Shares of Celsion Corp. (CLSN) shot up 85.1% toward a six-month high in very active premarket trading Thursday, putting the on track to more than double in two days, after the cancer drug development company disclosed that it terminated the share purchase agreement with Lincoln Park Capital (LPC). Trading volume swelled to 18.9 million shares, enough to make the stock the second-most active ahead of the open, and well above the full-day average of about 4.6 million shares. The stock had run up 40.0% on 38.7 million shares on Wednesday, after closing Tuesday at 91 cents. The stock purchase agreement, which was originally announced in September 2020, called for Celsion to sell to LPC up to $26 million worth of shares over 36 months. Since that agreement was announced, Celsion had sold $2.2 million worth of its common stock to LPC. The stock has more than doubled (up 116.5%) over the past three months through Wednesday, while the S&P 500 has gained 12.1%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 21, 2021 08:47 ET (13:47 GMT)
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