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<P id=PARA1 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B><B>UNITED STATES</B></FONT></P>
<P id=PARA2 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp; <B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
<P id=PARA3 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Washington, D.C.&nbsp;20549</B> &nbsp;</FONT></P>
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<P id=PARA6 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, Times, serif"><B>FORM 8-K</B></FONT></P>
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<P id=PARA8 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>CURRENT REPORT</B></FONT></P>
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<P id=PARA10 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></P>
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<P id=PARA13 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date of report&nbsp;(Date of earliest event reported): July 6, 2017</FONT></P>
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<P id=PARA15 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, Times, serif"><B>CELSION CORPORATION</B></FONT></P>
<P id=PARA16 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>(Exact Name of Registrant as Specified in Charter)</B></FONT></P>
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<P id=PARA27 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>(IRS Employer</B></FONT></P>
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<P id=PARA31 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>997 Lenox Drive, Suite 100</B></FONT></P>
<P id=PARA32 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Lawrenceville, NJ 08648</B></FONT></P>
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<P id=PARA34 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Registrant&#8217;s telephone number, including area code: (609)&nbsp;896-9100</FONT></P>
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<P id=PARA37 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></P>
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<P id=PARA53 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&#167;&nbsp;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;&nbsp;240.12b-2 of this chapter). </FONT></P>
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<P id=PARA66 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 1.01</B></FONT></P></TD>
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<P id=PARA67 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Entry into a Material Definitive Agreement.</B></FONT></P></TD></TR></TABLE>
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<P id=PARA70 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On July 6, 2017, Celsion Corporation, a Delaware corporation (the &#8220;Company&#8221;), entered into a Securities Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with several investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering (the &#8220;Offering&#8221;), an aggregate of 2,050,000 shares (the &#8220;Shares&#8221;) of common stock, par value $0.01 per share, of the Company (&#8220;Common Stock&#8221;) at an offering price of $2.07 per share for gross proceeds of $4,243,500 before the deduction of the placement agent fee and offering expenses. In addition, the Company sold Pre-Funded Series CCC Warrants to purchase 385,000 shares of Common Stock (and the shares of Common Stock issuable upon exercise of the Pre-Funded Series CCC Warrants), in lieu of shares of Common Stock to the extent that the purchase of Common Stock would cause the beneficial ownership of the Purchaser, together with its affiliates and certain related parties, to exceed 9.99% of our Common Stock. The Pre-Funded Series CCC Warrants were sold at an offering price of $2.06 per share for gross proceeds of $793,100 before deduction of the placement agent fee and offering expenses. The Shares and the Pre-Funded Series CCC Warrants are being offered by the Company pursuant to a registration statement on Form S-3 (File No. 333-206789), which was initially filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) on September 4, 2015 and was declared effective by the Commission on September 25, 2015 (the &#8220;Registration Statement&#8221;).</FONT></P>
<P id=PARA71 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA72 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In a concurrent private placement (the &#8220;Private Placement&#8221;), the Company agreed to issue to each investor, for each share of common stock and pre-funded warrant purchased in the offering, a Series AAA Warrant and Series BBB Warrant, each to purchase one share of Common Stock (the &#8220;Warrants&#8221;, and collectively with the Shares, the &#8220;Securities&#8221;). The Series AAA Warrants are initially exercisable six months following issuance, and terminate five and one-half years following issuance. The Series AAA Warrants have an exercise price of $2.07 per share and are exercisable to purchase an aggregate of 2,435,000 shares of Common Stock. The Series BBB Warrants are immediately exercisable following issuance, and terminate twelve months following issuance. The Series BBB Warrants have an exercise price of $4.75 per share and are exercisable to purchase an aggregate of 2,435,000 shares of Common Stock. Subject to limited exceptions, a holder of a Series AAA and Series BBB Warrant will not have the right to exercise any portion of its warrants if the holder, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise (the &#8220;Beneficial Ownership Limitation&#8221;); provided, however, that upon 61 days&#8217; prior notice to the Company, the holder may increase or decrease the Beneficial Ownership Limitation, provided that in no event shall the Beneficial Ownership Limitation exceed 9.99%. </FONT></P>
<P id=PARA73 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA74 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Series AAA and Series BBB Warrants and the shares of our Common Stock issuable upon the exercise of the Warrants are not being registered under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), are not being offered pursuant to the Registration Statement and are being offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act and Rule 506(b) promulgated thereunder. We will be required to file a registration statement on Form S-1&nbsp;within 45 calendar days of the issuance of the Warrants to provide for the resale of the shares of Common Stock issuable upon the exercise of the Warrants and will be obligated to use our commercially reasonable efforts to keep such registration statement effective until the earliest of (i) the date on which all of the shares of commons stock issuable upon the exercise of the Warrants have been sold under the registration statement or Rule 144 under the Securities Act, (ii) the date on which the shares of Common Stock issuable upon the exercise of the Warrants may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 under the Securities Act and (iii) the termination of the Warrants. </FONT></P>
