ࡱ> RSTU 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#܈ ~~<#܈ ~~4#܈ ~~3#܈ ~~7#܈ ~~83ffff̙̙3f3fff3f3f33333f33 J NATABLE OF CONTENTSU& Balance SheetS=Balance Sheet (1)YIncome StatementIncome Statemen (1)t Cash Flows&ʹFOR THE THREE AND NINE MONTHS E&Note 7 Acquisition of EGEN Asse!0Note 7 Acquisition of (1)O15 Stock Options Plansu15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)L,Common Stock Warrants<Common Stock Wa (1)JCommon Stock Wa (2)2W ThermoDox !cAcquisition of EGEN Assets 6oGEN1yGEN1 (1)2 Business PlanResults of OperationsResults of Oper (1)&k37 We may not successfully enga&HThe market price of our common #The market price of our (1) 48 SIGNATURES Section 5 MiscellaneousASSIGNMENT FORMTR E C I T A L S/ Exhibit 103s9 CERTIFICATION_CERTIFICATION (1) iCERTIFICATION (2)hCERTIFICATION (3)"SECTION 1350 CERTIFICATIONS l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$TABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } U5} $ } !       CELSION CORP 10-Q 11/14/2017 NA!Large accelerated filer ?Accelerated filer ?   4 ,Non-accelerated filer ? (Do not check if # Smaller reporting company ?$ a smaller reporting company)   ! Emerging growth company ?  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/* h4}Y=PF0*8X> @ l  /_!%  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NA Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } y } :} I /      CELSION CORP 10-Q 11/14/2017TABLE OF CONTENTSPage(s)% PART I: FINANCIAL INFORMATION     Item 1.(  Financial Statements (Unaudited)~  - %Condensed Consolidated Balance Sheets~  , $Condensed Consolidated Statements of~  Operations,$Condensed Consolidated Statements of~ Comprehensive Loss,$Condensed Consolidated Statements of~  Cash Flows1)Notes to Condensed Consolidated Financial~  StatementsItem 2.-%Management ?s Discussion and Analysis~ V80of Financial Condition and Results of OperationsItem 3.0(Quantitative and Qualitative Disclosures~ about Market RiskItem 4.Controls and Procedures~ "PART II: OTHER INFORMATIONDluV!e;2qH$ !"#$%&'()*+,-. Item 1. Legal Proceedings~ !Item 1A.! Risk Factors~ !"Item 2./"'Unregistered Sales of Equity Securities~ "##and Use of Proceeds$Item 3.'$Defaults Upon Senior Securities~ $%Item 4.%Mine Safety Disclosures~ %&Item 5.&Other Information~ &'Item 6.'Exhibits~ '((() SIGNATURES~ )*+$,____________________________1-)Created by Morningstar Document Research.0.(http://documentresearch.morningstar.com/"4 y;~=PF0*8X> @2..--,,))  l  +`8<  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTSBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } I;} $ }  } $ } y} $ +                                  CELSION CORP 10-Q 11/14/2017 Balance Sheet September 30, December 31,  ~   ~     (unaudited) ASSETS                  Current assets:        !Cash and cash equivalents~ J~ *-%Investment securities ? available for~ ~ fsale, at fair value1)Accrued interest receivable on investment~ ~ > securities3+Advances, deposits and other current assets~ Zs~ y Subtotal current assets~ T~  m91Property and equipment (at cost, less accumulated~ :~ ?3+depreciation and amortization of $2,854,122%and $2,513,022, respectively) Other assets:+#In-process research and development~ n~ nm$Other intangible assets, net~ V4~ 2o>Goodwill~ x~ x,$Security deposit on letter of credit~ ~ D' ly 82zd]jie ! " # $ % & ' ( ) * / 'Patent licensing fees and other assets,  ~    ~   !net"""""""""#Subtotal other assets##~ #:###~ #=+#$$$$$$$$$% Total assets%~ %2%%~ %nZ%&'$(____________________________1))Created by Morningstar Document Research.0*(http://documentresearch.morningstar.com/iZiY=PF0*8X> @b **))((%%%%    l  4PPX  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetIncome StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } :} $ } y} $ } y} $ 4                                  CELSION CORP 10-Q 11/14/2017 Balance SheetSeptember 30, 2017 December 31,    (unaudited)  ~ - %LIABILITIES AND STOCKHOLDERS ? EQUITY                  Current liabilities:         Accounts payable ? trade ~ F  ~   !Other accrued liabilities~ v>~ 'Notes payable - current portion~ ~ H*"Deferred revenue ? current portion~ ~ $Subtotal current liabilities~  n~ $Earn-out milestone liability~  ~  $.&Deferred revenue ? non-current portion~ "~ 2* Other liabilities ? non-current portion~ B~ Total liabilities~ F~ fg%Commitments and contingencies~ ~ Stockholders ? equity:2*Preferred Stock - $0.01 par value (100,000~ ~ .&shares authorized and no shares issued0(or outstanding at September 30, 2017 and( December 31, 2016, respectively)Dly18cv } ! " # $ % & ' ( ) * + , - . / 0 1 2 3 3 +Common stock - $0.01 par value (112,500,000  ~    ~ \ 2!*shares authorized; 8,355,013 and 2,230,452/"'shares issued at September 30, 2017 and6#.December 31, 2016, respectively, and 8,354,6795$-and 2,230,118 shares outstanding at September5%-30, 2017 and December 31, 2016, respectively)%& Additional paid-in capital&&~ &>&&&~ &*;&'Accumulated deficit''~ '*̳'''~ 'Zs'(Subtotal((~ (RG(((~ ((8)0Treasury stock, at cost (334 shares at September))~ ))))~ ))'*30, 2017 and December 31, 2016)+++++++++#,Total stockholders ? equity,,~ ,BB,,,~ , ,---------3.