LAWRENCEVILLE, N.J. and TEL AVIV, Israel, Nov. 11, 2015 /PRNewswire/ -- Celsion Corporation (NASDAQ: CLSN), a fully integrated oncology company focused on the development of a portfolio of innovative cancer treatments, including directed chemotherapies, immunotherapies and RNA- or DNA-based therapies for the treatment of cancer and other difficult-to-treat diseases, announced today that the Tel Aviv Stock Exchange (TASE) has approved the new listing of Celsion's shares of common stock, with trading beginning on November 12, 2015.
Based on the current market capitalization, Celsion's shares are anticipated to be included in two TASE equity indexes: TASE's TA-BlueTech (a TASE index comprised of the shares included in TA-Technology Index and the TA-Biomed Index) and TA-Biomed (a TASE index that tracks all the Biomed sector shares that match the index criteria).
"We believe that the dual listing on the TASE will help us to open a new access point for our shares in the Israeli market that is becoming a center for biomed and emerging technology companies," said Michael H. Tardugno, Celsion's chairman, president and chief executive officer. "The new listing also offers an opportunity to expand and diversify our shareholder base by increasing our exposure and improving our accessibility to Israeli investors."
TASE CEO, Yossi Beinart said, "We welcome Celsion Corporation to the Tel Aviv Stock Exchange Dual Listing, and believe that this is a recognition of the Biomed sector's special position at the Tel Aviv Stock Exchange. Celsion joins a growing number of cross-listed companies entitling them to significant benefits including added exposure among Israeli investors, extension of the trading day and easy access to institutional and retail investors as well as to global growth companies."
Celsion considers this listing a natural extension of its recent global expansion into Europe and Israel and its anticipated clinical site initiation at two prestigious medical centers in Israel for its Phase II Euro-DIGNITY Study using ThermoDox, the Company's proprietary heat-activated liposomal encapsulation of doxorubicin for the treatment of recurrent chest wall breast cancer. The two clinical sites are Technion Israel Institute of Technology and Rambam Medical Center in Haifa, Israel.
Celsion's shares will continue to be listed on the NASDAQ Capital Market, and will remain subject to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") and NASDAQ Capital Market applicable to listed companies. Under Israel's local regime for dual listing, the Company will be able to use the same periodic reports, financial and other relevant disclosure information that the Company submits to the SEC and NASDAQ.
Investors should note that the trading on the TASE occurs Sunday through Thursday from 8:30 am to 4:30 pm Israel time, except on TASE trading holidays, and trading on the NASDAQ Capital Market occurs Monday through Friday, 9:30 am to 4:00 pm Eastern Time, except on NASDAQ holidays.
The TASE Clearing House is electronically linked to the Depository Trust Company, a subsidiary of the Depository Trust & Clearing Corporation, to automate the cross-border settlement of shares listed on both the TASE and a U.S. Exchange.
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 three platform technologies for the development of novel nucleic acid-based immunotherapies and other investigational anti-cancer DNA or RNA therapies, including TheraPlas™, TheraSilence™ and RAST™. 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, including timing, enrollment and data; the uncertainties of and difficulties in analyzing interim clinical data, particularly in small subgroups that are not statistically significant; 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 the 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
Senior Vice President and CFO
SOURCE Celsion Corporation