Medical R&D firm Celsion said that Augustine Cheung, Ph.D., its founder, former CEO, and current chief scientific officer, has resigned his position with the Columbia, MD-based company and has acquired 100% of the outstanding shares of Celsion (Canada) Limited.
Celsion Canada holds the license to the company's adaptive phased-array (APA) technology, which focuses microwaves directly on cancerous cells in order to ablate them with targeted heat.
Cheung agreed to purchase the shares of Celsion Canada for $1.5 million (U.S.), and has committed Celsion Canada to payment of a royalty of up to an additional $18.5 million on future sales of products developed on the APA technology platform, the company said.
Cheung plans to further develop the APA technology for the treatment of breast cancer.
By AuntMinnie.com staff writers
January 17, 2006
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Celsion receives CPT code, July 24, 2003
Celsion applies for phase II trials of breast cancer ablation system, November 10, 2002
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