ࡱ> ./ l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1 Courier New1 Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)-**_($* #,##0_);_($* (#,##0);_($* "-"_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* "-"_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* "-"??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* "-"??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)6 0%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0)                + ) , *   Ј ~~ ؈ ~~#؈ ~~ ؈ ~~8#܈ ~~3#܈ ~~<#܈ ~~4#܈ ~~83ffff̙̙3f3fff3f3f33333f33TABLE OF CONTENTS GGEN1e S15 DILUTION&n(S16 PRICE RANGE OF OUR COMMON S&L6S19 INFORMATION INCORPORATED BYETABLE OF CONTEN (1)&N9 RATIO OF EARNINGS TO FIXED CH l  0  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??GEN1 S15 DILUTION!S16 PRICE RANGE OF OUR COMMON S!S19 INFORMATION INCORPORATED BYTABLE OF CONTEN (1)!9 RATIO OF EARNINGS TO FIXED CHU } 1} $ }  0      CELSION CORP 424B5 02/06/2018TABLE OF CONTENTS Page Prospectus Supplement  (  About this Prospectus Supplement  S-1% Prospectus Supplement Summary  S-2  The Offering  S-9  Risk Factors  S-10.&Special Note Regarding Forward-Looking S-14 StatementsUse of Proceeds S-15Dilution S-16'Price Range of Our Common Stock S-17Plan of Distribution S-18 Legal Matters S-19Experts S-19+#Where You Can Find More Information S-19-%Information Incorporated by Reference S-20 ProspectusAbout This Prospectus~ 1)Where You Can Find Additional Information~ 0( Information Incorporated by Reference~  % Forward-Looking Statements~ Prospectus Summary~  Risk Factors~ &DltLU!Vo$Jj !"#$%&'()*+,-./* "Ratio of Earnings to Fixed Charges ~ *!Use of Proceeds!~ !*"Dividend Policy"~ "*)#!General Description of Securities#~ #.$$Description of Capital Stock$~ $2&%Description of Debt Securities%~ %B-&%Description of Warrants, Other Rights&~ &Z' and Units(Plan of Distribution(~ (^) Legal Matters)~ )f*Experts*~ *f+,$-____________________________1.)Created by Morningstar Document Research.0/(http://documentresearch.morningstar.com/$b,N6!{oG=PF0*8X> @//..-- l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??TABLE OF CONTENTS S15 DILUTION!S16 PRICE RANGE OF OUR COMMON S!S19 INFORMATION INCORPORATED BYTABLE OF CONTEN (1)!9 RATIO OF EARNINGS TO FIXED CHU } $ } $} y<       CELSION CORP 424B5 02/06/2018 GEN-1 ?1)Cohort 1 (36 mg/m?) - All 3 patients have  1 )progressed; Average PFS was 19.25 months;  0 (Longest progression-free patient in 1 st   cohort was 24.8 months.  ?2 *Cohort 2 (47 mg/m?) ? None of the patients  (  have progressed after 21 months. ?80Cohort 3 (61 mg/m?) - One patient has progressed3+after 14 months; Two other patients in 3 rd2*cohort are progression free over 18 months ?:2Cohort 4 (79 mg/m?) - No patients have progressed;3+Average PFS for these five patients in 4 thcohort is 15 months.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/62^v'3=PF0*8X> @ l  '  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??TABLE OF CONTENTSGEN1!S16 PRICE RANGE OF OUR COMMON S!S19 INFORMATION INCORPORATED BYTABLE OF CONTEN (1)!9 RATIO OF EARNINGS TO FIXED CHU } >} $       CELSION CORP 424B5 02/06/2018 S-15 DILUTION/'Assumed public offering price per share@< 4 Net tangible book value per share as of September   ףp=   30, 2017/ 'Increase in net tangible book value per  ףp= ? + #share attributable to this offering/ 'As adjusted net tangible book value per  {Gz 4,share as of September 30, 2017, after givingeffect to this offering6.Dilution per share to new investors purchasingQshares in this offering$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0x@|Y=PF0*8X> @B    l  5  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??TABLE OF CONTENTSGEN1 S15 DILUTION!S19 INFORMATION INCORPORATED BYTABLE OF CONTEN (1)!9 RATIO OF EARNINGS TO FIXED CHU } $4} $                                 CELSION CORP 424B5 02/06/2018,$S-16 PRICE RANGE OF OUR COMMON STOCK Period   High   Low % Year Ending December 31, 2018        3 +First Qua rter (January 1, 2018 to February  (\@   ffffff@  2, 2018)         ( Year End ed December 31, 2017 First Quarter(\@Q@Second Quarter= ףp=@ffffff@ Third Quarter\(\@{Gz?Fourth Quarter= ףp=@)\(?