Celsion Corporation
May 8, 2008

Celsion Corporation Reports First Quarter 2008 Results

Financial Resources Sufficient to Advance Current Projects

COLUMBIA, Md., May 08, 2008 (BUSINESS WIRE) -- CELSION CORPORATION (NASDAQ: CLN) today announced financial results for the first quarter ended March 31, 2008. The Company reported a net loss of $4.1 million, or $0.40 per share, compared to a net loss of $2.4 million, or $0.30 per share, for the first quarter of 2007. The results for 2007 included income from discontinued operations of $0.9 million, or $0.08 per share. When comparing income from continuing operations, the Company recorded a loss $4.1 million, or $0.40 per share for the first quarter of 2008 compared to $3.2 million or $0.30 per share for the first quarter of 2007.

Mr. Michael H. Tardugno, Celsion's president and chief executive officer, commented, "We continue to execute on our plans and have initiated our Phase III Primary Liver Cancer study during the first quarter. We are carefully managing our expenditures in order to ensure that our financial resources are sufficient to further our current clinical trials, including funding of our Phase III primary liver cancer study to a point where we have the data necessary to determine if there is support for an NDA filing, as well as explore other heat sensitive liposomal anticancer formulations. Our current cash balance plus the collection of the $30 million due on the sale of our medical device business last year will allow us to move forward with those initiatives."

The Company is holding a shareholders' conference call on Friday, May 9, 2008 at 11:00 a.m. Eastern Time. To participate in the call, interested parties can dial 877-604-2080 (U.S./Canada) or 706-902-1383 (International), Conference ID: #46666077 to register ten minutes before the call is scheduled to begin.

The call will be archived for replay from May 9, 2008 at 2:00 p.m. until May 23, 2008. The replay can be accessed at 800-642-1687 or 706-645-9291, Conference ID: #46666077. The call will also be available on the Company's website, http://www.celsion.com for 90 days.

About ThermoDox(R): ThermoDox(R) is Celsion's proprietary heat-sensitive liposomal encapsulation of doxorubicin, an approved and frequently used anti-cancer drug used in the treatment of various cancers including breast cancer. Localized mild hyperthermia (40-42 degrees Celsius) releases the entrapped doxorubicin from the liposome. This delivery technology enables high concentrations of doxorubicin to be deposited preferentially in a targeted tumor.

About Celsion: Celsion is dedicated to the development and commercialization of oncology drugs including tumor-targeting treatments using focused heat energy in combination with heat activated drug delivery systems.

Celsion has research, license or commercialization agreements with leading institutions such as the National Institutes of Health, Duke University Medical Center, University of Hong Kong, Cleveland Clinic, and the North Shore Long Island Jewish Health System.

For more information on Celsion, visit our website: http://www.celsion.com.

Celsion wishes to inform readers that forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, unforeseen changes in the course of research and development activities and in clinical trials by others; possible acquisitions of other technologies, 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.


                         Celsion Corporation
                  Condensed Statements of Operations
             (in thousands except for per share amounts)
                             (Unaudited)

                                                  Three Months Ended
                                                       March 31,
                                                 ---------------------
                                                    2008       2007
                                                 ---------- ----------

Revenues                                                 $-         $-

  Operating expenses:
    Research and development                          2,967      1,771
    General and administrative                        1,176      1,294
                                                 ---------- ----------
    Total operating expenses                          4,143      3,065
                                                 ---------- ----------

    Loss from operations                            (4,143)    (3,065)

  Other income (expense):
    Interest income                                      75        181
    Interest expense                                   (14)      (348)
                                                 ---------- ----------

  Loss from continuing operations                   (4,082)    (3,232)

Discontinued Operations
  Income from discontinued operations                     -        875
                                                 ---------- ----------


Net loss                                           $(4,082)   $(2,357)
                                                 ========== ==========

Net loss from continuing operations per common
 share - basic                                      $(0.40)    $(0.30)
                                                 ========== ==========

Net loss from continuing operations per common
 share - diluted                                    $(0.40)    $(0.30)
                                                 ========== ==========

Net income from discontinued operations per
 common share - basic                                    $-      $0.08
                                                 ========== ==========

Net income from discontinued operations per
 common share - diluted                                  $-      $0.08
                                                 ========== ==========

Net loss per common share - basic                   $(0.40)    $(0.22)
                                                 ========== ==========

Net loss per common share - diluted                 $(0.40)    $(0.22)
                                                 ========== ==========

Weighted average shares outstanding - basic      10,143,442 10,746,869
                                                 ========== ==========

Weighted average shares outstanding - diluted    10,143,442 10,750,869
                                                 ========== ==========


                         Celsion Corporation
                       Condensed Balance Sheets
                            (in thousands)

                                              March 31,   December 31,
                                                 2008
                                             (Unaudited)      2007
                                             ------------ ------------

  Current assets
    Cash and short term investments                $1,543       $5,937
    Accounts receivable                               210          230
    Due from Boston Scientific Corporation         15,000       15,000
    Prepaid expenses                                  248          257
                                             ------------ ------------
  Total current assets                             17,001       21,424
                                             ------------ ------------

  Other assets
    Property and equipment, net                       244          268
    Notes and loans receivable                        538        1,382
    Due from Boston Scientific Corporation -
     Non Current                                   15,000       15,000
    Other assets                                    1,067          965
                                             ------------ ------------
  Total other assets                               16,605       17,347
                                             ------------ ------------

  Total assets                                    $33,850      $39,039
                                             ============ ============


  Current liabilities
    Accounts payable                               $2,289       $1,830
    Accrued expenses                                3,921        5,066
    Income taxes payable                                -          546
    Note payable - current portion                    687          677
                                             ------------ ------------
  Total current liabilities                         6,897        8,119
                                             ------------ ------------

  Long-term liabilities
  Note payable                                         59          235
  Other liabilities                                    33           34
                                             ------------ ------------
  Total long-term liabilities                          92          269
                                             ------------ ------------

  Total liabilities                                 6,989        8,388
                                             ------------ ------------

  Stockholders' equity
    Common stock                                      108          108
    Additional paid-in capital                     88,611       88,320
    Accumulated deficit                          (59,219)     (55,138)
                                             ------------ ------------
    Subtotal                                       29,500       33,290
    Less: Treasury Stock - at cost                (2,639)      (2,639)
                                             ------------ ------------
  Total stockholders' equity                       26,861       30,651
                                             ------------ ------------

Total liabilities and stockholders' equity        $33,850      $39,039
                                             ============ ============

SOURCE: Celsion Corporation

Cameron Associates
Paul G. Henning, 212-554-5462
phenning@cameronassoc.com

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