----

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| ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE             |
|--------|---------------------------------------------------------------------|
|   | SECURITIES EXCHANGE ACT OF 1934                                     |
|   |                                                                |
|   | For the quarterly period ended September 30, 2009                   |
|   |                                                                |
|   | OR                                                                  |
|   |                                                                |
| o      | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE            |
|   | SECURITIES EXCHANGE ACT OF 1934                                     |
|   |                                                                |
|   | For the transition period from ________________ to ________________ |

| Delaware                                 |   | 52-1256615          |
|------------------------------------------|--------|---------------------|
| (State or other jurisdiction of          |   | (I.R.S. Employer    |
| incorporation or organization)           |   | Identification No.) |
|                                     |   |                |
| 10220-L Old Columbia Road                |   | 21076               |
| Columbia, Maryland                       |   |                |
| (Address of principal executive offices) |   | (Zip Code)          |

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TABLE OF CONTENTS

|     | PART I: FINANCIAL INFORMATION                                                               |    |
|----------|---------------------------------------------------------------------------------------------|---------|
|     |                                                                                        | Page(s) |
| Item 1.  | Financial Statements and Notes (Unaudited)                                                  | 3 - 14  |
|     | Balance Sheets                                                                              | 3       |
|     | Statements of Operations                                                                    | 4       |
|     | Statements of Cash Flows                                                                    | 5       |
|     | Notes to Financial Statements                                                               | 6 - 14  |
|     |                                                                                        |    |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 15 - 18 |
|     |                                                                                        |    |
| Item 3.  | Quantitative and Qualitative Disclosures about Market Risk                                  | 19      |
|     |                                                                                        |    |
| Item 4T. | Controls and Procedures                                                                     | 19      |
|     |                                                                                        |    |
|     | PART II: OTHER INFORMATION                                                                  |    |
|     |                                                                                        | Page(s) |
| Item 1.  | Legal Proceedings                                                                           | 20      |
| Item 1A. | Risk Factors                                                                                | 20 - 25 |
| Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 26      |
| Item 3.  | Defaults Upon Senior Securities                                                             | 26      |
| Item 4.  | Submission of Matters to a vote of Security Holders                                         | 26      |
| Item 5.  | Other Information                                                                           | 26      |
| Item 6.  | Exhibits                                                                                    | 27      |
|     |                                                                                        |    |
|     | SIGNATURES                                                                                  | 28      |
|     |                                                                                        |    |

