----

----

| ý |   |    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE  |
|--------|--------|----------------------------------------------------------------------------|
|   |   |     SECURITIES EXCHANGE ACT OF 1934                    |
|   |   |                                                                       |
|   |   | For the quarterly period ended June 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                |   |                                                                                |
| Columbia, Maryland                       |   | 21076                                                                               |
| (Address of principal executive offices) |   |              (Zip Code) |

----

----

----

TABLE OF CONTENTS

|     | PART I: FINANCIAL INFORMATION                                                               |    |
|----------|---------------------------------------------------------------------------------------------|---------|
|     |                                                                                        | Page(s) |
| Item 1.  | Financial Statements and Notes (Unaudited)                                                  | 3 - 13  |
|     | Balance Sheets                                                                              | 3       |
|     | Statements of Operations                                                                    | 4       |
|     | Statements of Cash Flows                                                                    | 5       |
|     | Notes to Financial Statements                                                               | 6 - 13  |
|     |                                                                                        |    |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 14      |
|     |                                                                                        |    |
| Item 3.  | Quantitative and Qualitative Disclosures about Market Risk                                  | 17      |
|     |                                                                                        |    |
| Item 4T. | Controls and Procedures                                                                     | 17      |
|     |                                                                                        |    |
|     | PART II: OTHER INFORMATION                                                                  |    |
|     |                                                                                        | Page(s) |
| Item 1.  | Legal Proceedings                                                                           | 18      |
| Item 1A. | Risk Factors                                                                                | 18 - 23 |
| Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 24      |
| Item 3.  | Defaults Upon Senior Securities                                                             | 24      |
| Item 4.  | Submission of Matters to a vote of Security Holders                                         | 24-25   |
| Item 5.  | Other Information                                                                           | 25      |
| Item 6.  | Exhibits                                                                                    | 26      |
|     |                                                                                        |    |
|     | SIGNATURES                                                                                  | 27      |
|     |                                                                                        |    |

