Celsion rises after announcing new loan facility

|About: Celsion Corporation (CLSN)|By:, SA News Editor

Celsion (CLSN +7.9%) rallies after announcing a new strategic loan facility with Hercules Growth Capital (HTGC).

Under the deal, CLSN can tap up to $20M in multiple tranches — the first tranche ($5M) was drawn yesterday.

CLSN used ~$4M to payoff an existing loan agreement.

"Our current cash position, $45.5M as of September 30, is expected to provide resources sufficient to fund current operations well into the second half of 2016," CEO Michael Tardugno says, adding that this time frame should include "expenses associated with [the] planned pivotal Phase 3 HCC trial." (PR)