Celsion Corporation Reports Third Quarter 2021 Financial Results and Provides Business Update Balance Sheet Supports Focus on Immuno-Oncology and Next-Generation Vaccine Initiative Conference Call Begins Today at 11:00 a

Corporation Reports Third Quarter 2021 Financial Results and Provides Business Update

Sheet Supports Focus on Immuno-Oncology and Next-Generation Vaccine Initiative

Call Begins Today at 11:00 a.m. Eastern Time

N.J. (November 15, 2021) - Celsion Corporation (NASDAQ: CLSN), a clinical-stage

drug-development company focused on DNA-based immunotherapy and next-generation vaccines, today announced financial results for

the three and nine months ended September 30, 2021, and provided an update on clinical development programs with GEN-1,

a DNA-based interleukin-12 (IL-12) immunotherapy in Phase II clinical development

for the treatment of advanced-stage ovarian cancer (Stage III/IV), and ThermoDox ,

a proprietary heat-activated liposomal encapsulation of doxorubicin under investigator-sponsored development for several cancer indications.

In addition, Celsion has two feasibility-stage platform technologies for the development

of novel nucleic acid-based immunotherapies and next-generation vaccines for infectious diseases.

continues to show momentum as patient enrollment nears 70% with full enrollment targeted by the first half of 2022. We are encouraged

with surgical resection results at the 100 mg/m² dose cohort in the Phase II OVATION 2 Study. From the first 36 patients with interval

debulking surgery, 80% treated with GEN-1 at a dose of 100 mg/m² plus neoadjuvant chemotherapy (NACT) had a complete tumor resection

(R0), which indicates a microscopically margin-negative resection with no gross or microscopic tumor remaining in the tumor bed; this

compares with 56% of patients in the control arm having R0 resections. These results are reasonably consistent with those reported from

our earlier Phase I trials in advanced-stage ovarian cancer," said Michael H. Tardugno,

Celsion's chairman, president and chief executive officer.

the International Vaccines Congress in October, Celsion announced

results from preclinical in vivo studies showing production of antibodies and cytotoxic T-cell response specific to the spike

antigen of SARS-CoV-2 when immunizing BALB/c mice with our next-generation PLACCINE DNA vaccine," added

Mr. Tardugno. "Our goal over the next several quarters is to demonstrate the superiority of Celsion's multicistronic DNA

vaccine over current mRNA vaccines with respect to the quality of immune response (higher affinity of neutralizing antibodies, IgG titers

and T-cell response) against multiple SARS-CoV-2 variants, longer duration of immune response and a stable product at lower temperatures."

Data Reported on the OVATION 2 Study. Interim clinical data from the first 36 patients who have undergone interval debulking

surgery are as follows:

of OVATION 1 Study in the Journal of Clinical Cancer Research. In July 2021, the Company announced the publication of data

from its Phase 1b OVATION 1 Study with GEN-1 in combination with NACT in patients with advanced ovarian cancer in Clinical Cancer

Research, a journal of the American Association for Cancer Research. The study, authored by Premel H. Thaker, M.D. et al.

and titled "GEN-1 in Combination with Neoadjuvant Chemotherapy for Patients with Advanced Epithelial Ovarian Cancer: A Phase I

Dose-Escalation Study," is available here. Dr. Thaker, Professor of Gynecologic Oncology and Director of Gynecologic Oncology Clinical

Research at the Washington University School of Medicine in St. Louis, is the study chair for the OVATION program.

OVATION 1 Study enrolled 18 patients with newly diagnosed stage IIIC and IV epithelial ovarian cancer in a standard 3+3 dose-escalation

design testing four GEN-1 doses (36 mg/m2, 47 mg/m2, 61 mg/m2 and 79 mg/m2) in combination

with NACT (carboplatin-paclitaxel). There were 15 patients evaluable for safety, and 14 underwent interval debulking and were evaluable

previously reported, there were no dose-limiting toxicities. As shown in the chart below, in the two highest doses of GEN-1 the objective

response rate was 100% and the R0 resection rate was 88%. Newly published data show the CRS, which was analyzed in this paper for the

first time, was 50% in the two highest doses of GEN-1, compared with 28% from a major publication evaluating CRS scoring.

Responses: Tumor Response, Surgical Outcome, Pathological Response and Chemotherapy Response Score with NAC/GEN-1 Escalating Doses

Responses: IL-12 and IFN- Levels, Response to Immune-Suppressive Agents; Ratio of CD8+ Cells to Immune Suppressive Agents

Advisory Board Expanded. In July 2021, the Company announced

the addition of Dan H. Barouch, M.D., Ph.D. and Luke D. Handke, Ph.D. to its Vaccine Advisory Board (VAB). They joined Britt A. Glaunsinger,

Ph.D. and Xinzhen Yang, M.D., Ph.D. on the VAB, which was formed in February 2021.