----

Table of Contents

PART I

| ASSETS                                                                                                                                                                                                     |   | June 30, 2009 (Unaudited)                                                    |   | December 31,  2008                           |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------|--------|--------------------------------------------------------|--------|
| Current assets                                                                                                                                                                                             |   |                                                                         |   |                                                   |   |
| Cash and cash equivalents                                                                                                                                                                                  | $      |            12,114,783 | $      |     3,456,225                      |   |
| Short term investments available for sale                                                                                                                                                                  |   | 2,830,207                                                                    |   |    4,061,320                            |   |
| Due from Boston Scientific Corporation                                                                                                                                                                     |   | -                                                                            |   | 15,000,000                                             |   |
| Prepaid expenses and other receivables                                                                                                                                                                     |   | 148,156                                                                      |   |       305,888            |   |
| Total current assets                                                                                                                                                                                       |   | 15,093,146                                                                   |   |   22,823,433                                 |   |
|                                                                                                                                                                                                       |   |                                                                         |   |                                                   |   |
| Property and equipment (at cost less accumulated depreciation of $815,675 and $771,624, respectively)                                                                                                      |   |    226,700                                                    |   |     222,638                        |   |
|                                                                                                                                                                                                       |   |                                                                         |   |                                                   |   |
| Other assets                                                                                                                                                                                               |   |                                                                         |   |                                                   |   |
| Deposits                                                                                                                                                                                                   |   |       750,800                                  |   |   362,651                                    |   |
| Note receivable (net of allowance and discount of $1,128,821 at December 31, 2008)                                                                                                                         |   |           -                |   |   221,179                                    |   |
| Other assets                                                                                                                                                                                               |   | 162,649                                                                      |   | 58,125                                                 |   |
| Total other assets                                                                                                                                                                                         |   |      913,449                                        |   | 641,955                                                |   |
|                                                                                                                                                                                                       |   |                                                                         |   |                                                   |   |
| Total assets                                                                                                                                                                                               | $      | 16,233,295                                                                   | $      |  23,688,026                                       |   |
|                                                                                                                                                                                                       |   |                                                                         |   |                                                   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                                       |   |                                                                         |   |                                                   |   |
| Current liabilities                                                                                                                                                                                        |   |                                                                         |   |                                                   |   |
| Accounts payable - trade                                                                                                                                                                                   | $      | 3,139,094                                                                    | $      |    1,186,511                            |   |
| Indemnity reserve                                                                                                                                                                                          |   |       -                                        |   |     1,053,357                      |   |
| Other accrued liabilities                                                                                                                                                                                  |   | 1,435,046                                                                    |   |     1,459,391                      |   |
| Note payable - current portion                                                                                                                                                                             |   |         -                            |   | 234,735                                                |   |
| Total current liabilities                                                                                                                                                                                  |   | 4,574,140                                                                    |   |    3,933,994                            |   |
|                                                                                                                                                                                                       |   |                                                                         |   |                                                   |   |
| Other liabilities – noncurrent                                                                                                                                                                       |   |      21,809                                         |   |         27,643 |   |
| Total liabilities                                                                                                                                                                                          |   | 4,595,949                                                                    |   |     3,961,637                      |   |
|                                                                                                                                                                                                       |   |                                                                         |   |                                                   |   |
| Stockholders' equity                                                                                                                                                                                       |   |                                                                         |   |                                                   |   |
| Common stock - $0.01 par value (250,000,000 shares authorized; 10,856,088 and 10,816,088 shares issued: 10,095,814 and 10,156,350 shares outstanding at June 30, 2009 and December 31, 2008, respectively) |   |    108,561                                                    |   | 108,161                                                |   |
| Additional paid-in capital                                                                                                                                                                                 |   |  89,737,617                                                             |   | 89,183,549                                             |   |
| Accumulated deficit                                                                                                                                                                                        |   | (75,132,162)                                                                 |   | (66,923,972)                                           |   |
| Subtotal                                                                                                                                                                                                   |   | 14,714,016                                                                   |   | 22,367,738                                             |   |
| Less: Treasury stock, at cost (760,274 and 659,738 shares at June 30, 2009 and December 31, 2008, respectively)                                                                                            |   |  (3,076,670)                                                            |   |   (2,641,349)                                |   |
| Total stockholders' equity                                                                                                                                                                                 |   | 11,637,346                                                                   |   |  19,726,389                                       |   |
|                                                                                                                                                                                                       |   |                                                                         |   |                                                   |   |
| Total liabilities and stockholders' equity                                                                                                                                                                 | $      | 16,233,295                                                                   | $      |   23,688,026                                 |   |
|                                                                                                                                                                                                       |   |                                                                         |   |                                                   |   |
|                                                                                                                                                                                                       |   |                                                                         |   |                                                   |   |