+Total liabilities and stockholders ? equity.~ .2..~ .nZ./0$1____________________________12)Created by Morningstar Document Research.03(http://documentresearch.morningstar.com/,"|e/P@( =PF0*8X> @Z 332211....     l  2Ls  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } 8} $ } y} $ } y}  $ } y} $ } } $ 2      CELSION CORP 10-Q 11/14/2017Income Statement Three Months   Nine Months   Ended   Ended    September 30,   September 30 ,  ~   ~   ~   ~                                         Licensing revenue~ "~ " ~  b  ~ b     Operating expenses:      Research and development~ e~   ~  vZ  ~ Ό"General and administrative~ G~ ^V[  ~  j  ~ [* Total operating expenses~ f~ 8]  ~  d`  ~      Loss from operations~ ~ i  ~  r~  ~ L      Other income (expense):     0(G ain (loss) from change in valuation of~ L~ ڑ  ~  r(  ~  $earn-out milestone liability3+Loss from impairment of in-process research~ 1f~   ~  1f  ~ and developmentInvestment income, net~ 2~   ~  =  ~ "UInterest expense~ ~ +  ~  Rf  ~  Other income~ v~ "  ~  f7  ~ Dlv VN(\t !"#$%&'()*+,-./01 Total other expense, net  ~ I   ~ _   ~    ~ ^Y !!!!!!!!!! ! ! ! ! !!!"Net loss""~ "~٥"""~ "x"" " ~ " *r@" " "~ ">T"########## # # # # ###7$/Deemed dividend related to warrant modification$$~ $$$$~ $$$ $ ~ $ $ $ $~ $$%%%%%%%%%% % % % % %%%4&,Net loss attributable to common shareholders&~ &~٥&&~ &x&& ~ & X+& & ~ &>T&'''''''''' ' ' ' ' '''!(Net loss per common share((((((((( ( ( ( ( ((()Basic and diluted))ffffff)))(\ )) ) RQ) ) ) ףp=")********** * * * * ***++#Weighted average shares outstanding+++++++++ + + + + +++,Basic and diluted,,~ , ,,,~ ,Fy,, , ~ , Χ;, , ,~ ,bm,-.$/____________________________10)Created by Morningstar Document Research.01(http://documentresearch.morningstar.com/(& THl5P=PF0*8X> @1100//)))))) ))&&&&&& &&          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income Statement Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } 0} $ } U} $ }  } $       CELSION CORP 10-Q 11/14/2017Income Statement Three Months   Nine Months   Ended   Ended    September 30,    September 30,  ~   ~   ~   ~                    Net loss ~ ~٥  ~ x  ~ *r@  ~ >T      'Other comprehensive (loss) gain           Changes in:     .&Realized loss on investment securities ? ?   ?  ~ J<,$recognized in investment income, net0(Unrealized gain on investment securities ?~ B   ?  ~ B# Other comprehensive gain ?~ B   ?  ~ C     Comprehensive loss~ ~٥~ x ~  *r@  ~ Ɨ$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>H0v W;o'[e=PF0*8X> @               l  A  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1)!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } :} $ }  } $ }  } $ A                                  CELSION CORP 10-Q 11/14/2017 Cash Flows Nine Months   Ended    September 30,  ~   ~  - %Cash flows from operating activities:          Net loss ~ *r@  ~ >T ,$Non-cash items included in net loss:%Depreciation and amortization~ 9~ P2*Change in fair value of earn-out milestone~ ~ z! liability-%Impairment of in-process research and~ ϙ~  developmentDeferred revenue~ ~ &Stock-based compensation costs~ :~ Z>Q%Shares issued out of treasury~ ~ 0(Amortization of deferred finance charges~ (~ Z" /'and debt discount associated with notespayable)!Change in deferred rent liability~ B~ j6.Loss realized on sale of investment securities~ ~ J< Net changes in:2*Accrued interest on short term investments~ >~ Z6. Advances, deposits and other current assets~ ~ f Accounts payable~ ގ~  D> l|A ~:#{c ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ?  Accrued liabilities  ~ ƥ    ~ rJ, 0!(Net cash (used in) operating activities:!!~ !# !!!~ !.Ѻ!"""""""""-#%Cash flows from investing activities:########8$0 Proceeds from sale and maturity of investment$$~ $f$$$~ $.$% securities*&"Purchases of investment securities&&~ &&&&~ &.k&/''Refund of security for letter of credit''~ ''''~ ''.(& Purchases of property and equipment((~ ((((~ ((1))Net cash provided by investing activities))~ )jZk)))~ )|)*********-+%Cash flows from financing activities:++++++++5,- Proceeds from sale of common stock equity,,,~ ,,,,~ ,[K,-net of issuance costs..&Proceeds from exercise of common stock..~ .,...~ ..'/warrants, net of issuance costs10)Principal payment and end of term charges00~ 0a000~ 0.G01on note payable12)Net cash provided by financing activities22~ 28222~ 2t2333333333840Increase (decrease) in cash and cash equivalents44~ 4¶444~ 4415) Cash and cash equivalents at beginning55~ 5*555~ 5556 of period27*Cash and cash equivalents at end of period7~ 7J77~ 7zb7888888888-9%Supplemental disclosures of cash flow99999999: information:; Interest paid;~ ; q;;~ ;2;<=$>____________________________1?)Created by Morningstar Document Research.Dl}yH2 sn@^lWi[OC@ 0@(http://documentresearch.morningstar.com/H=PF0*8X> @r@@??