Celsion (NASDAQ:CLSN) stock is soaring higher on Thursday after revealing the end of a share purchase agreement with Lincoln Park Capital.
The termination of the agreement was revealed during a filing with the U.S. Securities and Exchange Commission (SEC). This agreement was made in September 2020 and allowed for the company to sell up to $26 million worth of shares to Lincoln Park Capital.
According to the SEC filing, Celsion sold a total of 2,845,000 shares of CLSN stock to Lincoln Park Capital before terminating the contract. The funds generated from these sales come to $2.2 million.
Following news of the share sale termination, CLSN stock is seeing heavy trading. More than 129 million shares have changed hands as of this writing. That’s quite the spike from its daily average trading volume of roughly 2.94 million shares.
With investors eyeing CLSN stock, it only makes sense that they should know more about the company. That’s where the breakdown below comes into play.
- Celsion is a biopharmaceutical company with a focus on developing cancer treatments.
- That includes “directed chemotherapies, DNA-mediated immunotherapy, and RNA-based therapies.”
- Its lead candidate is ThermoDox, which is a heat-activated liposomal encapsulation of doxorubicin.
- This treatment is currently in a Phase 3 study with RFA to treat hepatocellular carcinoma.
- The company was founded in 1983 and has a market capitalization of $65.85 million.
CLSn stock was up 34.1% as of noon Thursday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.