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Table of Contents

FINANCIAL INFORMATION

CELSION CORPORATION

BALANCE SHEETS

| ASSETS                                                                                                                                                                                                                         |   | September 30, 2009 (Unaudited)                                               |   | December 31,  2008                           |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------|--------|--------------------------------------------------------|--------|
| Current assets                                                                                                                                                                                                                 |   |                                                                         |   |                                                   |   |
| Cash and cash equivalents                                                                                                                                                                                                      | $      |            12,098,472 | $      |     3,456,225                      |   |
| Short term investments available for sale                                                                                                                                                                                      |   | 4,204,126                                                                    |   |    4,061,320                            |   |
| Due from Boston Scientific Corporation                                                                                                                                                                                         |   | -                                                                            |   | 15,000,000                                             |   |
| Prepaid expenses and other receivables                                                                                                                                                                                         |   | 439,568                                                                      |   |       305,888            |   |
| Total current assets                                                                                                                                                                                                           |   | 16,742,166                                                                   |   |   22,823,433                                 |   |
|                                                                                                                                                                                                                           |   |                                                                         |   |                                                   |   |
| Property and equipment (at cost less accumulated depreciation of $837,701 and $771,624, respectively)                                                                                                                          |   |    204,674                                                    |   |     222,638                        |   |
|                                                                                                                                                                                                                           |   |                                                                         |   |                                                   |   |
| Other assets                                                                                                                                                                                                                   |   |                                                                         |   |                                                   |   |
| Deposits                                                                                                                                                                                                                       |   | 744,038                                                                      |   |   362,651                                    |   |
| Note receivable (net of allowance and discount of $1,128,821 at December 31, 2008)                                                                                                                                             |   |             -    |   |   221,179                                    |   |
| Other assets                                                                                                                                                                                                                   |   | 52,500                                                                       |   | 58,125                                                 |   |
| Total other assets                                                                                                                                                                                                             |   |      796,538                                        |   | 641,955                                                |   |
|                                                                                                                                                                                                                           |   |                                                                         |   |                                                   |   |
| Total assets                                                                                                                                                                                                                   | $      | 17,743,378                                                                   | $      |  23,688,026                                       |   |
|                                                                                                                                                                                                                           |   |                                                                         |   |                                                   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                                                           |   |                                                                         |   |                                                   |   |
| Current liabilities                                                                                                                                                                                                            |   |                                                                         |   |                                                   |   |
| Accounts payable - trade                                                                                                                                                                                                       | $      | 2,839,814                                                                    | $      |    1,186,511                            |   |
| Indemnity reserve                                                                                                                                                                                                              |   |       -                                        |   |     1,053,357                      |   |
| Other accrued liabilities                                                                                                                                                                                                      |   | 1,292,757                                                                    |   |     1,459,391                      |   |
| Note payable - current portion                                                                                                                                                                                                 |   |         -                            |   | 234,735                                                |   |
| Total current liabilities                                                                                                                                                                                                      |   | 4,132,571                                                                    |   |    3,933,994                            |   |
|                                                                                                                                                                                                                           |   |                                                                         |   |                                                   |   |
| Warrant liability                                                                                                                                                                                                              |   | 1,553,676                                                                    |   | -                                                      |   |
| Other liabilities – noncurrent                                                                                                                                                                                           |   |      18,893                                         |   |         27,643 |   |
| Total liabilities                                                                                                                                                                                                              |   | 5,705,140                                                                    |   |     3,961,637                      |   |
|                                                                                                                                                                                                                           |   |                                                                         |   |                                                   |   |
| Stockholders' equity                                                                                                                                                                                                           |   |                                                                         |   |                                                   |   |
| Common stock - $0.01 par value (75,000,000 and 250,000,000 shares authorized; 12,874,241 and 10,816,088 shares issued: 12,113,967 and 10,156,350 shares outstanding at September 30, 2009 and December 31, 2008, respectively) |   |    128,742                                                    |   | 108,161                                                |   |
| Additional paid-in capital                                                                                                                                                                                                     |   |  94,775,750                                                             |   | 89,183,549                                             |   |
| Accumulated deficit                                                                                                                                                                                                            |   | (79,789,584)                                                                 |   | (66,923,972)                                           |   |
| Subtotal                                                                                                                                                                                                                       |   | 15,114,908                                                                   |   | 22,367,738                                             |   |
| Less: Treasury stock , at cost (760,274 and 659,738 shares at September 30, 2009 and December 31, 2008, respectively)                                                                                                          |   |  (3,076,670)                                                            |   |   (2,641,349)                                |   |
| Total stockholders' equity                                                                                                                                                                                                     |   | 12,038,238                                                                   |   |  19,726,389                                       |   |
|                                                                                                                                                                                                                           |   |                                                                         |   |                                                   |   |
| Total liabilities and stockholders' equity                                                                                                                                                                                     | $      | 17,743,378                                                                   | $      |   23,688,026                                 |   |
|                                                                                                                                                                                                                           |   |                                                                         |   |                                                   |   |
|                                                                                                                                                                                                                           |   |                                                                         |   |                                                   |   |