>>;;;;7777       l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } 0} $       CELSION CORP 10-Q 11/14/2017G?FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016 Total Fair Quoted Prices   Significant   Significant   Value on    In Active   Other    Unobservable   the    Markets For    Observable   Inputs   Balance    Identical   Inputs    (Level 3)   Sheet   Assets/Liabilities    (Level 2)        (Level 1)Assets:     /'Recurring items as of December 31, 2016~ f~ f   $?   $?,$Investment securities, available for sale      Liabilities:     0(Recurring items as of September 30, 2017~   $?   $?  ~  .&Earn-out milestone liability (Note 12)     /'Recurring items as of December 31, 2016~  $~  ~    ~  $/'Earn-out milestone liability (Note 1 2)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/> 0k_SG~o8:o<0=PF0*8X> @#                 l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS ENote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } 0} $ } } $       CELSION CORP 10-Q 11/14/2017*"Note 7. Acquisition of EGEN Assets#Property and equipment, net~ "+ #In-process research and development  ~  - %Other intangible assets (Covenant not  ~ ba   to compete) Goodwill  ~ x   Total assets  ~ " 0(Accounts payable and accrued liabilities~ " Net assets acquired~ B:$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.O|pdS @* l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN Asse15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } 7} $ } y} $ } y} $                        CELSION CORP 10-Q 11/14/2017*"Note 7. Acquisition of EGEN AssetsSeptember 30, 2017December 31, 20166 .Amounts due to contract research organizations ~ *i7  ~ D (  and other contractual agreements, $Accrued payroll and related benefits  ~ 6l\   ~ A ! Accrued professional fees  ~ J0   ~ ~ ) !Accrued interest on notes payable   ?   ~ [  Other~ 8~ 8 Total~ v>~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.|pdg;|=PF0*8X> @J    l  '7  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } 8} $ }  }  $ } } $ }  } $ }  } $ '      CELSION CORP 10-Q 11/14/201715 Stock Options Plans Stock Options  Restricted StockWeighted           Awards   Average  Equity Awards  Options   Weighted    Non-vested   Weighted    Contractual     Outstanding   Average    Restricted   Average   Terms of       Exercise   Stock   Grant   Equity       Price    Outstanding   Date   Awards      Fair Value (in years)     -%Equity awards outstanding at December~  (\M@  ~  J  (\µB@31, 2016     Equity awards granted~ VQ@  ~    E@     -%Equity awards forfeited, cancelled or~ Tp= ׃d@  ~    Gz.:@expired     .&Equity awards outstanding at September~ "})zG#@    ?   $?"@30, 2017     0(Aggregate intrinsic value of outstanding $?   $?  $awards at September 30, 2017     .&Equity awards exercisable at September~ )\+@     (\B"@30, 2017Dl|p%FnnrYFJ/ !"#$%&                     7!/Aggregate intrinsic value of awards exercisable! !$?!!!!!! ! ! ! ! !!!!!!!"at September 30, 2017#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/gx=PF0*8X> @:'&&%%$$!!                   l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } } $ }  } $} $ }  }  } } $                        CELSION CORP 10-Q 11/14/201715 Stock Options PlansNine Months Ended     September 30,  ~   ~   Risk-free interest rate   Gz@ %  ? ? 1.87%  Expected volatility   V@ %  U@ ? 89.1%  Expected life (in years)  ~ *   ~ *   Expected forfeiture rate ? % 10% Expected dividend yield ? % ?% $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.|p/f=j=PF0*8X> @:      l  i  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } 0} $ } } $       CELSION CORP 10-Q 11/14/201715 Stock Options Plans"Balance at January 1, 2017~  $0 (Non-cash benefit from the adjustment for  ~  0 (the change in fair value included in net loss% Balance at September 30, 2017 ~    $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T|p$z+=PF0*8X> @*  l  +  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } a} $ } } U} } $ } } $} $ } } U}  } $       CELSION CORP 10-Q 11/14/201715 Stock Options Plans Date"Risk-adjustment AssessmentDiscount   Estimated Time   of each Milestone   Rate    to Achieve             (years)                  September 30, 2017   35% to 80%   ~ & %   ? to ?   June 30, 2017   50% to 80%   ~ & %   ? to~   December 31, 2016 50% to 80%~  &  %  ~    to@     September 30, 2016 10% to 75%~  &  %   ? to? June 30, 2016 10% to 75%~  &  %   ? to~  December 31, 2015 10% to 75%~  &  %   ? to@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4= |p9'0BL@4 =PF0*8X> @R        l  ;  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } 1} $ } y} $ }  } $                                 CELSION CORP 10-Q 11/14/2017Common Stock WarrantsWarrants Number ofWeighted   Warrants   Average   Issued   Exercise Price         1 )Warrants outstanding at December 31, 2016  ~ ZZ   Hz"@ 1 ) Warrants issued during the nine months  ~ J    p= ף@ .