Celsion (CLSN +0.5% at $4.12) has agreed to sell 3.6M shares to institutional investors for $4.1625 each, providing the company with net proceeds of $13.8M. The investors are also receiving warrants to buy further stock.
Following the completion of the deal, which is expected to take place on Tuesday next week, Celsion's unaudited cash and investment balance will be approximately $57M.
Celsion plans to use the money for general corporate purposes. (PR)