Celsion Corporation (NASDAQ:CLSN) Close $9.3 million Public Offering And Confirms Phase III ThermoDox® Analysis In HCC

Celsion Corporation (NASDAQ:CLSN) closed previously announced common stock public offering or around 2.667 million shares.

Celsion generated 9.3 million from the public offering

The offering resulted in net proceeds of $9.3 million after accounting for commissions and underwriting discounts but before payable expenses by the company. Celsion plans to use these net proceeds for working capital, funding clinical development of product candidates, and other general company purposes. Celsion finalized the offering as per the shelf registration statement filed on September 7, 2018, with SEC. The company offered the stock through a prospectus, including a prospectus supplement that formed part of the registration statement.

Celsion confirms Phase II OPTIMA Study interim analysis

Recently the company confirmed that iDMC is expected to meet in early July to carry out a second pre-planned preliminary efficacy and safety analysis of its Phase II OPTIMA Study of ThermoDox. The study evaluates combination of ThermoDox with RFA treatment of primary liver cancer or hepatocellular carcinoma (HCC). iDMC members representing global HCC markets are based in Canada, Europe, and the US, and the company holds that logistical issues due to COVID-19 that could have hindered the committee from performing its mandate have been addressed. Celsion will announce the recommendations of the committee, and the next steps after the analysis are concluded.

The second pre-planned preliminary analysis’ data lock took place in April after attaining the minimum number of prescribed events of 158 patient deaths. Celsion previously announced a hazard ration of 0.70 for success at 158 deaths representing a 40% risk of death reduction relative to RFA alone. The required p-Value was 0.022, and both favorably compare the 0.65 hazard ratio and p-Value of 0.02 observed in the HEAT study sub-cohort on which the company based the OPTIMA Study. The CEO, Michael Tardugno, stated that they are optimistic about a positive outcome from the OPTIMA Study analysis. He added that the study has epic revenue potential if it is successful and will be beneficial for HCC patients.