Celsion is dedicated to the development and commercialization of oncology drugs including tumor-targeting treatments using focused heat energy in combination with heat activated drug delivery systems. Celsion has research, license or commercialization agreements with leading institutions such as the National Institutes of Health, Duke University Medical Center, University of Hong Kong, and North Shore Hospital.

For more information on Celsion, visit: http://www.celsion.com.

SOURCE: Celsion Corporation

FD 
Geoff Grande, +1-617-747-1721 
geoff.grande@fd.com

-- Announced that site initiation is tracking well against Celsion's most recent projections in its global Phase III Primary Liver Cancer trial. The Company anticipates that a Clinical Trial Agreement will be obtained in China by the end of 2008 in addition to the regulatory approval already received in Hong Kong, Taiwan, Korea, Canada, and Italy.

-- Continued to make progress in accelerating Celsion's Recurrent Chest Wall (RCW) cancer trial and anticipate initiating the pivotal Phase II study before the end of this year.

-- Signed a joint research agreement with Philips to explore the potential for using investigational magnetic resonance imaging (MRI)-guided high intensity focused ultrasound (HIFU) system in combination with Celsion's leading drug candidate, ThermoDox(R), to treat a broad range of cancers.

-- Announced that Yakult Honsha is proceeding with its plans to initiate a clinical program in Japan to study ThermoDox(R) for the treatment of primary liver cancer. Celsion and Yakult have executed a letter of intent relating to the commercialization of ThermoDox(R) for the Japanese markets subject to the execution of definitive agreements.

-- Presented at the Rodman & Renshaw 10th Annual Healthcare Conference on November 11 in New York.

Mr. Michael H. Tardugno, Celsion's President and Chief Executive Officer, commented, "We are excited about each of the recent milestones that we have met as we move forward with the Company's current programs. Advancing our pivotal studies including our Phase II RCW and Phase III Primary Liver Cancer trials remains our number one priority and we continue to see significant progress in their development. Each of the milestones we have reached speaks to the competency, credibility, and hard work of our management team and staff."

"Celsion is delivering on its goals," continued Mr. Tardugno. "Our cash position is strong, and we remain well-positioned to fund our Phase III Primary Liver Cancer study to a point where we have sufficient results to determine if there is support for an NDA filing. That said, we will continue to be prudent in our spend management while fully supporting our development pipeline."

For the nine months ended September 30, 2008, Celsion reported a net loss from continuing operations of $10.9 million, or $1.07 per share compared to a net loss from continuing operations of $11.5 million, or $1.07 per share, for the comparable period in 2007. Including income from discontinued operations in 2007, the Company recorded net income of $38.2 million, or $3.32 per diluted share.

Celsion is holding a conference call to discuss third quarter results on Thursday, November 13, 2008, at 11:00 a.m. Eastern Time. Interested parties may dial 877-604-2080 (U.S./Canada) or 706-902-1383 (International) for the teleconference and use Conference ID #72753429 to register ten minutes before the call is scheduled to begin. The call will also be broadcast live on the Internet at http://www.celsion.com.

The call will be archived for replay on November 13, 2008 at 2:00 p.m. and will be made available until Thursday, November 20, 2008. The replay can be accessed at 800-642-1687 or706-645-9291, Conference ID: # 72753429. The call will also be available on the Company's website, http://www.celsion.com for 30 days after 2:00 p.m. on Thursday, November 13, 2008.

About Celsion: Celsion is dedicated to the development and commercialization of oncology drugs including tumor-targeting treatments using focused heat energy in combination with heat activated drug delivery systems.

Celsion has research, license or commercialization agreements with leading institutions such as the National Institutes of Health, Duke University Medical Center, University of Hong Kong, Cleveland Clinic, and the North Shore Long Island Jewish Health System.

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.

Celsion Corporation
Condensed Statements of Operations
(in thousands except for per share amounts)
(Unaudited)
                                                                        Three Months Ended                              Nine Months Ended
                                                                        September 30,                                   September 30,
                                                                            2008                    2007                    2008                    2007
Revenues                                                                $   -                   $   -                   $   -                   $   -
Operating expenses:
Research and development                                                    3,840                   1,959                   8,422                   6,079
General and administrative                                                  510                     1,860                   1,586                   4,826
Total operating expenses                                                    4,350                   3,819                   10,008                  10,905
Loss from operations                                                        (4,350      )           (3,819      )           (10,008     )           (10,905     )
Other income (expense):
Other expense                                                               (57         )           (24         )           (896        )           (439        )
Interest income                                                             81                      204                     185                     505
Interest expense                                                            (14         )           (12         )           (133        )           (677        )
Loss from continuing operations                                             (4,340      )           (3,651      )           (10,852     )           (11,516     )
Discontinued Operations
Income from discontinued operations                                         -                       33                      -                       49,755
Net (loss) / income                                                     $   (4,340      )       $   (3,618      )       $   (10,852     )       $   38,239
Net loss from continuing operations per common share - basic            $   (0.43       )       $   (0.34       )       $   (1.07       )       $   (1.07       )
Net loss from continuing operations per common share - diluted          $   (0.43       )       $   (0.34       )       $   (1.07       )       $   (1.07       )
Net income from discontinued operations per common share - basic        $   -                   $   -                   $   -                   $   4.62
Net income from discontinued operations per common share - diluted      $   -                   $   -                   $   -                   $   4.32
Net (loss) / income per common share - basic                            $   (0.43       )       $   (0.34       )       $   (1.07       )       $   3.55
Net (loss) / income per common share - diluted                          $   (0.43       )       $   (0.34       )       $   (1.07       )       $   3.32
Weighted average shares outstanding - basic                                 10,149,055              10,774,497              10,146,339              10,764,878
Weighted average shares outstanding - diluted                               10,149,055              10,774,497              10,146,339              11,526,717

Celsion Corporation
Condensed Balance Sheets
(in thousands)
                                                          September 30,
                                                          2008                     December 31,
                                                          (Unaudited)              2007
Current assets
Cash and short term investments                           $     8,969              $     5,937
Accounts receivable                                             68                       230
Due from Boston Scientific Corporation                          15,000                   15,000
Prepaid expenses                                                141                      257
Total current assets                                            24,178                   21,424
Property and equipment, net                                     225                      268
Notes and loans receivable                                      321                      1,382
Due from Boston Scientific Corporation - Non Current            -                        15,000
Deposits with CROs and other assets                             1,178                    965
Total other assets                                              1,724                    17,615
Total assets                                              $     25,902             $     39,039
Current liabilities
Accounts payable                                          $     2,237              $     1,830
Accrued expenses                                                2,755                    5,066
Income taxes payable                                            -                        546
Note payable - current portion                                  408                      677
Total current liabilities                                       5,400                    8,119
Long-term liabilities
Note payable                                                    -                        235
Other liabilities                                               30                       34
Total long-term liabilities                                     30                       269
Total liabilities                                               5,430                    8,388
Stockholders' equity
Common stock                                                    108                      108
Additional paid-in capital                                      89,014                   88,320
Unrealized loss on available for sale securities                (21      )
Accumulated deficit                                             (65,990  )               (55,138  )
Subtotal                                                        23,111                   33,290
Less: Treasury Stock - at cost                                  (2,639   )               (2,639   )
Total stockholders' equity                                      20,472                   30,651
Total liabilities and stockholders' equity                $     25,902             $     39,039

SOURCE: Celsion Corporation

FD 
Geoff Grande, 617-747-1721 
geoff.grande@fd.com