----

Table of Contents

CELSION CORPORATION

|                                                  |   | Three MonthsEnded June 30,                                        |   | Six Months Ended June 30,                              |
|-------------------------------------------------------|--------|-------------------------------------------------------------------|--------|-------------------------------------------------------------|
|                                                  |   | 2009                                                              |   | 2008                                                        |   | 2009 |   | 2008 |
|  Operating expenses:                             |   |                                                              |   |                                                        |   |   |   |   |
| Research and development                              | $      | 4,229,715                                                         | $      | 1,615,082                                                   | $ | 7,172,442 | $ | 4,582,192 |
| General and administrative                            |   | 602,433                                                           |   | 580,910                                                     |   | 1,290,642 |   | 1,076,528 |
|  Total operating expenses                        |   | 4,832,148                                                         |   | 2,195,992                                                   |   | 8,463,084 |   | 5,658,720 |
|  Loss from operations                            |   |         (4,832,148)       |   |         (2,195,992) |   |         (8,463,084) |   |         (5,658,720) |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |
|  Other income (expense):                         |   |                                                              |   |                                                        |   |   |   |   |
|  Other income (expense)                          |   |       322,950                       |   | (158,825)                                                   |   |       322,943 |   | (839,091) |
|  Interest income                                 |   |           5,873 |   |        28,614            |   |         26,871 |   |        104,124 |
|  Interest expense                                |   |      (88,098)                            |   |   (103,963)                                       |   |      (94,920) |   |  (118,321) |
| Total other income (expense), net                     |   | 240,725                                                           |   | (234,174)                                                   |   | 254,894 |   |      (853,288) |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |
| Net loss before income taxes                          |   | (4,591,423)                                                       |   | (2,430,166)                                                 |   | (8,208,190) |   | (6,512,008) |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |
| Income taxes                                          |   | -                                                                 |   | -                                                           |   | - |   | - |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |
|  Net Loss                                        | $      |    (4,591,423)                                     | $      |    (2,430,166)                               | $ |    (8,208,190) | $ |  (6,512,008) |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |
| Basic and diluted net loss per common share           | $      |  (0.45)                                                      | $      |  (0.24)                                                | $ |  (0.81) | $ |  (0.64) |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |
| Basic and diluted weighted average shares outstanding |   | 10,196,295                                                        |   | 10,146,446                                                  |   | 10,193,596 |   | 10,144,944 |
|                                                  |   |                                                              |   |                                                        |   |   |   |   |

----

Table of Contents

CELSION CORPORATION

|                                                        |                                                                                                                            | Six Months Ended June 30,                                                                                                       |
|-------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|
|                                                        |                                                                                                                            |
|                                                        |                                                                                                                            | 2009                                                                                                                            |   | 2008 |
| Cash flows from operating activities                        |                                                                                                                            |                                                                                                                            |   |   |
| Net loss for the period                                     | $                                                                                                                               |  (8,208,190)                                                                                                               | $ |    (6,512,008) |
| Non-cash items included in net loss:                        |                                                                                                                            |                                                                                                                            |   |   |
| Depreciation and amortization                               |                                                                                                                            |           44,051                                                              |   | 62,695 |
| Loss on disposal of assets                                  |                                                                                                                            |                      - |   | 1,009 |
| Accretion of discount on note receivable                    |                                                                                                                            |                      - |   |         (21,319) |
| Amortization of indemnity reserve                           |                                                                                                                            |     (1,053,357)                                                                                             |   |    (1,053,357) |
| Stock based compensation - Options                          |                                                                                                                            |          448,768                                                                   |   | 493,401 |
| Stock based compensation - Restricted Stock                 |                                                                                                                            |          105,700                                                                   |   |           52,685 |
| Amortization of deferred license fee                        |                                                                                                                            |              3,750                                             |   | 3,750 |
| (Reversal of) provision for bad debts                       |                                                                                                                            | (322,416)                                                                                                                       |   |        840,213 |
| Net changes in:                                             |                                                                                                                            |                                                                                                                            |   |   |
| Accounts receivable-trade                                   |                                                                                                                            |          -                                                                         |   |         169,861 |
