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Celsion agrees to $1.8M registered direct offering

Celsion Corp. agreed to issue about $1.8 million worth of shares to institutional investors in a registered direct offering.

The company will sell a total of about 5.2 million shares for 35 cents apiece. Investors will also receive, for every share acquired in the offering, a warrant with an exercise price of 46 cents per share to purchase 1 share of common stock. Each warrant is exercisable six months following issuance, and will terminate 5.5 years following issuance.

The offering is expected to generate net proceeds of about $1.6 million which will be used for general corporate purposes.

Closing is expected to occur Dec. 23, subject to customary closing conditions.

Rodman & Renshaw, a unit of H.C. Wainwright & Co. LLC is the offering's exclusive placement agent.