Tuesday October 9, 9:52 am Eastern Time
Press Release
SOURCE: Celsion Corporation
Celsion Announces Retirement of Spencer Volk, Selection of Dr. Augustine Cheung as CEO and Dr. Max Link as Chairman
COLUMBIA, Md., Oct. 9 /PRNewswire/ -- Celsion Corporation (Amex: CLN - news) today announced that Spencer Volk (67) has retired as President and Chief Executive Officer and resigned from the Board of Directors. Dr. Augustine Cheung (53), the Company's founder and Chief Scientific Officer, has stepped down as Chairman of the Board and assumed the role of Chief Executive Officer. Celsion also announced that Dr. Max Link (60) has assumed the position of Chair- man of the Board. Dr. Link, the former CEO of Sandoz Pharma and Corange, Ltd., has been a director of Celsion since 1997.
Mr. Volk commented, ``Since assuming the role of Chief Executive Officer in 1997, it has been very satisfying to build and develop a strategic roadmap for Celsion. In the past twelve months we have added management that is well equipped to commercialize our BPH treatment system once it has obtained FDA approval. The Company recognizes that it must focus on the development of its fledgling cancer treatment business and recruit management with appropriate industry experience. I have decided to step aside now that the Company is positioned to begin commercialization of its BPH business and, thereafter, to move its other businesses forward. I will, however, stay involved in an advisory capacity with the Company.''
Dr. Cheung added, ``I want to thank Spence for his very valuable contributions over the last several years. I am delighted that Max Link has agreed to serve as the Company's Chairman, a move that I believe reflects his continued endorsement of the commercial potential of our product portfolio.''
Dr. Link noted, ``Over the last four years I have become increasingly excited as Celsion has developed and expanded its technology portfolio. Now, as Celsion is on the verge of commercializing its first (BPH) product, I am happy to lend my experience to help guide the Company toward commercial success.''
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