&ended September 30, 2017 (see Note 10)1)Warrants exercised during the nine months~ J^Q?.&ended September 30, 2017 (see Note 10)-%Warrants outstanding at September 30,~ pQRQ@~ 0(Aggregate intrinsic value of outstanding ?&warrants at September 30, 2017.&Weighted average remaining contractualHzG @.&terms at September 30, 2017 (in years)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@ D}qQTJC$ZN&=PF0*8X> @b       l  cI  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } $ } $} :       CELSION CORP 10-Q 11/14/2017Common Stock Warrants ?80Hisun will provide the Company with non-dilutive  . &financing and the investment necessary  . &to complete the technology transfer of  - %its proprietary manufacturing process  2 *and the production of registration batches   for the China territory; ?/'Hisun will collaborate with the Company3+around the clinical and regulatory approval2*activities for ThermoDox? as well as other0(liposomal formations with the CHINA FDA; and ?4,Hisun will be granted a right of first offer.&for a commercial license to ThermoDox?3+for the sale and distribution of ThermoDox?in the China territory.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@D}q?E\5v'=PF0*8X> @ l  V  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } $ } $} :       CELSION CORP 10-Q 11/14/2017Common Stock Warrants ?7/Celsion will provide Hisun a certain percentage  / 'of China ?s commercial unit demand, and  4 ,separately of global commercial unit demand,  ' subject to regulatory approval;     ?2 *Hisun and Celsion will commence technology7/transfer activities relating to the manufacture1)of GEN- 1, including all studies required&by CFDA for site approval; and ?2*Hisun will collaborate with Celsion around.&the regulatory approval activities for4,GEN- 1 with the CFDA. A local China partner-%affords Celsion access to accelerated80CFDA review and potential regulatory exclusivity$for the approved indication.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0}q?y,w-@=PF0*8X> @ l  ]c  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2)Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } $ } $} U5       CELSION CORP 10-Q 11/14/2017 ThermoDox ?3+One unit increase in RFA duration per tumor  / 'volume improved overall survival by 20%   (p=0.017; n=227);     ?0 (More significant differences in subgroup  1 )of patients with RFA burn times per tumor/'volume greater than 2.5 minutes per ml; ?.&Cox multiple covariate analysis showed4,overall survival to be significant (p=0.038;!Hazard Ratio = 0.85); and ?1)Burn time per tumor volume did not have a.&significant effect on overall survival.&in single lesion patients treated with RFA only.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>x0}-<56ui]5=PF0*8X> @ l  n  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox GEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } $ } $} 6       CELSION CORP 10-Q 11/14/2017"Acquisition of EGEN Assets ?.&$12.0 million will become payable upon  / 'achieving certain specified development  3 +milestones relating to a GEN-1 glioblastoma  5 -multiforme brain cancer study to be conducted  $ by us or our subsidiary; and    ?3+up to $6.0 million will become payable upon.&achieving certain specified milestones/'relating to the TheraSilence technology.&acquired from EGEN in the acquisition.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 xl!68sg?=PF0*8X> @ l  [y  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN Assets GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } $ } $} 1       CELSION CORP 10-Q 11/14/2017 GEN-1 ?.&Loco-regional production of the potent  1 )cytokine IL-12 avoids toxicities and poor  1 )pharmacokinetics associated with systemic  % delivery of recombinant IL-12     ?0 (Persistent local delivery of IL-12 lasts1)up to one week and dosing can be repeated ?/'Ideal for long-term maintenance therapy$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2l6[7y- =PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } $ } $} 8       CELSION CORP 10-Q 11/14/2017 GEN-1 ?.&infiltration of cancer fighting T-cell  0 (lymphocytes into primary tumor and tumor  - %microenvironment including peritoneal  7 /cavity, which is the primary site of metastasis   of ovarian cancer;    ?/'changes in local and systemic levels of0(immuno-stimulatory and immunosuppressive3+cytokines associated with tumor suppression%and growth, respectively; and ?-%expression profile of a comprehensive6.panel of immune related genes in pre-treatment'and GEN-1-treated tumor tissue.