Barouch is the principal investigator at the Barouch Laboratory, Director of the Center for Virology and Vaccine Research at Beth Israel

Deaconess Medical Center and William Bosworth Castle Professor of Medicine at Harvard Medical School. In addition, he is a key participant

in the Bill & Melinda Gates Foundation Collaboration for AIDS Vaccine Discovery, the National Institutes of Health Martin Delaney

HIV-1 Cure Collaboratory and the Ragon Institute of MGH, MIT and Harvard. Dr. Barouch and his team were instrumental in developing the

vector, a variant of an adenovirus called Ad26, that was used to make single-dose vaccines for HIV, tuberculosis and Zika, and ultimately,

in conjunction with Johnson & Johnson researchers, SARS-CoV-2. He has authored numerous peer-reviewed articles.

Handke is a highly skilled molecular biologist and microbiologist with a decade of pharmaceutical industry experience including nine

years with Pfizer's Vaccine Research and Early Development Unit. At Pfizer he served as molecular biology lead on an early phase

viral vaccine program and was the lead reviewer of data sources and literature citations for licensure application for the Trumenba

meningococcal group B vaccine in the U.S. and in Europe. He began his career in vaccine research at Wyeth. He is co-author and

co-inventor on various patent applications for a protein-based RSV vaccine and a SARS-CoV-2 detection assay and authored 10 peer-reviewed

publications including six as first author. Dr. Handke is currently a Senior Scientist at the University of Nebraska Medical Center in

Omaha. In addition to serving on the VAB, Dr. Handke will provide consulting services to Celsion in connection with its vaccine-development

program, which involves DNA-based vectors in combination with proprietary non-viral cellular delivery agents. He also will advise Celsion

as it advances this program into human clinical studies.

from In Vivo Studies with PLACCINE DNA Vaccine Platform Indicate Immune Response Against SARS-Cov-2. In September 2021,

the Company announced results from preclinical in vivo studies showing production of antibodies and cytotoxic T-cell response

specific to the spike antigen of SARS-CoV-2 when immunizing BALB/c mice with the Company's next-generation PLACCINE DNA vaccine

platform. Moreover, the antibodies to SARS-CoV-2 spike antigen prevented the infection of cultured cells in a viral neutralization assay.

The production of antibodies predicts the ability of PLACCINE to protect against SARS-CoV-2 exposure, and the elicitation of cytotoxic

T-cell response shows the vaccine's potential to eradicate cells infected with SARS-CoV-2. These findings demonstrate the potential

immunogenicity of Celsion's PLACCINE DNA vaccine, which is hypothesized to provide broad-spectrum protection and resistance against

variants by incorporating multiple viral antigens, to improve vaccine stability at storage temperatures of 4oC and above,

and to facilitate cheaper and easier manufacturing. Celsion reported these data at the International Vaccines Conference in October 2021.

with Hainan Poly Pharm to Manufacture Celsion's DNA-based Vaccine. In September 2021, the Company announced an amendment

to its existing contract manufacturing agreement with Hainan Poly Pharm Co. Ltd., a generics manufacturer dedicated to providing therapeutic-value

products and services to patients and customers around the world, to include development work for the Company's investigational

DNA-based COVID-19 vaccine. Under the terms of the amended agreement, Poly Pharm will manufacture clinical batches and, if approved for

use, will also manufacture commercial batches for Celsion's vaccine based on its TheraPlas technology. Poly Pharm is experienced

with chemistry, manufacturing and controls (CMC), process development and good manufacturing processes (cGMP), including process optimization

and manufacturing services to help customers advance new drug development projects. Its sites and pharmaceutical compounds have been

approved by the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), China's National Medical Products

Administration (NMPA) and the World Health Organization (WHO).

Presentation on Celsion's Ongoing Work with DNA-based Vaccines at International Vaccines Congress. In October 2021, the

Company announced that Khursheed Anwer, Ph.D., executive vice president and chief science officer, presented at the International Vaccines

Congress . Dr. Anwer's presentation was titled "Immunogenicity of DNA Vaccines based on Multicistronic Vectors and Synthetic

DNA Delivery Systems" and can be viewed here. Dr. Anwer discussed ongoing proof-of-concept

studies in SARS-CoV-2 with the Company's DNA-based vaccine approach utilizing its PLACCINE platform. PLACCINE, Celsion's

proprietary design for DNA vectors, encompasses molecular elements designed to improve the immune response by targeting multiple antigens

of a pathogen or multiple mutants of the same antigen. Dr. Anwer also reviewed the PLACCINE technology and the production of a family

of DNA vaccine vectors expressing one or more SARS-CoV-2 surface antigens as a proof-of-concept target, verified vector composition and

demonstrated expression of the encoded genes.

at Three Healthcare Investment Conferences. Celsion management made presentations at the following investment conferences in

Quarter Financial Results

the quarter ended September 30, 2021, Celsion reported a net loss of $5.4 million ($0.06 per share), compared with a net loss of $8.1

million ($0.24 per share) in the same period of 2020. Operating expenses were $5.2 million in the third quarter of 2021, which represented

a $0.9 million (21%) increase from $4.3 million in the same period of 2020.

Company ended the third quarter of 2021 with $60.6 million in cash, investment securities, restricted cash and accrued interest receivable.

Coupled with future sales of unused New Jersey NOL's, the Company believes it has sufficient capital resources to fund its operations

through the end of 2024.

and development (R&D) expenses were $2.5 million in the third quarter of 2021, consistent with $2.5 million reported in the third

quarter of 2020. Costs associated with the OVATION 2