Document:

<PAGE>
                                                                     EXHIBIT 4.4

THE SECURITIES REPRESENTED HEREBY AND ISSUABLE UPON EXERCISE THEREOF HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), OR UNDER THE SECURITIES LAWS OF ANY STATE. SUCH SECURITIES ARE SUBJECT TO
RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD
EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS,
PURSUANT TO REGISTRATION THEREUNDER OR EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE
FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER
OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS
IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

                               CELSION CORPORATION
           WARRANT TO PURCHASE UNITS CONSISTING OF ONE SHARE OF COMMON
                  STOCK AND ONE COMMON STOCK PURCHASE WARRANT

                           VOID AFTER JANUARY __, 2007

        1.      Warrant to Purchase Common Stock.

                1.1     Warrant to Purchase Shares. This warrant (this
"Warrant") certifies that for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Moors & Cabot, Inc. (the "Warrant
Holder") is entitled, effective as of January __, 2002, subject to the terms and
conditions of this Warrant, to purchase from Celsion Corporation, a Delaware
corporation (the "Company"), up to a total of ______________________________
(__________ ) units of the Company (the "Units") at a purchase price (the
"Exercise Price") of Sixty-Two and One Half Cents ($0.625) per Unit, at any time
prior to 5:00 p.m. prevailing Eastern time on January __, 2007 (the "Expiration
Date"). Each Unit will consist of one (1) share of the Company's common stock,
par value One Cent ($0.01) per share ("Share") and the right (the "Underlying
Warrant") to acquire one (1) Share ("Warrant Share") at a price of Sixty Cents
($0.60) per share (the "Underlying Warrant Exercise Price") prior to the
Expiration Date. . The Underlying Warrant must also be exercised, in whole or in
part, any time on or before the Expiration Date, subject to earlier call by the
Company as provided herein. Unless the context otherwise requires, the term
"Shares" shall mean and include the Common Stock of the Company and other
securities and property at any time receivable or issuable upon exercise of this
Warrant. The term "Warrant" as used herein, shall include this Warrant and any
warrants delivered in substitution or exchange therefor as provided herein.

                1.2     Adjustment of Exercise Price and Number of Shares. The
number and character of Units issuable upon exercise of this Warrant and the
Underlying Warrant (or any shares of stock or other securities or property at
the time receivable or issuable upon exercise of this Warrant and the Underlying
Warrant) and the Exercise Price therefor, are subject to adjustment upon
occurrence of the following events:

<PAGE>

                        (a)     Adjustment for Stock Splits, Stock Dividends,
Recapitalizations, etc. The Exercise Price of this Warrant and the number of
Units issuable upon exercise of this Warrant, as well as the Underlying Warrant
Exercise Price and the number of Shares issuable upon exercise of the Underlying
Warrant shall each be proportionally adjusted to reflect any stock dividend,
stock split, reverse stock split, combination of shares, reclassification,
recapitalization or other similar event altering the number of outstanding
shares of the Company's Common Stock.

                        (b)     Adjustment for Capital Reorganization,
Consolidation, Merger. If any capital reorganization of the capital stock of the
Company, or any consolidation or merger of the Company with or into another
corporation, or the sale of all or substantially all of the Company's assets to
another corporation shall be effected in such a way that holders of the
Company's Common Stock will be entitled to receive stock, securities or assets
with respect to or in exchange for the Company's Common Stock, then in each such
case the Warrant Holder, upon the exercise of this Warrant and the Underlying
Warrant at any time after the consummation of such capital reorganization,
consolidation, merger, or sale, shall be entitled to receive, in lieu of the
stock or other securities and property receivable upon the exercise of this
Warrant and the Underlying Warrant prior to such consummation, the stock or
other securities or property to which such Warrant Holder would have been
entitled upon such consummation if such Warrant Holder had exercised this
Warrant and the Underlying Warrant immediately prior to the consummation of such
capital reorganization, consolidation, merger, or sale, all subject to further
adjustment as provided in this Section 1.2; and in each such case, the terms of
this Warrant and the Underlying Warrant shall be applicable to the shares of
stock or other securities or property receivable upon the exercise of this
Warrant after such consummation.

        2.      Manner of Exercise.

                2.1     Warrant Exercise Agreement. This Warrant may be
exercised, in whole or in part, on any business day on or prior to the
Expiration Date, subject to earlier call by the Company as provided herein. To
exercise this Warrant, the Warrant Holder must surrender to the Company this
Warrant and deliver to the Company: (a) a duly executed exercise agreement in
the form attached hereto as Exhibit A, or in such other form as may be approved
by the Company from time to time (the "Warrant Exercise Agreement"); and (b)
payment in full of the Exercise Price for the number of Units to be purchased
upon exercise hereof. If someone other than the Warrant Holder exercises this
Warrant, then such person must submit to the Company each of the items set forth
in clauses (a) and (b) of the foregoing sentence and, in addition, must submit
(c) documentation acceptable to the Company that such person has the right to
exercise this Warrant and (d) if applicable, a spousal consent in the form
attached hereto as Exhibit B. Upon a partial exercise, this Warrant shall be
surrendered, and a new warrant of the same tenor for purchase of the number of
remaining Units not previously purchased shall be issued by the Company to the
Warrant Holder. This Warrant shall be deemed to have been exercised immediately
prior to the close of business on the date of its surrender of, if such date is
not a business day, then as of the close of business on the next succeeding
business day, for exercise as provided above, and the person entitled to receive
the Shares issuable upon such exercise shall be treated for all purposes as the
holder of record of such Shares as of the close of business on such deemed
exercise date.

