June 20, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Celsion Corp. (NASDAQ: CLSN), a biotechnology drug development firm, said that it has secured a committed equity financing facility under which it may sell up to $15 million of common stock to Small Cap Biotech Value, Ltd. over a 24 month period.

Celsion said it is not obligated to utilize any of the $15 million facility and remains free to enter into other equity financing transactions.

Under the deal, if Celsion elects to use the facility, the number and price of shares sold in each draw will be determined by a contractual formula, whereby Celsion will issue shares to Small Cap Biotech at a pre-negotiated discount (between 5% to 6%) to the volume weighted average price of Celsion's common stock over a preceding period of trading days.

Reedland Capital Partners, an institutional division of Financial West Group, will act as placement agent.

Celsion plans to use the proceeds from any future sale of securities under the facility to advance its ThermoDox clinical development programs and for other general corporate purposes.

Maryland-based Celsion is focused on the development and commercialization of 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 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.

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