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Table of Contents

CELSION CORPORATION

STATEMENTS OF OPERATIONS

|   |
|--------|

|                                                  |   | Three MonthsEnded September 30,                                   |   | Nine Months Ended September 30,                        |
|-------------------------------------------------------|--------|-------------------------------------------------------------------|--------|-------------------------------------------------------------|
|                                                  |   | 2009                                                              |   | 2008                                                        |   | 2009 |   | 2008 |
|  Operating expenses:                             |   |                                                              |   |                                                        |   |   |   |   |
| Research and development                              | $      | 3,503,064                                                         | $      | 3,839,951                                                   | $ | 10,675,506 | $ | 8,422,143 |
| General and administrative                            |   | 1,223,709                                                         |   | 509,794                                                     |   | 2,514,351 |   | 1,586,322 |
|  Total operating expenses                        |   | 4,726,773                                                         |   | 4,349,745                                                   |   | 13,189,857 |   | 10,008,465 |
|  Loss from operations                            |   |         (4,726,773)       |   |         (4,349,745) |   | (13,189,857) |   |         (10,008,465) |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |
|  Other income (expense):                         |   |                                                              |   |                                                        |   |   |   |   |
|  Other income (expense)                          |   |       (100)                         |   | (57,287)                                                    |   |       322,843 |   | (896,377) |
|  Interest income                                 |   |           9,619 |   |        81,419            |   |         36,490 |   |        185,543 |
|  Interest expense                                |   | -                                                                 |   |   (14,457)                                        |   |      (94,920) |   |  (132,778) |
| Total other income (expense), net                     |   | 9,519                                                             |   | 9,675                                                       |   | 264,413 |   |      (843,612) |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |
| Net loss before income taxes                          |   | (4,717,254)                                                       |   | (4,340,070)                                                 |   | (12,925,444) |   | (10,852,077) |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |
| Income taxes                                          |   | -                                                                 |   | -                                                           |   | - |   | - |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |
|  Net Loss                                        | $      |    (4,717,254)                                     | $      |    (4,340,070)                               | $ |    (12,925,444) | $ |  (10,852,077) |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |
| Basic and diluted net loss per common share           | $      |  (0.47)                                                      | $      |  (0.43)                                                | $ |  (1.27) | $ |  (1.07) |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |
| Basic and diluted weighted average shares outstanding |   | 10,117,750                                                        |   | 10,149,055                                                  |   | 10,166,360 |   | 10,146,339 |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |