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:6N\ ^ =PF0*8X> @ l  )ٓG  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1)Results of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } $ } $} 8 )      CELSION CORP 10-Q 11/14/2017 Business Plan ?,$the progress of research activities;     ?2 *the number and scope of research programs;     ?0 (the progress of preclinical and clinical   development activities; ?/'the progress of the development efforts4,of parties with whom the Company has entered2*into research and development agr eements; ?5-the costs associated with additional clinical%trials of product candidates; ?0(the ability to maintain current research.&and development licensing arrangements5-and to establish new research and development#and licensing arrangements; ?/'the ability to achieve milestones underlicensing arrangements; ?7/the costs involved in prosecuting and enforcing5-patent claims and other intellectual propertyDly0 LQL(@V2 !"#$%&'(    rights; and!!!" "?5"-the costs and timing of regulatory approvals.###$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/&[7+=PF0*8X> @((''&& l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } -} $ }  } $ }  }  $ } } $ }  } U       CELSION CORP 10-Q 11/14/2017Results of Operations( Three Months Ended September 30,   (In thousands)   Change            Increase (Decrease)  ~   ~        %  Licensing Revenue: ~   ~    $?    ? %                 Operating Expenses:     Clinical Research~ .~ ;  ~  V  fffff6 %-%Chemistry, Manufacturing and Controls~ :~ >  ~    ɿ  %,$ Research and development expenses~ V4~ B  ~  R  333334 %+#General and administrative expenses~ Z~ f  ~    5  % Total operating expenses~ F~ jY  ~  F  ~  %Loss from operations~ J~  ~  F  ffffff5@ %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8B }q!"u"%8ocW/=PF0*8X> @         l  n  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of Operations!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } -} $ }  } $ }  }  $ } } $ }  } $       CELSION CORP 10-Q 11/14/2017Results of Operations'Nine Months Ended September 30,   (In thousands)   Change            Increase (Decrease)  ~   ~        %  Licensing Revenue: ~   ~    $?    ? %                 Operating Expenses:     Clinical Research~ n~   ~    # %-%Chemistry, Manufacturing and Controls~ ~ b  ~  r  + %,$ Research and development expenses~ >~   ~  R  $ %+#General and administrative expenses~ C~ bL  ~    ffffff( % Total operating expenses~ J~ N  ~    % %Loss from operations~ (~   ~    333333&@ %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8C }q"#v !$(7nbV.=PF0*8X> @         l  8  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } $ } $} = 8      CELSION CORP 10-Q 11/14/2017kc37 We may not successfully engage in future strategic transactions, which could adversely affect ou ?/'the failure of markets for the products  , $of acquired businesses, technologies  1 )or product lines to deve lop as expected;  ?1 )uncertainties in identifying and pursuing   acquisition targets;  ?- %the challenges in achieving strategic3+objectives, cost savings and other benefits#expected from acquisitions; ?;3the risk that the financial returns on acquisitions2*will not support the expenditures incurred1)to acquire such businesses or the capital7/expenditures needed to develop such businesses; ?1)difficulties in assimilating the acquired2*businesses, technologies or product lines; ?5-the failure to successfully manage additional4,business locations, including the additional.&infrastructure and resources necessary0(to support and integrate such locations; ?0(the existence of unknown product defects4,related to acquired businesses, technologies4,or pr oduct lines that may not be identified0(due to the inherent limitations involved7/in the due diligence process of an acquisition; ?0(the diversion of management ?s attentionD lG;/#Br#>P`}- !"#$%&'()*+,-./01234567  % from other business concerns;! !?.!&risks associated with entering markets""."&or conducting operations with which we##3#+have no or limited direct prior experience;$ $?0$(risks associated with assuming the legal%%8%0obligations of acquired businesses, technologies&&&or product lines;' '?1')risks related to the effect that internal((1()control proces ses of acquired businesses))1))might have on our financial reporting and**3*+management?s report on our internal control++!+over financial reporting;, ,?3,+the potential loss of key employees related--,-$to acquired businesses, technologies...or product lines; and/ /?3/+th e incurrence of significant exit charges00/0'if products or technologies acquired in11/1'business combinations are unsuccessful.22234$5____________________________16)Created by Morningstar Document Research.07(http://documentresearch.morningstar.com/4t*:jAp%v=PF0*8X> @776655 l  a  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully engaThe market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } $ } $} 8       CELSION CORP 10-Q 11/14/2017kcThe market price of our common stock has been, and may continue to be volatile and fluctuate signif ?3+results of preclinical and clinical studies  1 )of our product candidates or those of our    competitors;     ?