®, a novel, Phase III drug candidate with potential in a wide range of cancers, Celsion is at an inflection point," said Michael H. Tardugno, Celsion's President and Chief Executive Officer. "In addition to offering strong fiscal incentive, New Jersey provides access to a deep pool of resources that will contribute to our successful navigation of this period. We look forward to the Company's relocation to Lawrenceville and to joining the many successful businesses that call New Jersey home."

Celsion plans to begin operations in its new headquarters at 997 Lenox Drive early in the fourth quarter. The Company anticipates no increase in occupancy costs as a result of its relocation.

About Celsion Corporation

Celsion is a leading oncology company dedicated to the development and commercialization of innovative cancer drugs including tumor-targeting treatments using focused heat energy in combination with heat-activated drug delivery systems. Celsion has research, license, or commercialization agreements with leading institutions such as the National Institutes of Health, Duke University Medical Center, University of Hong Kong, the University of Pisa, and the North Shore Long Island Jewish Health System.

For more information on Celsion, visit our website: http://www.celsion.com.

Celsion wishes to inform readers that forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, unforeseen changes in the course of research and development activities and in clinical trials by others; possible acquisitions of other technologies, assets or businesses; possible actions by customers, suppliers, competitors, regulatory authorities; and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.

Contact Information

  • Investor Contact

    David Pitts
    Argot Partners
    212-600-1902
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