Celsion Receives Final $15 Million Payment from Boston Scientific for Prolieve® Assets Completing its Transition to a Drug Development Company
COLUMBIA, Md.--(BUSINESS WIRE)--Celsion Corporation (NASDAQ: CLSN) announced today that the Company has received $15 million from Boston Scientific for the previously reported sale of its Prolieve® Assets. This payment was the third and final payment to Celsion for a total of $60 million.
"The proceeds from the sale of Prolieve have enabled us to become an oncology focused drug development Company and have provided us with the necessary funding to develop our first drug, ThermoDox®," stated Michael H. Tardugno, President and Chief Executive Officer. "ThermoDox centers on a unique heat sensitive liposomal formulation of doxorubicin that has shown remarkable evidence of clinical activity in early stage trials treating two difficult diseases, hepatocellular carcinoma and recurrent chest wall breast cancer (RCW). We are currently enrolling patients in pivotal studies for both indications and have the necessary resources to complete patient enrollment for these studies."
ThermoDox in combination with hyperthermia has the potential to provide local tumor control and improve quality of life. ThermoDox is a proprietary heat-activated liposomal encapsulation of doxorubicin, an approved and frequently used oncology drug for the treatment of a wide range of cancers including breast cancer. Localized mild hyperthermia (40-42 degrees Celsius) releases the entrapped doxorubicin from the liposome. This delivery technology enables high concentrations of doxorubicin to be deposited preferentially in a targeted tumor.
ThermoDox has also demonstrated evidence of efficacy in a Phase I study for primary liver cancer. Celsion has been granted FDA Orphan Drug designation for ThermoDox and is conducting a pivotal global Phase III study in primary liver cancer under a FDA Special Protocol Assessment.
ThermoDox® is a registered trademark of 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® 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.