Celsion Corporation (NASDAQ: CLSN) Arrives into $10 Million Premeditated Credit Provision with Silicon Valley Bank

Celsion Corporation (NASDAQ: CLSN) has announced that it has arrived at a $10 million advance Provision with Silicon Valley Bank (SVB). Celsion instantly used $6 million from this provision to pay back all unpaid debts of Horizon Technology Finance Corporation. The outstanding $4 million will be obtainable to be drained down up to 12 months after concluding. It will use this amount for working capital and supply its product conduit development, including GEN-1. GEN-1 will be used for the cure of recently identified radical ovarian cancer.

“This loan reinforces our balance sheet with the eradication of the Horizon obligation and permits us to meet numerous important, value-driving mileposts with our product-development enterprises,” said Michael H. Tardugno, Celsion’s chairman, president, and chief executive officer. “Counting the $4 million that will become obtainable to us in a year, we will have adequate money to account present and prearranged processes into early 2025. We value the backing of SVB and their belief in us.”

Tom Gordon, Managing Director of Life Science and Healthcare at Silicon Valley Bank, said, “We are satisfied Celsion has carefully chosen SVB as its monetary associate for this $10 million credit facility. We have sureness in the company’s corporate policy and look headlong to Celsion touching significant signposts.”

The backing is in the form of cash market protected obligation bearing interest at an intended WSJ Prime-based adjustable amount (presently 3.25%). Outgoings under the advance contract interest only for the first 24 months after the loan concluding. It will be trailed by a 24-month repayment period of primary and interest through the planned ripeness date.

In other news, Celsion proclaimed the selection of Stacy R. Lindborg, Ph.D., to its Board of Directors, actual June 4, 2021. Dr. Lindborg’s nomination fills the post shaped by Dr. Alberto Martinez upon his superannuation from Celsion’s Board on December 31, 2020.

Dr. Lindborg carries to Celsion more than 25 years of medical business knowledge focussing on R&D, executive organization, and policy. She has functioned with biologics, small particles, and cell treatments to tackle a wide variety of illnesses and complaints.

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