/ 'regulatory or legal developments in the  4 ,U.S. and other countries, especially changes1)in laws and regulations applicable to ourproduct candidates; ?1)actions taken by regulatory agencies with3+respect to our product candidates, clinical/'studies, manufacturing process or salesand marketing terms; ?.&introductions and announcements of new2*products by us or our competitors, and the7/timing of these introductions or announcements;$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/B{XG;/#V2IQ_Z=PF0*8X> @ l  K;H  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common  48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } $ } $} 7 K      CELSION CORP 10-Q 11/14/2017kcThe market price of our common stock has been, and may continue to be volatile and fluctuate signif ?.&announcements by us or our competitors  6 .of significant acquisitions or other strategic  , $transactions or capital commitments;     ?/ 'fluctuations in our quarterly operating  / 'results or the operating results of our competitors; ?-%variance in our financial performance+#from the expectations of investors; ?/'changes in the estimation of the future,$size and growth rate of our markets; ?3+changes in accounting principles or changes2*in interpretations of existing principles,1)which could affect our financial results; ?6.failure of our products to achieve or maintain0(market acceptance or commercial success; ?/'conditions and trends in the markets weserve;D* lG;/#>S/z.r$` !"#$%&'()*+,-./0123456789:;<=>?  ?- %changes in general economic, industry!!!and market conditions;"""# #?5#-success of competitive products and services;$$$% %?0%(changes in market valuations or earnings&&&of our competitors;'''( (?6(.changes in our pricing policies or the pricing))$)policies of our competitors;***+ +?6+.changes in legislation or regulatory policies,,,,practices or actions;---. .?1.)the commencement or outcome of litigation//3/+involving our company, our general industry000or both;1112 2?22*recruitment or departure of key personnel;3334 4?.4&changes in our capital structure, such5505(as future issuances of securities or the66&6incurrence of additional debt;7778 8?18)actual or anticipated changes in earnings9949,estimates or changes in stock market analyst::,:$recommendations regarding our common;;0;(stock, other comparable companies or our<<<industry generally;===> >?4>,actual or expected sales of our common stock???by our stockholders;D l|X^:06 s(v(D @ABCDEFGHIJ@@@A A?.A&acquisitions and financings, includingBB!Bthe EGEN acquisition; andCCCD D?/D'the trading volume of our common stock.EEEFG$H____________________________1I)Created by Morningstar Document Research.0J(http://documentresearch.morningstar.com/T0=PF0*8X> @JJIIHH l  -   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1)Section 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } 0} } 1       CELSION CORP 10-Q 11/14/2017 48 SIGNATURESNovember 14, 2017CELSION CORPORATION     Registrant    By: /s/ Jeffrey W. Church   Jeffrey W. Church1)Senior Vice President and Chief FinancialOfficer By:/s/ Michael H. TardugnoMichael H. Tardugno/'Chairman, President and Chief ExecutiveOfficer$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8y=%z-i=PF0*8X> @*  l  u  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } $ } } } $       CELSION CORP 10-Q 11/14/2017!Section 5. Miscellaneous.CELSION CORPORATION          By:     Name:    Title: $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hym6n8, =PF0*8X> @" l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } aH} 0.       CELSION CORP 10-Q 11/14/2017ASSIGNMENT FORM Name:.&______________________________________  (Please Print) Address:. &______________________________________  Phone Number: (Please Print) Email Address:. &______________________________________  .&______________________________________)!Dated: _______________ __, ______ Holder ? sD<Signature:__________________________________________________ Holder ? sB:Address:__________________________________________________$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:w4I1gj=PF0*8X> @ l  .  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORM Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } } $ } U} $       CELSION CORP 10-Q 11/14/2017R E C I T A L S:  Lease YearPer RSF Annual Rent    Monthly Rate               ~   ~ z    $151,300.00*    x@               ~     >@   d* A    ףp@               ~ ~ ~~ NP   G@      ~ ?@ A   Qd@      ~ ~ ~    QU@      ~ @@@(\"@  **   $20,488.54 $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8m vz:ZD8,=PF0*8X> @            l  9  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } _       CELSION CORP 10-Q 11/14/2017 Exhibit 10.3PHName of Holder: ________________________________________________________ 5 -Signature of Authorized Signatory of Holder :) !