Boston Scientific releases second loan installment to Celsion

By Lisa Kerner

Erie, Pa., Feb. 3 - Boston Scientific Corp. advanced the second installment of a $15 million loan to Celsion Corp. in accordance with terms of an agreement reached in August, according to a company news release.

This second installment of $4.5 million increases the amount drawn down under the loan to $10.5 million. The company said that subject to fulfillment of agreed milestones, the final installment of the loan may be drawn down on May 1.

"We are very pleased that Boston Scientific has released this installment of the loan as it demonstrates their continuing satisfaction with the progress that has been made with Prolieve," Dr. Lawrence Olanoff of Celsion said in the release.

If Boston Scientific does not exercise the option to purchase the Prolieve assets prior to disbursement of the final installment of the loan, Celsion said it has the funds to start late stage clinical studies of ThermoDox in combination with Radiofrequency Ablation for the treatment of liver cancer, officials said.

Celsion, a biotechnology company based in Columbia, Md., develops heat-activated treatment systems for cancer.

Boston Scientific is a medical device company based in Natick, Mass.

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