Celsion Corporation Announces Management and Board Appointments

COLUMBIA, MD--(Marketwire - July 12, 2011) - Celsion Corporation (NASDAQ: CLSN), a leading oncology drug development company, today announced the appointment of Gregory Weaver, a Director of Celsion Corporation since 2005, to the role of Senior Vice President and Chief Financial Officer, and the promotion of Jeffery Church, currently Vice President and Chief Financial Officer, to the newly created role of Senior Vice President, Strategy and Investor Relations. Adding experience and depth to its Board, the Company also announced the appointment of Frederick Fritz as a Director. In joining the management team, Gregory Weaver resigned from Celsion’s Board. The appointments were effective on July 8, 2011.

Regarding the management appointments, Celsion President and Chief Executive Officer Michael H. Tardugno said: “These appointments leverage the strengths of two individuals who have shown enormous commitment and capability in their contributions to Celsion, adding greater depth of expertise to the management team as we approach a period of significant transformation at the Company. Greg brings a deep knowledge of Celsion and a wealth of financial expertise from his career as a financial officer in the biotech and healthcare industries, while Jeff, who has been instrumental in strengthening the Company’s balance sheet, will play a significant role supporting the execution of our business and commercial strategies as well as our commitment to our shareholders. We look forward to their contributions in their new roles.”

Regarding the Board appointment, Mr. Tardugno added: “I am delighted to announce the addition of Fred Fritz to our Board. Fred is an extraordinary talent who brings more than 30 years of executive and general management experience to Celsion’s Board, with expertise in financing, regulatory, and commercialization. He will be a trusted advisor for our management and Board members.”

“I am excited to join Celsion as a Director and look forward to the opportunity to work with the Company’s Board and executive management team,” noted Mr. Fritz. “I believe that the Company has an outstanding opportunity to deliver a paradigm-changing therapy to areas of significant unmet medical need in cancer. The promise of ThermoDox®, and the technology platform used to develop it, provides a base from which to build an enduring oncology drug development company.”

Mr. Fritz is currently the CEO & Founder of NeuroDx, a development stage diagnostic device company focused on the neurosurgery market. Mr. Fritz joined NeuroDx from Valeo Medical, a biotech company he founded in 2003 to develop the world’s first non-invasive diagnostic test for endometriosis. Prior to that, Mr. Fritz was President and CEO of Songbird Hearing, a medical device spin out of Sarnoff Corp. He is a University of Illinois engineer (summa cum laude) and a Harvard MBA. Mr. Fritz began his career in marketing management and new product development. He joined Schering Plough’s Wesley Jessen in 1985 as VP Marketing and Sales in 1986. He was promoted to general manager of Schering’s Over the Counter pharmaceutical business in 1988 and of the podiatric products business in 1990. He was President of Coleman North America from 1995-1997.

About Celsion

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® to Yakult-Honsha for the Japanese market and has a partnership agreement with Phillips Medical 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.