NEW YORK, July 30, 2003 (PRIMEZONE) -- Tony Deasey, Celsion Corp's (AMEX:CLN) Chief Financial Officer clarified that Boston Scientific (NYSE:BSX) has an option to purchase Celsion's BPH product for a minimum of $60 million for 5 years after the product's launch, not $16 million within 3-years of the product's release as previously reported.
Deasey also stated that although Cheung asserted that the company expected approval of its BPH Product by the end of the year or early 2004, timing of FDA approvals are always unpredictable. The Company is anticipating that its BPH product should be approved around the end of the current calendar year.
The company currently has sufficient cash reserves to fund operations through 2004, Deasey said.
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About Celsion Corp.
Celsion Corporation, based in Columbia, Maryland, is a research and development company dedicated to commercializing medical treatment systems for cancer and other diseases using focused-heat technology delivered by patented microwave technology.
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