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CELSION CORPORATION

|   |                                                        |                                                                                                                            |                                                                                                                            |                                                          |                                                     |
|--------|-------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|----------------------------------------------------------|
|   |                                                        |                                                                                                                            | Nine Months Ended                                                                                                               |
|   |                                                        |                                                                                                                            | September 30,                                                                                                                   |
|   |                                                        |                                                                                                                            | 2009                                                                                                                            |                                                          | 2008                                                     |
|   | Cash flows from operating activities                        |                                                                                                                            |                                                                                                                            |                                                          |                                                     |
|   | Net loss for the period                                     | $                                                                                                                               |  (12,925,444)                                                                                                              | $                                                             |    (10,852,077)                           |
|   | Non-cash items included in net loss:                        |                                                                                                                            |                                                                                                                            |                                                          |                                                     |
|   | Depreciation and amortization                               |                                                                                                                            |           66,077                                                              |                                                          | 90,038                                                   |
|   | Loss on disposal of assets                                  |                                                                                                                            |                      - |                                                          | 523                                                      |
|   | Accretion of discount on note receivable                    |                                                                                                                            |                      - |                                                          |         (21,319) |
|   | Amortization of indemnity reserve                           |                                                                                                                            |     (1,053,357)                                                                                             |                                                          |    (1,575,365)                            |
|   | Stock based compensation - options                          |                                                                                                                            |          675,011                                                                   |                                                          | 612,930                                                  |
|   | Stock based compensation - restricted stock                 |                                                                                                                            |          137,808                                                                   |                                                          | 66,717                                                   |
|   | Amortization of patent license fee                          |                                                                                                                            |              5,625                                             |                                                          | 5,625                                                    |
|   | Shares issued in exchange for services                      |                                                                                                                            |                      - |                                                          | 14,720                                                   |
|   | (Reversal of) provision for bad debts                       |                                                                                                                            | (214,142)                                                                                                                       |                                                          |        895,854        |
|   | Net changes in:                                             |                                                                                                                            |                                                                                                                            |                                                          |                                                     |
|   | Accounts receivable-trade                                   |                                                                                                                            |          -                                                                         |                                                          | 156,262                                                  |
|   | Due from Boston Scientific                                  |                                                                                                                            | 15,000,000                                                                                                                      |                                                          |    15,000,000                             |
|   | Prepaid expenses and other receivables                      |                                                                                                                            |        (133,680)                                                                             |                                                          | 115,805                                                  |
|   | Deposits and other assets                                   |                                                                                                                            | (381,387)                                                                                                                       |                                                          |   (219,134)                                    |
|   | Accounts payable                                            |                                                                                                                            |      1,653,303                                                                                         |                                                          |       606,711              |
|   | Income taxes payable                                        |                                                                                                                            |                    -             |                                                          |       (546,000)            |
|   | Other accrued liabilities                                   |                                                                                                                            |  (175,384)                                                                                                                 |                                                          |      (739,354)                  |
|   |  Net cash provided by operating activities             |                                                                                                                            | 2,654,430                                                                                                                       |                                                          | 3,611,936                                                |
|   |                                                        |                                                                                                                            |                                                                                                                            |                                                          |                                                     |
|   |  Cash flows from investing activities                  |                                                                                                                            |                                                                                                                            |                                                          |                                                     |
|   | Purchases of short-term investments                         |                                                                                                                            |   (5,422,723)                                                                                                         |                                                          | (11,687,638)                                             |
|   | Sales of short-term investments                             |                                                                                                                            | 5,339,749                                                                                                                       |                                                          |      6,515,226                  |
|   | Advances under Celsion Canada transition services agreement |                      - |                                                                                                                            |          (7,666) |
|   | Purchase of property and equipment                          |                                                                                                                            |          (48,113)                                                                  |                                                          |         (47,535) |
|   |  Net cash used in investing activities                 |                                                                                                                            | (131,087)                                                                                                                       |                                                          | (5,227,613)                                              |
|   |                                                        |                                                                                                                            |                                                                                                                            |                                                          |                                                     |
|   | Cash flows from financing activities                        |                                                                                                                            |                                                                                                                            |                                                          |                                                     |
|   | Net proceeds from equity offering                           |                                                                                                                            | 6,353,639                                                                                                                       |                                                          | -                                                        |
|   | Extension of warrants                                       |                                                                                                                            |                      - |                                                          | 400                                                      |
|   | Payments on note payable                                    |                                                                                                                            |        (234,735)                                                                             |                                                          |      (503,840)                  |
|   |  Net cash provided by (used in) financing activities   |                                                                                                                            | 6,118,904                                                                                                                       |                                                          |       (503,440)            |
|   |                                                        |                                                                                                                            |                                                                                                                            |                                                          |                                                     |
|   |  Net increase (decrease) in cash and cash equivalents  |                                                                                                                            |       8,642,247                                                                                   |                                                          |    (2,119,117)                            |
|   |  Cash and cash equivalents at beginning of period      |                                                                                                                            |       3,456,225                                                                                   |                                                          |      2,937,373                  |
|   |                                                        |                                                                                                                            |                                                                                                                            |                                                          |                                                     |
|   |  Cash and cash equivalents at end of period            | $                                                                                                                               | 12,098,472                                                                                                                      | $                                                             | 818,256                                                  |
|   |                                                        |                                                                                                                            |                                                                                                                            |                                                          |                                                     |
|   |  Cash paid for:                                        |                                                                                                                            |                                                                                                                            |                                                          |                                                     |
|   |  Interest                                              | $                                                                                                                               | 94,920                                                                                                                          | $                                                             | 45,882                                                   |
|   |                                                        |                                                                                                                            |                                                                                                                            |                                                          |                                                     |
|   |  Income taxes                                          | $                                                                                                                               | -                                                                                                                               | $                                                             | 546,000                                                  |

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CELSION CORPORATION

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|                                                   |   | September 30, |   | December 31,    |   |
|--------------------------------------------------------|--------|---------------|--------|-----------------|--------|
| Short term investments - at fair value                 |   | 2009          |   |  2008      |   |
|                                                   |   |          |   |            |   |
| Bonds - government agencies                            | $      | 309,957       | $      |  1,400,101 |   |
| Bonds - corporate issuances                            |   | 3,730,390     |   | 2,661,219       |   |
| Equity securities (see note 9)                         |   | 163,779       |   | -               |   |
|  Total short-term investments, available for sale | $      | 4,204,126     | $      | 4,061,320       |   |