| Due from Boston Scientific                                  |                                                                                                                            | 15,000,000                                                                                                                      |   |    15,000,000 |
| Prepaid expenses and other receivables                      |                                                                                                                            |          157,732                                                                   |   | 11,790 |
| Deposits and other assets                                   |                                                                                                                            | (388,149)                                                                                                                       |   |   (498,621) |
| Accounts payable                                            |                                                                                                                            |      1,952,583                                                                                         |   |       (320,865) |
| Income taxes payable                                        |                                                                                                                            |                    -             |   |       (546,000) |
| Other accrued liabilities                                   |                                                                                                                            |  (30,179)                                                                                                                  |   |      (620,873) |
|  Net cash provided by operating activities             |                                                                                                                            | 7,710,293                                                                                                                       |   | 7,062,361 |
|                                                        |                                                                                                                            |                                                                                                                            |   |   |
|  Cash flows from investing activities                  |                                                                                                                            |                                                                                                                            |   |   |
| Purchases of short-term investments                         |                                                                                                                            |   (3,085,068)                                                                                                         |   | (11,612,438) |
| Sales of short-term investments                             |                                                                                                                            | 4,316,181                                                                                                                       |   |      3,001,597 |
| Advances under Celsion Canada transition services agreement |                      - |                                                                                                                            |          (9,377) |
| Purchase of property and equipment                          |                                                                                                                            |          (48,113)                                                                  |   |          (7,931) |
|  Net cash provided by (used in) investing activities   |                                                                                                                            | 1,183,000                                                                                                                       |   | (8,628,149) |
|                                                        |                                                                                                                            |                                                                                                                            |   |   |
| Cash flows from financing activities                        |                                                                                                                            |                                                                                                                            |   |   |
| Extension of warrants                                       |                                                                                                                            |                      - |   | 400 |
| Payments on note payable                                    |                                                                                                                            |        (234,735)                                                                             |   |      (333,383) |
|  Net cash used in financing activities                 |                                                                                                                            |        (234,735)                                                                             |   |       (332,983) |
|                                                        |                                                                                                                            |                                                                                                                            |   |   |
|  Net increase (decrease) in cash and cash equivalents  |                                                                                                                            |       8,658,558                                                                                   |   |    (1,898,771) |
|  Cash and cash equivalents at beginning of period      |                                                                                                                            |       3,456,225                                                                                   |   |      2,937,373 |
|                                                        |                                                                                                                            |                                                                                                                            |   |   |
|  Cash and cash equivalents at end of period            | $                                                                                                                               | 12,114,783                                                                                                                      | $ | 1,038,602 |
|                                                        |                                                                                                                            |                                                                                                                            |   |   |
|  Cash paid for:                                        |                                                                                                                            |                                                                                                                            |   |   |
|  Interest                                              | $                                                                                                                               | 94,920                                                                                                                          | $ | 36,349 |
|                                                        |                                                                                                                            |                                                                                                                            |   |   |
|  Income taxes                                          | $                                                                                                                               | -                                                                                                                               | $ | 546,000 |

