Limited TASE Trading Activity Does Not Warrant Listing
Shares to Continue Listing and Trading on the NASDAQ Capital Market
LAWRENCEVILLE, N.J., Aug. 04, 2017 (GLOBE NEWSWIRE) -- Celsion Corporation (NASDAQ:CLSN), an oncology drug development company, today announced that it is taking steps to voluntarily delist the Company’s common shares from trading on the Tel Aviv Stock Exchange (TASE). Celsion is delisting its shares from the TASE in order to be subject to one set of listing regulations instead of two, to allow greater flexibility to execute its business and financing strategy and to reduce cost of operations. As such, Celsion has requested that the TASE immediately initiate the process to delist the Company’s shares. The TASE initially approved the listing of Celsion's shares of common stock on November 12, 2015.
Under applicable Israeli law, the delisting of Celsion’s common shares from trading on the TASE is expected to become effective three (3) months from the date of the request (November 6, 2017). During this time, the Company’s common shares will continue to be traded on the TASE. Celsion is not aware of any technical or substantive impediment to the trading of the Company's securities on the NASDAQ Capital Market following its delisting from the TASE.
“While our listing on the TASE has provided a venue for a limited number of Celsion investors to trade, we believe it is in the Company’s best interest and use of resources to concentrate our trading on NASDAQ,” said Michael H. Tardugno, Celsion’s chairman, president and chief executive officer. “We wish to thank all of those investors who traded Celsion shares on the TASE.”
Celsion’s listing on the NASDAQ will be unaffected by this decision. The Company’s shares will continue to trade on the NASDAQ Capital Market and will remain subject to the rules and regulations of the U.S. Securities and Exchange Commission and NASDAQ Capital Market applicable to listed companies.
About Celsion Corporation
Celsion is a fully-integrated oncology company focused on developing a portfolio of innovative cancer treatments, including directed chemotherapies, immunotherapies and RNA- or DNA-based therapies. The Company's lead program is ThermoDox®, a proprietary heat-activated liposomal encapsulation of doxorubicin, currently in Phase III development for the treatment of primary liver cancer and in Phase II development for the treatment of recurrent chest wall breast cancer. The pipeline also includes GEN-1, a DNA-based immunotherapy for the localized treatment of ovarian and brain cancers. Celsion has two platform technologies for the development of novel nucleic acid-based immunotherapies and other anti-cancer DNA or RNA therapies. For more information on Celsion, visit our website: http://www.celsion.com. (CLSN-Financial)
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; the uncertainties of and difficulties in analyzing interim clinical data; FDA and regulatory uncertainties and risks; the significant expense, time, and risk of failure of conducting clinical trials; the need for Celsion to evaluate its future development plans; possible acquisitions or licenses of other technologies, assets or businesses; possible actions by customers, suppliers, competitors, regulatory authorities; and other risks detailed from time to time in Celsion's periodic reports and prospectuses filed with the Securities and Exchange Commission. Celsion assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
Celsion Investor Contact Jeffrey W. Church Sr. Vice President and CFO 609-482-2455 firstname.lastname@example.org