|   |
|--------|
|   |

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|                                                            |   | TotalShort-termInvestments |   | Quotedprices in activemarkets foridentical assets(Level 1) |   |
|-----------------------------------------------------------------|--------|----------------------------|--------|------------------------------------------------------------|--------|
|                                                            |   |                       |   |                                                       |   |
| Short term investments available for sale at September 30, 2009 | $      | 4,204,126                  | $      |    4,204,126                                |   |
|                                                            |   |                       |   |                                                       |   |
| Short term investments available for sale at December 31, 2008  | $      | 4,061,320                  | $      | 4,061,320                                                  |   |
|                                                            |   |                       |   |                                                       |   |

|                                 |   | September 30,  2009 |   | December 31, 2008 |
|--------------------------------------|--------|-------------------------------|--------|-------------------|
|                                 |   | Cost                          |   | FairValue         |   | Cost |   | FairValue |
| Short term investments               |   |                          |   |              |   |   |   |   |
| Bonds - government agencies          | $      | 309,957                       | $      | 309,957           | $ | 1,400,101 | $ | 1,400,101 |
| Bonds - corporate issuances          |   | 3,730,390                     |   | 3,730,390         |   | 2,661,219 |   | 2,661,219 |
| Subtotal bonds                       |   | 4,040,347                     |   | 4,040,347         |   | 4,061,320 |   | 4,061,320 |
| Equity securities (see note 9)       |   | 108,373                       |   | 163,779           |   | - |   | - |
| Total investments available for sale | $      | 4,148,720                     | $      | 4,204,126         | $ | 4,061,320 | $ | 4,061,320 |
|                                 |   |                          |   |              |   |   |   |   |
| Bond maturities                      |   |                          |   |              |   |   |   |   |
| Within 3 months                      | $      | 1,459,533                     | $      | 1,459,533         | $ | 2,962,978 | $ | 2,962,978 |
| Between 3-12 months                  |   | 2,165,944                     |   | 2,165,944         |   | 1,098,342 |   | 1,098,342 |
| Between 1-2 years                    |   | 414,870                       |   | 414,870           |   | - |   | - |
| Total investments available for sale | $      | 4,040,347                     | $      | 4,040,347         | $ | 4,061,320 | $ | 4,061,320 |
|                                 |   |                          |   |              |   |   |   |   |

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|                     | September 30,2009 |
|--------------------------|-------------------|
| Risk-free interest rate  | 2.75%             |
| Expected volatility      | 77.4%             |
| Expected life (in years) | 3.25              |
| Expected forfeiture rate | 0%                |
| Expected dividend yield  | 0.00%             |

|   | Employee Stock Options |
|--------|------------------------|

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|                     | Nine months ended September 30,2009  | Nine months ended September 30,2008   |
|--------------------------|-----------------------------------------------------|------------------------------------------------------|
| Risk-free interest rate  | 1.21% to 2.17%                                      | 2.18 to 3.54%                                        |
| Expected volatility      | 72.3% to 77.2%                                      | 77.28% to 79.24%                                     |
| Expected life (in years) | 2.7 to 6.25                                         | 5.5 to 6.0                                           |
| Expected forfeiture rate | 0% to 10%                                           | 0% to 10%                                            |
| Expected dividend yield  | 0.00%                                               | 0.00%                                                |

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|                                                                  |   | Stock Options  | Restricted Stock Awards             |                   |
|-----------------------------------------------------------------------|--------|----------------|-------------------------------------|------------------------|
| Equity Awards                                                         |   | OptionsAwarded | WeightedAverage Exercise Price | RestrictedStockAwarded | WeightedAverageGrant DateFair Value | WeightedAverageRemaining ContractualTerms of Equity Awards(in years) |
| Equity awards outstanding at December 31, 2008                        |   | 1,255,880      | $4.38                               | 89,500                 | $2.76 |   |
| Equity awards granted                                                 |   | 430,000        | $2.88                               | 60,600                 | $3.09 |   |
| Equity awards issued/exercised                                        |   | -              | -                                   | (15,000)               | $2.88 |   |
| Equity awards forfeited/cancelled/expired                             |   | (63,900)       | $4.77                               | (5,000)                | 3.39 |   |
| Equity awards outstanding at September 30, 2009                       |   | 1,621,980      | $3.97                               | 130,100                | $2.88 | 7.4 |
| Aggregate intrinsic value of outstanding awards at September 30, 2009 |   | $812,275       |                                | $456,651               |   |   |
| Equity awards exercisable September 30, 2009                          |   | 657,064        | $4.74                               | -                      | - | 7.0 |
| Aggregate intrinsic value of vested awards at September 30, 2009      |   | $251,350       |                                |                   |   |   |
|                                                                  |   |           |                                |                   |   |   |

