CLSN - Celsion Corporation closes stock offering

Celsion Corporation (CLSN) has closed the previously announced registered direct offering of 11.5M shares of common stock at a purchase price of $1.30 apiece.The net proceeds have reached $13.9M after deducting placement agents' fees, but including expenses payable by the company.The capital raised is intended for general corporate purposes, including R&D activities, Capex, and working capital, the company said.The pre-market announcement of the public offering dragged Celsion shares in March.Seeking Alpha contributor Bret Jensen with a neutral view on the stock argued that the company was well-funded despite having no significant clinical milestones ahead in 2021.Celsion has been public for more than two decades, yet ‘I see no real reason to own the shares at this moment in time,’ Jensen concluded.

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Celsion Corporation closes stock offering