_________________________________ U MName of Authorized Signatory: _______________________________________________WOTitle of Authorized Signatory: ________________________________________________Warrant Shares:$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2z&OC=PF0*8X> @ l  bGS^o_  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103CERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } $ } $} : b      CELSION CORP 10-Q 11/14/2017 CERTIFICATION~ 0(I have reviewed this quarterly report on  ) !Form 10-Q of Celsion Corporation;    ~  / 'Based on my knowledge, this report does  6 .not contain any untrue statement of a material  7 /fact or omit to state a material fact necessary0(to make the statements made, in light of5-the circumstances under which such statements/'were made, not misleading with re spect-%to the period covered by this report;~ 80Based on my knowledge, the financial statements,0(and other financial information included6.in this report, fairly present in all material1)respects the financial condition, results7/of operations and ca sh flows of the registrant0(as of, and for, the periods presented in this report;~ 6.The registrant ?s other certifying officer and.&I are responsible for establishing and6.maintaining disclosure controls and procedures3+(as defined in Exchange Act Rules 13a-15(e)1)and 15d-15(e)), and internal control overD ly+u#3{%:kGW !"#$%&'()*+,-./0123456789:;<=>?  3 +financial reporting (as defined in Exchange!!0!(Act Rules 13a-15(f) and 15d-15 (f)), for"" "the registrant and have:###$ $(a)-$%Designed such disclosure controls and%%-%%procedures, or caused such disclosure&&.&&controls and procedures to be designed''6'.under our supervision, to ensure that material((/('information relating to the registrant,))0)(including its consolidated subsidiaries,**2**is made known to us by others within those++0+(entities, particularly during the period,,/,'in which this report is being prepared;---. .(b)5.-Designed such internal control over financial//2/*reporting, or caused such internal control00/0'over financial reporting to be designed1141,under our supervision, to provide reasonable22.2&assurance regarding the reliability of33/3'financial reporting and the preparation44840of financial statements for external purposes in5555-accordance with generally accepted accounting666 principles;7778 8(c)880Evaluated the effectiveness of the registrant ?s99.9&disclosure controls and procedures and::0:(presented in this report our conclusions;;1;)about the effectiveness of the disclosure<<1<)controls and procedures, as of the end of==/='the period covered by this report based>>>on such evaluation; and???DG le)p&=X4Gbj}0@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@ @(d)2@*Disclosed in this report any change in theAA4A,registrant?s internal control over financialBB7B/reporting that occurred during the registrant?sCC6C.most recent fiscal quarter that has materiallyDD7D/affected, or is reasonably likely to materiallyEE1E)affect, the registrant?s internal controlFF%Fover financial reporting; andGGGH~ H2H*The registrant ?s other certifying officerII6I.and I have disclosed, based on our most recentJJ5J-evaluation of internal control over financialKK/K'reporting, to the registrant?s auditorsLL3L+and the audit committee of the registrant?sMM1M)board of directors (or persons performingNN"Nthe equivalent functions):OOOP P(a)1P)All significant deficiencies and materialQQ0Q(weaknesses in the design or operation ofRR1R)internal control over financial reportingSS0S(which are reasonably likely to adverselyTT2T*affect the registrant?s ability to record,UU/U'process, summarize and report financialVVVinformation; andWWWX X(b)0X(Any fraud, whether or not material, thatYY.Y&involves management or other employeesZZ7Z/who have a significant role in the registrant?s[[2[*internal control over financial reporting.\\\]^$_____________________________D l_ gew(y)DwSg`a1`)Created by Morningstar Document Research.0a(http://documentresearch.morningstar.com/=PF0*8X> @aa``__ l  h  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (2)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } 0} } a/       CELSION CORP 10-Q 11/14/2017 CERTIFICATIONCelsion Corporation    November 14, 2017 By: /s/Michael H. Tardugno   Michael H. Tardugno  / 'Chairman, President and Chief Executive   Officer$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hyBN# =PF0*8X> @ l  byw*  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (3)SECTION 1350 CERTIFICATIONSU } $ } $} : b      CELSION CORP 10-Q 11/14/2017 CERTIFICATION~ 0(I have reviewed this quarterly report on  ) !Form 10-Q of Celsion Corporation;    ~  / 'Based on my knowledge, this report does  6 .not contain any untrue statement of a material  7 /fact or omit to state a material fact necessary0(to make the statements made, in light of5-the circumstances under which such statements/'were made, not misleading with re spect-%to the period covered by this report;~ 80Based on my knowledge, the financial statements,0(and other financial information included6.in this report, fairly present in all material1)respects the financial condition, results7/of operations and ca sh flows of the registrant0(as of, and for, the periods presented in this report;~ 2*The registrant ?s other certifying officer.