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Item 2.                      Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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|                           |   | Three Months EndedSeptember 30,($ amounts in 000’s) |   | Increase (Decrease)                                     |
|--------------------------------|--------|-----------------------------------------------------------|--------|---------------------------------------------------------|
|                           |   | 2009                                                      |   | 2008                                                    |   | $ |   | % |
|  Operating expenses:      |   |                                                      |   |                                                    |   |   |   |   |
| Research and development       | $      | 3,503                                                     | $      | 3,840                                                   | $ | (337) |   | (9)% |
| General and administrative     |   | 1,224                                                     |   | 510                                                     |   | 714 |   | 140% |
|  Total operating expenses |   | 4,727                                                     | $      | 4,350                                                   |   | 377 |   | 9% |
|                           |   |                                                      |   |                                                    |   |   |   |   |
|  Loss from operations     | $      |        (4,727)         | $      |         (4,350) | $ | (377) |   | (9)% |
|                           |   |                                                      |   |                                                    |   |   |   |   |

|                           |   | Nine Months Ended September 30,($ amounts in 000’s) |   | Increase (Decrease)                          |
|--------------------------------|--------|----------------------------------------------------------------|--------|----------------------------------------------|
|                           |   | 2009                                                           |   | 2008                                         |   | $ |   | % |
|  Operating expenses:      |   |                                                           |   |                                         |   |   |   |   |
| Research and development       | $      | 10,676                                                         | $      | 8,422                                        | $ | 2,254 |   | 27% |
| General and administrative     |   | 2,514                                                          |   | 1,586                                        |   | 928 |   | 59% |
|  Total operating expenses |   | 13,190                                                         | $      | 10,008                                       |   | 3,182 |   | 32% |
|                           |   |                                                           |   |                                         |   |   |   |   |
|  Loss from operations     | $      |       (13,190)                   | $      |       (10,008) | $ | (3,182) |   | (32)% |
|                           |   |                                                           |   |                                         |   |   |   |   |

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Item 3.   Quantitative and Qualitative Disclosure about Market Risk.

Item 4.    Controls and Procedures

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Item 1.  Legal Proceedings

Item 1A. Risk Factors.

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Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.

Item 3.    Defaults Upon Senior Securities

Item 4.    Submission of Matters to a Vote of Security Holders.

Item 5.    Other Information

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Item 6.    Exhibits.

| 10.1   | Placement Agency Agreement dated September 25, 2009 among Celsion Corporation and Needham & Company, LLC., incorporated herein by reference to Exhibit 1.1 to the Current Report on Form 8-K of the Company, filed September 28, 2009.    |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                          |
| 10.2   | Form of Common Stock Warrant, incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K of the Company, filed September 28, 2009.                                                                                     |
|   |                                                                                                                                                                                                                                          |
| 10.3   | Form of Subscription Agreement, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed September 28, 2009.                                                                                  |
|   |                                                                                                                                                                                                                                          |
| 10.4   | Escrow Agreement by and between JPMorgan Chase Bank, N.A., Celsion Corporation, and Needham & Company, LLC., incorporated herein by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company, filed September 28, 2009. |
|   |                                                                                                                                                                                                                                          |
| 31.1   | Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith)                                                                         |
|   |                                                                                                                                                                                                                                          |
| 31.2   | Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith)                                                                         |
|   |                                                                                                                                                                                                                                          |
| 32.1   | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  (Furnished herewith)                                                                                       |
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Table of Contents

SIGNATURES

|   | By:       /s/ Michael H. Tardugno |
|--------|----------------------------------------------------------------------|

|   | Michael H. Tardugno |
|--------|---------------------|

|   | President and Chief Executive Officer |
|--------|---------------------------------------|

|   | By:       /s/ Sean Moran |
|--------|-------------------------------------------------------------|

|   |   | Sean Moran |
|--------|--------|------------|

|   |   | Senior Vice President & Chief Financial Officer |
|--------|--------|-----------------------------------------------------|

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Table of Contents

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