<P id=PARA75 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA76 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The closing of the Offering and the Private Placement is subject to satisfaction of customary closing conditions set forth in the Purchase Agreement and is currently expected to occur on or about July 11, 2017. The Purchase Agreement also contains representations, warranties, indemnification and other provisions customary for transactions of this nature. Under the Purchase Agreement, the Company is prohibited, for a period of&nbsp;two (2) months after the closing, from effecting or entering into an agreement to issue Common Stock or any other securities that are at any time convertible into, or exercisable or exchangeable for, or otherwise entitle the holder thereof to receive, Common Stock to the extent such issuance or sale involves certain variable conversion, exercise or exchange prices or such agreement provides for sale of securities at&nbsp;a price to be determined in the future. In connection with this offering, we have agreed not to sell any additional shares pursuant to &#8220;at-the-market&#8221; offerings under the Controlled Equity Offering Sales Agreement by and between Cantor Fitzgerald &amp; Co. and us, dated as of February 1, 2013, for a period of&nbsp;two (2) months after the closing of this offering. </FONT></P>
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<P id=PARA288 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On July 6, 2017, the Company entered into a placement agency agreement (the &#8220;Placement Agency Agreement&#8221;) with Oppenheimer &amp; Co. Inc. (&#8220;Oppenheimer&#8221;) pursuant to which the Company engaged Oppenheimer, as the sole placement agent in connection with the Offering and the Private Placement. The placement agent is not purchasing or selling any Securities the Company is selling but has agreed to use it reasonable best efforts to arrange for the sale of the Securities. The Company agreed to pay the placement agent a placement agent fee in cash equal to 7% of the gross proceeds from the sale of the Common Stock and Pre-Funded Series CCC Warrants, Placement Agent Warrants (the &#8220;Placement Agent Warrants&#8221;) equal to 2.5% of the Common Stock and Pre-Funded Series CCC Warrants sold in the offering, and reimburse the placement agent for up to $150,000 for its legal fees and expenses in connection with this offering. The Placement Agency Agreement also contains representations, warranties, indemnification and other provisions customary for transactions of this nature. </FONT></P>
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<P id=PARA80 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The foregoing summaries of the Purchase Agreement, the Pre-Funded Series CCC Warrants, the Placement Agent Warrants and&nbsp;the Warrants do not purport to be complete and are subject to, and qualified in their entirety by, such documents attached as Exhibits 10.1, 4.1, 4.2, 4.3, 4.4, respectively, to this Current Report on Form 8-K, which are incorporated herein by reference. </FONT></P>
<P id=PARA81 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA82 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">This Current Report on Form 8-K does not constitute an offer to sell any securities or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. </FONT></P>
<P id=PARA83 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA84 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL88  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 8.6%">
<P id=PARA86 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 3.02</B></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 91.4%">
<P id=PARA87 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Unregistered Sales of Equity Securities.</B></FONT></P></TD></TR></TABLE>
<P id=PARA89 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA90 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The information contained in Item 1.01 of this Current Report on Form 8-K in relation to the Common Stock, the&nbsp;Warrants and the shares of our Common Stock issuable upon the exercise thereof is incorporated herein by reference.&nbsp;</FONT></P>
<P id=PARA91 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA92 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL95  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 8.6%">
<P id=PARA93 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 9.01</B></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 91.4%">
<P id=PARA94 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Financial statements and Exhibits.</B></FONT></P></TD></TR></TABLE>
<P id=PARA96 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA97 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(d)&nbsp;&nbsp;Exhibits.</FONT></P>
<P id=PARA98 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL120  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%">
<P id=PARA99 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Exhibit</B><B>&nbsp;</B><B>No. </B></FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 88%">
<P id=PARA100 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Description </B></FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: middle; WIDTH: 10%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: middle; WIDTH: 2%" colSpan=2>&nbsp; </TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA101 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.1 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA102 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of the Series AAA Common Stock Purchase Warrant. </FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA103 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.2 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA104 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of the Series BBB Common Stock Purchase Warrant. </FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA105 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.3 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA106 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of the Series CCC Common Stock Purchase Warrant. </FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA107 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.4 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA108 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of the Placement Agent Common Stock Purchase Warrant. </FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA109 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">5.1 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA110 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Opinion of Sidley Austin LLP. </FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA111 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.1 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA112 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Securities Purchase Agreement dated as of July 6, 2017, by and among Celsion Corporation and the </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Purchaser named therein. </FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA114 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.1 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA115 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of Dixon Hughes Goodman LLP, independent registered accounting firm for Celsion Corporation.</FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA116 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.2 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA117 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of Stegman &amp; Company, independent registered public accounting firm for Celsion Corporation. </FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA118 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.3</FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA119 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of Sidley Austin LLP (included in Exhibit 5.1).</FONT></P></TD></TR></TABLE>
<P id=PARA285.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK285  style="MARGIN-LEFT: 0pt; WIDTH: 100%; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR285  style="TEXT-ALIGN: center; WIDTH: 100%">&nbsp;</DIV>
<DIV id=PGNUM285  style="FONT-SIZE: 10pt; TEXT-ALIGN: center; WIDTH: 100%">&nbsp;</DIV>
<HR style="HEIGHT: 2px; PAGE-BREAK-AFTER: always; COLOR: #000000; WIDTH: 100%" noShade>

<DIV id=PGHDR285  style="TEXT-ALIGN: left; WIDTH: 100%">&nbsp;</DIV></DIV>
<P id=PARA285.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA145 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;<B>SIGNATURES</B></FONT></P>
<P id=PARA146 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA147 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT></P>
<P id=PARA148 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA149 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="VERTICAL-ALIGN: top; WIDTH: 50%">
<P id=PARA150 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 3%" colSpan=2>
<P id=PARA151 style="TEXT-ALIGN: left; MARGIN: 0pt 3.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>CELSION CORPORATION</B></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 15%">
<P id=PARA152 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 50%">
<P id=PARA153 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 3%">
<P id=PARA154 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 32%">
<P id=PARA155 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 15%">
<P id=PARA156 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 50%">
<P id=PARA157 style="TEXT-ALIGN: left; MARGIN: 0pt 0.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 3%">
<P id=PARA158 style="TEXT-ALIGN: left; MARGIN: 0pt 0.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 32%">
<P id=PARA159 style="TEXT-ALIGN: left; MARGIN: 0pt 0.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 15%">
<P id=PARA160 style="TEXT-ALIGN: left; MARGIN: 0pt 0.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 50%">
<P id=PARA161 style="TEXT-ALIGN: left; MARGIN: 0pt 0.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date:&nbsp;July&nbsp;11, 2017</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 3%">
<P id=PARA162 style="TEXT-ALIGN: left; MARGIN: 0pt 0.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By:</FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 32%">
<P id=PARA163 style="TEXT-ALIGN: left; MARGIN: 0pt 0.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>/s/Jeffrey W. Church</I></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 15%">
<P id=PARA164 style="TEXT-ALIGN: left; MARGIN: 0pt 0.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 50%">
<P id=PARA165 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 3%">
<P id=PARA166 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 32%">
<P id=PARA167 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Jeffrey W. Church</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 15%">
<P id=PARA168 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 50%">
<P id=PARA169 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 3%">
<P id=PARA170 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 32%">
<P id=PARA171 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Senior Vice President and Chief Financial Officer</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top; WIDTH: 15%">
<P id=PARA172 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR></TABLE>
<P id=PARA174 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK286  style="MARGIN-LEFT: 0pt; WIDTH: 100%; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR286  style="TEXT-ALIGN: center; WIDTH: 100%">&nbsp;</DIV>
<DIV id=PGNUM286  style="FONT-SIZE: 10pt; TEXT-ALIGN: center; WIDTH: 100%">&nbsp;</DIV>
<HR style="HEIGHT: 2px; PAGE-BREAK-AFTER: always; COLOR: #000000; WIDTH: 100%" noShade>

<DIV id=PGHDR286  style="TEXT-ALIGN: left; WIDTH: 100%">&nbsp;</DIV></DIV>
<P id=PARA286.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>EXHIBIT INDEX </B></FONT></P>
<P id=PARA219 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P>
<P id=PARA220 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<TABLE id=TBL244  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 10%">
<P id=PARA223 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Exhibit</B><B>&nbsp;</B><B>No. </B></FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 88%">