----

Table of Contents

CELSION CORPORATION

----

Table of Contents

----

Table of Contents

|                                                   |   | June 30,2009 |   | December 31, 2008 |   |
|--------------------------------------------------------|--------|--------------|--------|-------------------|--------|
| Short term investments - at fair value                 |   |         |   |
|                                                   |   |         |   |              |   |
| Bonds - government agencies                            | $      | 309,718      | $      |  1,400,101   |   |
| Bonds - corporate issuances                            |   | 2,520,489    |   | 2,661,219         |   |
|  Total short-term investments, available for sale | $      | 2,830,207    | $      | 4,061,320         |   |

|                                                           |   | TotalShort-termInvestments |   | Quotedprices in activemarkets foridentical assets(Level 1) |   |
|----------------------------------------------------------------|--------|----------------------------|--------|------------------------------------------------------------|--------|
|                                                           |   |                       |   |                                                       |   |
| Short term investments available for sale at June 30, 2009     | $      | 2,830,207                  | $      |    2,830,207                                |   |
|                                                           |   |                       |   |                                                       |   |
| Short term investments available for sale at December 31, 2008 | $      | 4,061,320                  | $      | 4,061,320                                                  |   |
|                                                           |   |                       |   |                                                       |   |

----

Table of Contents

|                                 |   | June 30,  2009 |   | December 31, 2008 |
|--------------------------------------|--------|--------------------------|--------|-------------------|
|                                 |   | Cost                     |   | FairValue         |   | Cost |   | FairValue |
| Short term investments               |   |                     |   |              |   |   |   |   |
| Bonds - government agencies          | $      | 309,718                  | $      | 309,718           | $ | 2,661,219 | $ | 2,661,219 |
| Bonds - corporate issuances          |   | 2,520,489                |   | 2,520,489         |   | 1,400,101 |   | 1,400,101 |
| Total investments available for sale | $      | 2,830,207                | $      | 2,830,207         | $ | 4,061,320 | $ | 4,061,320 |
|                                 |   |                     |   |              |   |   |   |   |
| Maturities                           |   |                     |   |              |   |   |   |   |
| Within 3 months                      | $      | 1,054,447                | $      | 1,054,447         | $ | 2,962,978 | $ | 2,962,978 |
| Between 3-12 months                  |   | 1,775,760                |   | 1,775,760         |   | 1,098,342 |   | 1,098,342 |
| Between 1-2 years                    |   | -                        |   | -                 |   | - |   | - |
| Total investments available for sale | $      | 2,830,207                | $      | 2,830,207         | $ | 4,061,320 | $ | 4,061,320 |
|                                 |   |                     |   |              |   |   |   |   |

----

Table of Contents

|                     | Six months ended June 30,2009 | Six monthsended June 30,2008 |
|--------------------------|-----------------------------------------|-----------------------------------|
|                |
| Risk-free interest rate  | 1.21% to 2.17%                          | 2.18% to 2.81%                    |
| Expected volatility      | 72.3% to 77.2%                          | 281% to 283%                      |
| Expected life (in years) | 2.7 to 6.25                             | 6.0                               |
| Expected forfeiture rate | 0% to 10%                               | 0% to 10%                         |
| Expected dividend yield  | 0.00%                                   | 0.00%                             |

----

Table of Contents

| Equity Awards                                                    |  Stock Options                 | Restricted Stock Awards | WeightedAverageContractualTerms of Equity Awards(in years) |
|------------------------------------------------------------------|-------------------------------------|-------------------------|------------------------------------------------------------|
| OptionsAwarded                                                   | WeightedAverage Exercise Price | RestrictedStockAwarded  | WeightedAverageGrant DateFair Value                        |
| 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                        | (43,900)                            | $5.39                   | -                                                          | - |   |
| Equity awards outstanding at June 30, 2009                       | 1,641,980                           | $3.96                   | 135,100                                                    | $2.90 | 8.16 |
| Aggregate intrinsic value of outstanding awards at June 30, 2009 | $1,641,103                          |                    | 391,304                                                    |   |   |
| Equity awards exercisable June 30, 2009                          | 632,064                             | $4.68                   | -                                                          | - | 7.28 |
| Aggregate intrinsic value of vested awards at June 30, 2009      | $482,290                            |                    |                                                       |   |   |
|                                                             |                                |                    |                                                       |   |   |

----

Table of Contents

----

Table of Contents

----

Table of Contents

Item 2.

----

Table of Contents

|                           |   | Three Months EndedJune 30,($ amounts in 000’s) |   | Increase                                                |
|--------------------------------|--------|------------------------------------------------------|--------|---------------------------------------------------------|
|                           |   | 2009                                                 |   | 2008                                                    |   | $ |   | % |
|  Operating expenses:      |   |                                                 |   |                                                    |   |   |   |   |
| Research and development       | $      | 4,230                                                | $      | 1,615                                                   | $ | 2,615 |   | 162% |
| General and administrative     |   | 602                                                  |   | 581                                                     |   | 21 |   | 4 % |
|  Total operating expenses | $      | 4,832                                                | $      | 2,196                                                   | $ | 2,636 |   | 120% |
|                           |   |                                                 |   |                                                    |   |   |   |   |
|  Loss from operations     | $      |        (4,832)    | $      |         (2,196) | $ | 2,636 |   | 120% |
|                           |   |                                                 |   |                                                    |   |   |   |   |

