Thursday March 25, 6:01 pm Eastern Time
Company Press Release
Celsion Acquires Exclusive Rights to Microwave Technology for Prostate Cancer Treatment
-- Technology Expected to Enhance the Treatment of Prostate Cancer When Used in Conjunction with Radiation Seed Implants --
COLUMBIA, Md.--(BUSINESS WIRE)--March 25, 1999-- Celsion Corp. (OTC BB:CELN - news) today announced that it acquired from MMTC, Inc., a Princeton, NJ-based developer of microwave technologies, the exclusive worldwide rights to commercialize MMTC's patented microwave heat and compression technology for prostate cancer treatment.
Celsion reported that a prostate cancer treatment system based on the recently licensed technology has been produced. Successful development of the system will allow the Company to enter the $6 billion U.S. prostate cancer treatment market.
According to Celsion President and CEO Spencer Volk, ''Today's agreement with MMTC expands our growing technology portfolio. We are now pursuing research collaborations to begin the evaluation of our prostate cancer system's safety and efficacy.''
BREAST CANCER & BPH CLINICALS
In addition to its prostate cancer treatment system, Celsion is planning to begin phase one clinicals of its breast cancer treatment system that has Investigational Device Exemption (IDE) approval from the Food and Drug Administration (FDA). Celsion is also conducting phase one clinicals, which are expected to be completed shortly, for its non-surgical, outpatient treatment of benign prostatic hyperplasia (BPH).
Celsion Corporation is a research and development company dedicated to commercializing medical treatment systems for cancer and BPH using focused heat delivered by patented microwave technology. Clinicals and further development of the Company's treatment systems are being conducted by leading institutions such as the Massachusetts Institute of Technology, Massachusetts General Hospital, Montefiore Medical Center, and Duke University.
Forward-looking statements in this release are made pursuant to the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, possible changes in cost of materials, expense items, capital expenditures, capital structure, and other financial items; introduction of new products and possible acquisitions of 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.
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Contact:
Celsion Corporation
John Mon
410/290-5390
www.celsion.com
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