COLUMBIA, MD--(Marketwire - July 25, 2011) - Celsion Corporation (NASDAQ: CLSN), a leading oncology drug development company, today announced that it expects to relocate its operations and corporate headquarters to Lawrenceville, an area of Lawrence Township in Mercer County, New Jersey. The new headquarters, centrally located between New York City, Philadelphia, Princeton and Trenton, will house the Company's research, clinical development and administrative operations, and accommodate Celsion's anticipated future staffing and facility needs. The Company plans to begin operations in its new headquarters at 997 Lenox Drive by the end of the third quarter.
"With the advance of the HEAT Study, initiation of two Phase 2 studies and greater activity anticipated for preparation of the ThermoDox® NDA, we have outgrown our current location. Celsion's new headquarters sits in proximity to many of the world's top biopharmaceutical companies, research institutions, academic centers and investment sources, providing access to this deep resource pool at a transformative stage in our development," said Michael H. Tardugno, Celsion's President and Chief Executive Officer. "This move underscores our commitment to long-term growth and value creation, as we work to build a leading oncology drug development company through the commercialization of ThermoDox® and development of our heat-activated liposomal technology platform."
The Company anticipates no increase in occupancy costs as a result of its relocation. The 66-month lease is contingent upon receiving a Business Employment Incentive Program (BEIP) grant from the New Jersey Economic Development Authority. BEIP grants are available to economically viable expanding or relocating businesses that create jobs in New Jersey.
About Celsion Corporation
Celsion is dedicated to the development and commercialization of innovative oncology drugs including tumor-targeting treatments using focused heat energy in combination with heat-activated drug delivery systems. Celsion has licensed ThermoDox®, the Company's lead therapeutic candidate currently in a Phase III study for the treatment of primary liver cancer (the HEAT study), to Yakult-Honsha for the Japanese market and has a partnership agreement with Philips Healthcare to jointly develop its heat activated liposomal technology in combination with high intensity focused ultrasound to treat difficult cancers. 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, Cleveland Clinic, 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.