|                           |   | Six Months Ended June 30,($ amounts in 000’s) |   | Increase                                                |
|--------------------------------|--------|----------------------------------------------------------|--------|---------------------------------------------------------|
|                           |   | 2009                                                     |   | 2008                                                    |   | $ |   | % |
|  Operating expenses:      |   |                                                     |   |                                                    |   |   |   |   |
| Research and development       | $      | 7,172                                                    | $      | 4,582                                                   | $ | 2,590 |   | 57% |
| General and administrative     |   | 1,291                                                    |   | 1,077                                                   |   | 214 |   | 20% |
|  Total operating expenses | $      | 8,463                                                    | $      | 5,659                                                   | $ | 2,804 |   | 50% |
|                           |   |                                                     |   |                                                    |   |   |   |   |
|  Loss from operations     | $      |         (8,463)  | $      |         (5,659) | $ | 2,804 |   | 50% |
|                           |   |                                                     |   |                                                    |   |   |   |   |

----

Table of Contents

----

Table of Contents

 

Item 4. 

----

Table of Contents

OTHER INFORMATION

Item 1.

Item 1A.

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

Item 2.

|                           |                                                                                                    |                                                                                        |                                                                                                                                                    |                                                                                                                                                                      |
|--------------------------------|---------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Period                         | Issuer Purchases of Equity Securities                                                                   |
|                           | TotalNumberof SharesPurchased                                                                      | AveragePricePaid perShare                                                              | Total Number ofShares Purchasedas Part of PubliclyAnnouncedPrograms                                                       | Maximum Numberof Shares Availablefor Purchase underPubliclyAnnounced Programs                                                               |
| April 1 – April 30, 2009 |               —   |             —   |                       —   |                          —   |
| May 1 – May 31, 2009     |               —   |             —   |                       —   |                          —   |
| June 1 – 30, 2009        | 100,536                                                                                       |             $4.33     |                       —   |                          —   |
| Total                          | 100,536                                                                                       |             $4.33     |                       —   |                          —   |

Item 3.

Item 4. 

| Nominee       |   | For       |   | Withheld |
|---------------|--------|-----------|--------|----------|
|          |   |      |   |     |
| Dr. Gary Pace |   | 7,106,627 |   | 546,904  |

----

Table of Contents

| Votes For                                                        7,426,673                  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Votes Against                                                      202,054                                 |
| Abstentions                                                           33,321 |

| Votes For                                                             7,547,323                                     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Votes Against                                                                 72,885            |
| Abstentions                                                                    33,321 |

Item 5.

----

Table of Contents

Item 6.

| 3.1.1  | Certificate of Incorporation of Celsion (the “Company”), as amended, incorporated herein by reference to Exhibit 3.1.1 to the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2004.                          |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                |
| 3.1.2  | Certificate of Designations of Series C Junior Participating Preferred Stock of Celsion Corporation, incorporated herein by reference to Exhibit 4.4 to the Form S-3 Registration Statement (File No. 333-100638), filed October 18, 2002. |
|   |                                                                                                                                                                                                                                                                |
| 3.1.3  | Certificate of Amendment of the Certificate of Incorporation effective and filed on February 27, 2006, incorporated herein by reference to Exhibit 3.3 to the Annual Report on Form 10-K of the Company for the year ended December 31, 2006.   |
|   |                                                                                                                                                                                                                                                                |
| 3.1.4  | Certificate of Amendment of the Certificate of Incorporation of the Company effective July 1, 2009. (Filed herewith).                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                |
| 10.1   | Asset Purchase Agreement, dated as of April 17, 2007, by and between Celsion Corporation and Boston Scientific Corporation, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed April 18, 2007.                |
|   |                                                                                                                                                                                                                                                                |
| 10.2   | First Amendment to the Asset Purchase Agreement, dated June 5, 2008, by and between Celsion Corporation and Boston Scientific Corporation. (Filed herewith).                                                                                                        |
|   |                                                                                                                                                                                                                                                                |
| 10.3   | Second Amendment to the Asset Purchase Agreement, dated June 2, 2009, by and between Celsion Corporation and Boston Scientific Corporation, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed June 2, 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).                                                                                                            |
|   |                                                                                                                                                                                                                                                                |

----

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

----