Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Wed, January 19, 1:50 AM
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Slide #2. Celsion Corporation — Preferred Stock Offering
Celsion Corporation (NASDAQ:CLSN)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Celsion Corporation (NASDAQ: CLSN), a clinical-stage development company focused on DNA-based immunotherapy and next-generation vaccines, today announced that it has entered into a securities purchase agreement with certain institutional investors to purchase 50,000 shares of Series A convertible redeemable preferred stock and 50,000 shares of Series B convertible redeemable preferred stock. Each share of Series A and Series B preferred stock has a purchase price of $285, representing an original issue discount of 5% of the $300 stated value of each share. Each share of Series A preferred stock is convertible into shares of Celsion's common stock at an initial conversion price of $0.91 per share. Each share of Series B preferred stock is convertible into shares of Celsion's common stock at an initial conversion price of $1.00 per share. Shares of the Series A and Series B preferred stock are convertible at the option of the holder at any time following the Company's receipt of stockholder approval for a reverse stock split of the Company's common stock. Celsion will be permitted to compel conversion of the Series A and Series B preferred stock after the fulfillment of certain conditions and subject to certain limitations. Total net proceeds from the offerings, before deducting the placement agent's fees and other estimated offering expenses, is approximately $28.5 million.
Celsion is a clinical stage biotechnology company focused on developing a portfolio of treatments including DNA-based immunotherapies, vaccines and chemotherapies. Co.'s product pipeline includes GEN-1, a DNA-based immunotherapy for ovarian cancer treatment and ThermoDox®, a proprietary heat-activated liposomal encapsulation of doxorubicin, which is under investigator-sponsored development for several cancer indications. Co. has two feasibility stage platform technologies for the development of nucleic acid-based immunotherapies and vaccines and other anti-cancer DNA or RNA therapies. Both are synthetic, non-viral vectors with demonstrated capability in nucleic acid cellular transfection.
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Buy (3.00 out of 4)
(ranked lower than approx. 75% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com