<P id=PARA224 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Description </B></FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: middle; WIDTH: 10%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: middle; WIDTH: 2%" colSpan=2>&nbsp; </TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA225 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.1 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA226 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of the Series AAA Common Stock Purchase Warrant. </FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA227 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.2 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA228 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of the Series BBB Common Stock Purchase Warrant. </FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA229 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.3 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA230 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of the Series CCC Common Stock Purchase Warrant. </FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA231 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.4 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA232 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Form of the Placement Agent Common Stock Purchase Warrant. </FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA233 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">5.1 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA234 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Opinion of Sidley Austin LLP. </FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA235 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.1 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA236 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Securities Purchase Agreement dated as of July 6, 2017, by and among Celsion Corporation and the </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Purchaser named therein. </FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA238 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.1 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA239 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of Dixon Hughes Goodman LLP, independent registered accounting firm for Celsion Corporation.</FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA240 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.2 </FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA241 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of Stegman &amp; Company, independent registered public accounting firm for Celsion Corporation. </FONT></P></TD></TR>
<TR>
<TD style="VERTICAL-ALIGN: top; WIDTH: 10%">
<P id=PARA242 style="TEXT-ALIGN: center; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.3</FONT></P></TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 2%">&nbsp; </TD>
<TD style="VERTICAL-ALIGN: bottom; WIDTH: 88%">
<P id=PARA243 style="TEXT-ALIGN: left; MARGIN: 0pt 1.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of Sidley Austin LLP (included in Exhibit 5.1).</FONT></P></TD></TR></TABLE>
<P id=PARA245 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P></BODY></HTML>
[{"type": "8-K", "sequence": "1", "filename": "clsn20170710_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 48844}]
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clsn20170710_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 6, 2017
CELSION CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware
001-15911
52-1256615
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
997 Lenox Drive, Suite 100
Lawrenceville, NJ 08648
Registrant's telephone number, including area code: (609) 896-9100
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 1.01
Entry into a Material Definitive Agreement.
On July 6, 2017, Celsion Corporation, a Delaware corporation (the "Company"), entered into a Securities Purchase Agreement (the "Purchase Agreement") with several investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering (the "Offering"), an aggregate of 2,050,000 shares (the "Shares") of common stock, par value $0.01 per share, of the Company ("Common Stock") at an offering price of $2.07 per share for gross proceeds of $4,243,500 before the deduction of the placement agent fee and offering expenses. In addition, the Company sold Pre-Funded Series CCC Warrants to purchase 385,000 shares of Common Stock (and the shares of Common Stock issuable upon exercise of the Pre-Funded Series CCC Warrants), in lieu of shares of Common Stock to the extent that the purchase of Common Stock would cause the beneficial ownership of the Purchaser, together with its affiliates and certain related parties, to exceed 9.99% of our Common Stock. The Pre-Funded Series CCC Warrants were sold at an offering price of $2.06 per share for gross proceeds of $793,100 before deduction of the placement agent fee and offering expenses. The Shares and the Pre-Funded Series CCC Warrants are being offered by the Company pursuant to a registration statement on Form S-3 (File No. 333-206789), which was initially filed with the Securities and Exchange Commission (the "Commission") on September 4, 2015 and was declared effective by the Commission on September 25, 2015 (the "Registration Statement").
In a concurrent private placement (the "Private Placement"), the Company agreed to issue to each investor, for each share of common stock and pre-funded warrant purchased in the offering, a Series AAA Warrant and Series BBB Warrant, each to purchase one share of Common Stock (the "Warrants", and collectively with the Shares, the "Securities"). The Series AAA Warrants are initially exercisable six months following issuance, and terminate five and one-half years following issuance. The Series AAA Warrants have an exercise price of $2.07 per share and are exercisable to purchase an aggregate of 2,435,000 shares of Common Stock. The Series BBB Warrants are immediately exercisable following issuance, and terminate twelve months following issuance. The Series BBB Warrants have an exercise price of $4.75 per share and are exercisable to purchase an aggregate of 2,435,000 shares of Common Stock. Subject to limited exceptions, a holder of a Series AAA and Series BBB Warrant will not have the right to exercise any portion of its warrants if the holder, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise (the "Beneficial Ownership Limitation"); provided, however, that upon 61 days' prior notice to the Company, the holder may increase or decrease the Beneficial Ownership Limitation, provided that in no event shall the Beneficial Ownership Limitation exceed 9.99%.
The Series AAA and Series BBB Warrants and the shares of our Common Stock issuable upon the exercise of the Warrants are not being registered under the Securities Act of 1933, as amended (the "Securities Act"), are not being offered pursuant to the Registration Statement and are being offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act and Rule 506(b) promulgated thereunder. We will be required to file a registration statement on Form S-1 within 45 calendar days of the issuance of the Warrants to provide for the resale of the shares of Common Stock issuable upon the exercise of the Warrants and will be obligated to use our commercially reasonable efforts to keep such registration statement effective until the earliest of (i) the date on which all of the shares of commons stock issuable upon the exercise of the Warrants have been sold under the registration statement or Rule 144 under the Securities Act, (ii) the date on which the shares of Common Stock issuable upon the exercise of the Warrants may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 under the Securities Act and (iii) the termination of the Warrants.
