Imunon (IMNN) 8-K Celsion Corporation Reports First Quarter 2007 Results

Exhibit 99.1

For Further Information Contact:
Tony Deasey	General Info: Marilynn Meek
Celsion Corporation	Financial Relations Board
410.290.5390	212-827-3773
tony@celsion.com	mmeek@financialrelationsboard.com
	Investor Info: Susan Garland
	212-827-3775
	sgarland@financialrelationsboard.com

CELSION CORPORATION REPORTS FIRST QUARTER 2007 RESULTS

Celsion reports 25% sales increase.

Columbia, MD – MAY 11, 2007: CELSION CORPORATION (AMEX: CLN)today announced financial results for its first quarter ended March 31, 2007. The Company reported revenue of $2.9 million for the quarter, compared to $2.4 million for the first quarter of 2006.

The Company recorded a net loss for the first quarter of $2.4 million or $0.22 per share compared to a net loss of $3.0 or $0.27 per share for the first quarter of 2006, excluding of a gain of $1.1 million arising from the sale of its subsidiary, Celsion (Canada) Limited in January 2006. Including this gain the net loss for the first quarter of 2006 was $1.8 million or $0.17 per share. The reduced loss was primarily the result of higher gross margin due to transfer of production of disposable kits to a new lower cost supplier.

Michael H. Tardugno, Celsion’s President and Chief Executive Officer, commented, “Prolieve revenues in the first quarter, while reflecting a cyclical reduction relative to the fourth quarter of 2006,continue to show strong, 25%, growth compared to the first quarter of 2006. Our gross margin also improved from 25.2% in the first quarter of 2006 to 47.4% in the first quarter of 2007. This continued market growth and gross profit improvement were largely instrumental in Boston Scientific’s decision to exercise its option to purchase the Prolieve assets.”

About Celsion:Celsion is dedicated to the development and commercialization of oncology drugs including tumor-targeting treatments using focused heat energy in combination with heat activated drug delivery systems.

Celsion has research, license or commercialization agreements with leading institutions such as the National Institutes of Health, Duke University Medical Center, University of Hong Kong, Cleveland Clinic, North Shore Long Island Jewish Health System.

Celsion has also developed a microwave based system, the Prolieve Thermodilatation^® system, for the treatment of benign prostatic hyperplasia which is marketed in the United States under an exclusive distribution agreement with Boston Scientific Corporation. For more information on Celsion, visit our website:http://www.celsion.com.

Celsion wishes to inform readers that forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, unforeseen changes in the course of research and development activities and in clinical trials by others; possible acquisitions of other technologies, assets or businesses; possible actions by customers, suppliers, competitors, regulatory authorities; and other risks detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.

Celsion Corporation

Statements of Operations

(in thousands, except per share amounts)

	Three Months Ended March 31,
	2006			2007
	(Unaudited)			(Unaudited)
Revenues	$	2,346		$	2,923
Cost of Sales		1,754			1.536
Gross Margin		592			1,387
Operating Expenses
Research & development		2,482			2,426
General and administrative		1,128			1,294
Total Operating Expenses		3,610			3,720
Loss from Operations		(3,018	)		(2,333	)
Other Income/(Expense)
License fee amortization		143			143
Interest income (expense), net		(46	)		(168	)
Loss from investment in Celsion China Ltd.		(10	)		—
Other		1,147			—
Net loss before income taxes		(1,784	)		(2,358	)
Income taxes		—			—
Net loss	$	(1,784	)	$	(2,358	)
Net loss per common share (basic and diluted)	$	(0.17	)	$	(0.22	)
Weighted average shares outstanding		10,732			10,747

Celsion Corporation

Consolidated Condensed Balance Sheets

(in thousands)

	December 31, 2006			March 31, 2007
	��			(Unaudited)
ASSETS
Current assets
Cash, cash equivalents and short term investments	$	9,033		$	7,552
Accounts receivable		1,904			1,139
Inventory		2,831			2,900
Prepaid expenses		430			423
Escrow account—license fee		1,825			—
Total current assets		16,023			12,014
Property and equipment, net		515			478
Loan Receivable		583			601
Note receivable		1,082			1,120
Other assets		727			2,435
Total assets	$	18,930		$	16,648
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses	$	3,437		$	3,110
Deferred income		571			571
Total current liabilities		4,008			3,681
Loans Payable—Principal		15,000			15,000
Loans Payable—Interest		1,278			1,625
Deferred revenue		1,809			1,667
Other liabilities		36			35
Total liabilities		22,131			22,008
Stockholders’ equity
Common stock		107			108
Additional paid-in capital		87,179			87,377
Accumulated deficit		(90,487	)		(92,845	)
Total stockholders’ equity		(3,201	)		(5,360	)
Total liabilities and stockholders’ equity	$	18,930		$	16,648