$Year Ended December 31, 2016 First Quarter\(;@Q-@Second QuarterQ8@3333332@ Third Quarter(\2@0@Fourth QuarterQ+@@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@ Dymav ~6\g=PF0*8X> @     l  )iBE  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??TABLE OF CONTENTSGEN1 S15 DILUTION!S16 PRICE RANGE OF OUR COMMON STABLE OF CONTEN (1)!9 RATIO OF EARNINGS TO FIXED CHU } $ } $} y< )      CELSION CORP 424B5 02/06/20182*S-19 INFORMATION INCORPORATED BY REFERENCE ?5-our Annual Report on Form 10-K for the fiscal  0 (year ended December 31, 2016, filed with  " the SEC on March 24, 2017;  ?1 )our Quarterly Report on Form 10-Q for the  0 (quarter ended March 31, 2017, filed with   the SEC on May 12, 2017; ?1)our Quarterly Report on Form 10-Q for the/'quarter ended June 30, 2017, filed with#the SEC on August 14, 2017; ?1)our Quarterly Report on Form 10-Q for the/'quarter ended September 30, 2017, filed*"with the SEC on November 14, 2017; ?2*our Current Reports on Form 8-K filed with3+the SEC on February 15, 2017, May 16, 2017,1)May 26, 2017, June 6, 2017, June 9, 2017,4,June 19, 2017, June 22, 2017, June 23, 2017,:2June 26, 2017, July 6, 2017, July 11, 2017, August0(15, 2017, September 21, 2017, October 4,4,2017, October 27, 2017 and October 31, 2017; ?2*our Definitive Proxy Statement on Schedule4,14A filed with the SEC on April 4, 2017; and ?5-the description of our common stock contained1)in our registration statement on Form 8-A6.filed with the SEC on May 26, 2000, as amendedDK lsg[ 1[8Tav& !"#$%&'(  3 +by a Form 8-A/A dated February 7, 2008, and!!/!'any amendments or reports filed for the""-"%purpose of updating such description.###$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/df=PF0*8X> @((''&& l  MN  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??TABLE OF CONTENTSGEN1 S15 DILUTION!S16 PRICE RANGE OF OUR COMMON S!S19 INFORMATION INCORPORATED BY!9 RATIO OF EARNINGS TO FIXED CHU } 1}        CELSION CORP 424B5 02/06/2018TABLE OF CONTENTS Page ABOUT THIS PROSPECTUS~ 1 )WHERE YOU CAN FIND ADDITIONAL INFORMATION~ 0 ( INFORMATION INCORPORATED BY REFERENCE~  %  FORWARD-LOOKING STATEMENTS~  PROSPECTUS SUMMARY~  RISK FACTORS~ &*"RATIO OF EARNINGS TO FIXED CHARGES~ *USE OF PROCEEDS~ *DIVIDEND POLICY~ *)!GENERAL DESCRIPTION OF SECURITIES~ .$DESCRIPTION OF CAPITAL STOCK~ 2&DESCRIPTION OF DEBT SECURITIES~ B-%DESCRIPTION OF WARRANTS, OTHER RIGHTS~ Z AND UNITSPLAN OF DISTRIBUTION~ ^ LEGAL MATTERS~ fEXPERTS~ f$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BXtX)mARb;=PF0*8X> @ l  :Y  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??TABLE OF CONTENTSGEN1 S15 DILUTION!S16 PRICE RANGE OF OUR COMMON S!S19 INFORMATION INCORPORATED BYTABLE OF CONTEN (1)U } 1} $ } $} $ } $}  $ } $} $ } $} $ } $} $       CELSION CORP 424B5 02/06/2018,$9 RATIO OF EARNINGS TO FIXED CHARGESYear Ended December 31,  ~ z  ~ v  ~ r  ~ n  ~ j                      * "Ratio of earnings to fixed charges   *    *    *    *    *                      1 )Deficiency of earnings available to cover ~ .  ~ N  ~ b]  ~ g  ~ 2  fixed charges$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hymaPT15B)=PF0*8X> @r         Root Entry FBook  Z  !"#$%&'()*+,-