The closing of the Offering and the Private Placement is subject to satisfaction of customary closing conditions set forth in the Purchase Agreement and is currently expected to occur on or about July 11, 2017. The Purchase Agreement also contains representations, warranties, indemnification and other provisions customary for transactions of this nature. Under the Purchase Agreement, the Company is prohibited, for a period of two (2) months after the closing, from effecting or entering into an agreement to issue Common Stock or any other securities that are at any time convertible into, or exercisable or exchangeable for, or otherwise entitle the holder thereof to receive, Common Stock to the extent such issuance or sale involves certain variable conversion, exercise or exchange prices or such agreement provides for sale of securities at a price to be determined in the future. In connection with this offering, we have agreed not to sell any additional shares pursuant to "at-the-market" offerings under the Controlled Equity Offering Sales Agreement by and between Cantor Fitzgerald & Co. and us, dated as of February 1, 2013, for a period of two (2) months after the closing of this offering.
On July 6, 2017, the Company entered into a placement agency agreement (the "Placement Agency Agreement") with Oppenheimer & Co. Inc. ("Oppenheimer") pursuant to which the Company engaged Oppenheimer, as the sole placement agent in connection with the Offering and the Private Placement. The placement agent is not purchasing or selling any Securities the Company is selling but has agreed to use it reasonable best efforts to arrange for the sale of the Securities. The Company agreed to pay the placement agent a placement agent fee in cash equal to 7% of the gross proceeds from the sale of the Common Stock and Pre-Funded Series CCC Warrants, Placement Agent Warrants (the "Placement Agent Warrants") equal to 2.5% of the Common Stock and Pre-Funded Series CCC Warrants sold in the offering, and reimburse the placement agent for up to $150,000 for its legal fees and expenses in connection with this offering. The Placement Agency Agreement also contains representations, warranties, indemnification and other provisions customary for transactions of this nature.
The foregoing summaries of the Purchase Agreement, the Pre-Funded Series CCC Warrants, the Placement Agent Warrants and the Warrants do not purport to be complete and are subject to, and qualified in their entirety by, such documents attached as Exhibits 10.1, 4.1, 4.2, 4.3, 4.4, respectively, to this Current Report on Form 8-K, which are incorporated herein by reference.
This Current Report on Form 8-K does not constitute an offer to sell any securities or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Item 3.02
Unregistered Sales of Equity Securities.
The information contained in Item 1.01 of this Current Report on Form 8-K in relation to the Common Stock, the Warrants and the shares of our Common Stock issuable upon the exercise thereof is incorporated herein by reference.
Item 9.01
Financial statements and Exhibits.
(d)  Exhibits.
Exhibit
No.
Description
4.1
Form of the Series AAA Common Stock Purchase Warrant.
4.2
Form of the Series BBB Common Stock Purchase Warrant.
4.3
Form of the Series CCC Common Stock Purchase Warrant.
4.4
Form of the Placement Agent Common Stock Purchase Warrant.
5.1
Opinion of Sidley Austin LLP.
10.1
Securities Purchase Agreement dated as of July 6, 2017, by and among Celsion Corporation and the
Purchaser named therein.
23.1
Consent of Dixon Hughes Goodman LLP, independent registered accounting firm for Celsion Corporation.
23.2
Consent of Stegman & Company, independent registered public accounting firm for Celsion Corporation.
23.3
Consent of Sidley Austin LLP (included in Exhibit 5.1).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CELSION CORPORATION
Date: July 11, 2017
By:
/s/Jeffrey W. Church
Jeffrey W. Church
Senior Vice President and Chief Financial Officer
EXHIBIT INDEX
Exhibit
No.
Description
4.1
Form of the Series AAA Common Stock Purchase Warrant.
4.2
Form of the Series BBB Common Stock Purchase Warrant.
4.3
Form of the Series CCC Common Stock Purchase Warrant.
4.4
Form of the Placement Agent Common Stock Purchase Warrant.
5.1
Opinion of Sidley Austin LLP.
10.1
Securities Purchase Agreement dated as of July 6, 2017, by and among Celsion Corporation and the
Purchaser named therein.
23.1
Consent of Dixon Hughes Goodman LLP, independent registered accounting firm for Celsion Corporation.
23.2
Consent of Stegman & Company, independent registered public accounting firm for Celsion Corporation.
23.3
Consent of Sidley Austin LLP (included in Exhibit 5.1).