Celsion Corporation Announces Award of Option Grant to Mr. Michael Tardugno
COLUMBIA, MD-January 3, 2007 -- As required by The American Stock Exchange rules, Celsion Corporation (AMEX:CLN) today reported the grant of a stock option award to Mr. Michael Tardugno, who commenced employment with Celsion as its President and Chief Executive Officer today. As previously disclosed, the Board of Directors of Celsion approved the option grant to Mr. Tardugno effective as of January 3, 2007, to purchase 430,000 shares of common stock at a per share exercise price equal to the closing price of the common stock on The American Stock Exchange on January 3, 2007. The closing price on such date was $2.42.
The stock option granted to Mr. Tardugno vests in four equal annual installments commencing on the first anniversary of the grant date and is subject to forfeiture in the event of resignation or termination for cause prior to vesting.
The grant was made outside of any Company equity incentive plan or shares reserved for issuance under any such equity incentive plan and in connection with Mr. Tardugno's previously disclosed appointment as, and as an inducement for him to serve as, President, Chief Executive Officer and a member of the Board of Directors of the Company.
About Celsion: The Prolieve Thermodilatation system is a minimally invasive transurethral microwave system which combines a transurethral microwave thermotherapy device with pressure applied by a balloon catheter.
Prolieve is marketed, in the United States, under an exclusive distribution agreement, with Boston Scientific Corporation.
Celsion has research, license or commercialization agreements with leading institutions such as the National Institutes of Health, Duke University Medical Center, Massachusetts Institute of Technology, Harbor UCLA Medical Center, Montefiore Medical Center and Memorial Sloan-Kettering Cancer Center in New York City, Roswell Park Cancer Institute in Buffalo, New York, and Duke University. 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.
For Further Information Contact:
Tony Deasey
Celsion Corporation
410.290.5390
tony@celsion.com
General Info: Marilynn Meek
Financial Relations Board
212-827-3773
mmeek@financialrelationsboard.com
Investor Info: Susan Garland
212-827-3775
sgarland@financialrelationsboard.com
