Celsion in ThermoDox technology deal for the greater China territory
US cancer drug developer Celsion Corp (Nasdaq: CLSN) and Chinese drugmaker Zhejiang Hisun Pharmaceutical (SSE: 600267) have entered into a technology development agreement for ThermoDox, a proprietary heat-activated liposomal encapsulation of doxorubicin, for the greater China territory.
Celsion’s shares jumped 10.7% to $7.75 in afternoon trading on Wednesday. The shares have quadrupled in value over the last year, as they closed at $1.69 on January 23, 2012, noted The Associated Press.
Under the terms of the deal, Hisun will pay $5 million to Celsion immediately, while Celsion will provide Hisun with support for its ThermoDox manufacturing development program. This payment is non-refundable and comes in advance of Celsion's expected reporting of results from its pivotal Phase III trial (the HEAT Study) in hepatocellular carcinoma (HCC), or primary liver cancer later this month.
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