&and I are responsible for establishing/'and maintaining disclosure controls and.&procedures (as defined in Exchange Act4,Rules 13a-15(e) and 15d-15(e)), and internalD ly+u#3{%:kGb !"#$%&'()*+,-./0123456789:;<=>?  4 ,control over financial reporting (as defined!!2!*in Exchange Act Rules 13a-15(f) and 15d-15""*""(f)), for the registrant and have:###$ $(a)-$%Designed such disclosure controls and%%-%%procedures, or caused such disclosure&&.&&controls and procedures to be designed''6'.under our supervision, to ensure that material((/('information relating to the registrant,))0)(including its consolidated subsidiaries,**2**is made known to us by others within those++0+(entities, particularly during the period,,/,'in which this report is being prepared;---. .(b)5.-Designed such internal control over financial//2/*reporting, or caused such internal control00/0'over financial reporting to be designed1141,under our supervision, to provide reasonable22.2&assurance regarding the reliability of33/3'financial reporting and the preparation4454-of financial statements for external purposes55-5%in accordance with generally accepted666accounting principles;7778 8(c)880Evaluated the effectiveness of the registrant ?s99.9&disclosure controls and procedures and::0:(presented in this report our conclusions;;1;)about the effectiveness of the disclosure<<1<)controls and procedures, as of the end of==/='the period covered by this report based>>>on such evaluation; and???DT lbc|0K':U]p#@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@ @(d)2@*Disclosed in this report any change in theAA4A,registrant?s internal control over financialBB7B/reporting that occurred during the registrant?sCC6C.most recent fiscal quarter that has materiallyDD7D/affected, or is reasonably likely to materiallyEE1E)affect, the registrant?s internal controlFF%Fover financial reporting; andGGGH~ H2H*The registrant ?s other certifying officerII6I.and I have disclosed, based on our most recentJJ5J-evaluation of internal control over financialKK/K'reporting, to the registrant?s auditorsLL3L+and the audit committee of the registrant?sMM1M)board of directors (or persons performingNN"Nthe equivalent functions):OOOP P(a)1P)All significant deficiencies and materialQQ0Q(weaknesses in the design or operation ofRR1R)internal control over financial reportingSS0S(which are reasonably likely to adverselyTT3T+affect the registrant ?s ability to record,UU/U'process, summarize and report financialVVVinformation; andWWWX X(b)0X(Any fraud, whether or not material, thatYY.Y&involves management or other employeesZZ8Z0who have a significant role in the registrant ?s[[2[*internal control over financial reporting.\\\]^$_____________________________D l_ gew(y)DvRe`a1`)Created by Morningstar Document Research.0a(http://documentresearch.morningstar.com/=PF0*8X> @aa``__ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)SECTION 1350 CERTIFICATIONSU } 0} } %       CELSION CORP 10-Q 11/14/2017 CERTIFICATIONCelsion Corporation    November 14, 2017 By: /s/Jeffrey W. Church   Jeffrey W. Church  ' Senior Vice President and Chief   Financial Officer$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hyBZ% =PF0*8X> @ l  L  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??$NATABLE OF CONTENTS Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash Flows!FOR THE THREE AND NINE MONTHS E!Note 7 Acquisition of EGEN AsseNote 7 Acquisition of (1)15 Stock Options Plans15 Stock Options (1)15 Stock Options (2)15 Stock Options (3)Common Stock WarrantsCommon Stock Wa (1)Common Stock Wa (2) ThermoDox Acquisition of EGEN AssetsGEN1 GEN1 (1) Business PlanResults of OperationsResults of Oper (1)!37 We may not successfully enga!The market price of our common The market price of our (1) 48 SIGNATURESSection 5 MiscellaneousASSIGNMENT FORMR E C I T A L S Exhibit 103 CERTIFICATIONCERTIFICATION (1)CERTIFICATION (2)CERTIFICATION (3)U } 0} } 1       CELSION CORP 10-Q 11/14/2017$SECTION 1350 CERTIFICATIONS*November 14, 2017 By:/s/Jeffrey W. Church   Jeffrey W. Church  1 )Senior Vice President and Chief Financial   Officer    November 14, 2017 By: /s/Michael H. TardugnoMichael H. Tardugno/'Chairman, President and Chief ExecutiveOfficer$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0vjqM}RF:=PF0*8X> @ Root Entry FBook  ٢  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQