Rodman & Renshaw Maintains Outperform on Celsion

Rodman & Renshaw has published a research report on Celsion Corporation CLSN after the company received positive scientific advice on its ongoing Phase 3 HEAT trial. In the report, Rodman & Renshaw writes, "Yesterday, Celsion announced that the company received positive scientific advice stating that the ongoing global Phase 3 HEAT trial evaluating Thermodox in combination with Radiofrequency ablation (RFA) would be acceptable to the European agency for approval in Europe. After speaking with management, we ascertained that discussions which began approximately 9 months ago have affirmed that not only will the ongoing HEAT trial serve as a basis for filing in the EU, but also that progression free survival, the primary endpoint of the study, is an acceptable endpoint if statistically significant and clinically robust. With final results expected in 4Q12, we believe a European filing could occur as early as 1H13, with the potential to be on the market in 2014." Rodman & Renshaw maintains its Market Outperform rating and $6 price target on Celsion, which is currently trading down $0.05 from yesterday's $1.81 closing price.