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NEW YORK, November 7, 2020 (GLOBE NEWSWIRE) – Pomerantz LLP announces that a class action lawsuit has been filed against certain officers of Celsion Corporation (“Celsion” or the “Company”) (NASDAQ: CLSN). The class action, filed with the United States District Court for the District of New Jersey, and registered under 20-cv-015228, is in the name of a class comprised of all persons other than the defendants who have purchased or otherwise acquired Celsion securities. between November 2, 2015 and July 10, 2020, both dates (the “Lesson Period”), which seek to recover damages caused by Defendants’ violations of federal securities laws and to pursue remedies under sections 10 ( b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 enacted under it, against the Company and some of its senior officers.
If you are a shareholder who purchased Celsion stock during the period of the class, you have until December 28, 2020 to ask the Court to appoint you as lead actor for the class. A copy of the complaint can be obtained a www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free number, ext. 7980. Those requesting information by e-mail are encouraged to include their postal address, telephone number and number of shares purchased.
[Click here for information about joining the class action]
Celsion is an integrated clinical stage oncology pharmaceutical company that focuses on the development and commercialization of direct chemotherapies, DNA-mediated immunotherapy, and RNA-based therapies for the treatment of cancer.
Celsion’s lead product candidate is ThermoDox, a heat-activated liposomal encapsulation of doxorubicin that is in clinical development stage III for the treatment of primary liver cancer.
In February 2014, Celsion announced that the United States Food and Drug Administration (“FDA”) had reviewed and approved the Company’s planned, double-blind, placebo-controlled Phase III study of ThermoDox in combination. with radiofrequency ablation (“RFA”) In primary liver cancer, also known as hepatocellular carcinoma (“HCC”), referred to as the “OPTIMA Study”. The study design was presumably based on a comprehensive data analysis from the company’s Phase III HEAT study, which allegedly demonstrated that ThermoDox treatment resulted in a 55% improvement in overall survival (“OS”) in a substantial number of HCC patients who received optimized RFA treatment.
The OPTIMA study was expected to enroll 550 patients worldwide, with up to 100 sites in the US, Europe, China and Asia Pacific, to evaluate ThermoDox in combination with RFA. The primary endpoint for the study was OS and the statistical plan required two interim efficacy analyzes by an independent data monitoring committee (“DMC”).
The complaint alleges that during the Class Period, Defendants made materially false and / or misleading because they misrepresented and failed to disclose the following negative facts relating to the Company’s business, operations and prospective clients, which were known Defendants or recklessly ignored by them. In particular, the defendants made false and / or misleading statements and / or did not disclose that: (i) the defendants had significantly overestimated the effectiveness of ThermoDox; (ii) the foregoing significantly reduced ThermoDox’s prospects for approval and marketing; and (iii) accordingly, the Company’s public statements were materially false and misleading at all relevant times.
On July 13, 2020, Celsion announced that it “has[d] received a recommendation from the independent [DMC] consider discontinuing the OPTIMA phase III global study of ThermoDox® in combination with [RFA] for the treatment of [HCC]or primary liver cancer. “According to the Company,”
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