                                      -2-
<PAGE>

                2.2     Limitations on Exercise. This Warrant may not be
exercised as to fewer than One Hundred (100) Units unless it is exercised as to
all Units as to which this Warrant is then exercisable.

                2.3     Payment. The Warrant Exercise Agreement shall be
accompanied by full payment of the Exercise Price for the Units being purchased,
in cash (by certified or cashier's check or wire transfer or other immediately
available funds.

                2.4     Tax Withholding. Prior to the issuance of the Units upon
exercise of this Warrant, the Warrant Holder must pay or provide for any
applicable federal or state withholding obligations of the Company.

                2.5     Issuance of Shares. Provided that the Warrant Exercise
Agreement, any other documentation required hereby and payment as required
hereby have been received by the Company as provided above, the Company shall
issue the Shares (adjusted as provided herein) pursuant to the Units purchased,
registered in the name of the Warrant Holder, the Warrant Holder's authorized
assignee, or the Warrant Holder's legal representative, and shall deliver one or
more certificates representing the Shares and the Underlying Warrant as the
Warrant Holder reasonably may request with the appropriate legends affixed
thereto.

        3.      Registration Rights. The Shares and the Warrant Shares will have
the registration rights as provided for in Section 4 of the Subscription
Agreement entered into between the Company and the Warrant Holder in connection
with the issuance and purchase of this Warrant (the "Subscription Agreement").

        4.      Redemption. The Company, at its sole discretion, may, at any
time and from time to time after January 31, 2002, redeem and cancel all or any
part of the outstanding Warrants upon the payment of consideration consisting of
One Cent ($0.01) for each share subject to a Warrant redeemed and cancelled;
provided, however, that any such redemptions and cancellations may be made by
the Company only upon thirty (30) calendar days' prior written notice (the
"Redemption Date" being the close of business on the thirtieth (30th) day
following the date the notice is deemed to be given to the Warrant Holder
pursuant to Section 9 hereof) and only if the closing sales price for a share of
the Company's Common Stock as reported on the American Stock Exchange or similar
national market has been equal to or greater than One Dollar and Fifty Cents
($1.50) for any period of at least ten (10) consecutive trading days commencing
on or after February 1, 2002; and provided further that the holder of any
Warrant subject to such redemption and cancellation may exercise such Warrant at
any time prior to the expiration of the thirty (30)-day notice period; and
provided further that the Company's right to redeem and cancel the Warrant shall
be suspended in the event the shelf registration statement required under
Section 4 of the Subscription Agreement is subject to a stop order or is
otherwise not in effect or if the Warrant Holder is advised under Section 4(c)
of the Subscription Agreement that the prospectus thereto contains a material
misstatement or omission during any portion of the thirty (30)-day notice
period, with such suspension to terminate and the Company's right to redeem and
cancel to be reinstated on the date following the date on which (i) a
registration statement covering the Shares and Warrant Shares is effective and
not subject to any stop order and (ii) the Company has delivered to the Warrant
Holder a prospectus covering the Shares and the Warrant Shares of such Warrant
Holder under Section 4(c) of the Subscription Agreement. The notice period shall
then be extended for a period equal to the number of days during the notice
period during which registration was not effective or the prospectus was not
available or contained a

                                      -3-
<PAGE>

material misstatement or omission. If less than all of the outstanding Warrants
are redeemed and cancelled, Warrants shall be redeemed and cancelled on a pro
rata basis.

        5.      Compliance with Laws and Regulations. The exercise of this
Warrant and the issuance and transfer of Units, Shares, the Underlying Warrants
and the Warrant Shares shall be subject to compliance by the Company and the
Warrant Holder with all applicable requirements of federal and state securities
laws and with all applicable requirements of any stock exchange and/or
over-the-counter market on which the Company's Common Stock may be listed at the
time of such issuance or transfer.

        6.      Transfer and Exchange. This Warrant and the rights hereunder may
not be transferred in whole or in part without the Company's prior written
consent, which consent shall not be unreasonably withheld, and may not be
transferred unless such transfer complies with all applicable securities laws.
If a transfer of all or part of this Warrant is permitted as provided in the
preceding sentence, then this Warrant and all rights hereunder may be
transferred, in whole or in part, on the books of the Company or its agent
maintained for such purpose at the principal office of the Company or its agent,
by the Warrant Holder hereof in person or by its duly authorized attorney, upon
surrender of this Warrant properly endorsed and upon payment of any necessary
transfer tax or other governmental charge imposed upon such transfer. Upon any
permitted partial transfer, the Company will issue and deliver to the Warrant
Holder a new Warrant or Warrants of like tenor with respect to the portion of
the Warrant not so transferred. Each taker and holder of this Warrant or any
portion hereof, by taking or holding the same, consents and agrees to be bound
by the terms, conditions, representations and warranties hereof, including the
registration provisions contained in Section 4 of the Subscription Agreement,
(and as a condition to any transfer of this Warrant the transferee shall execute
an agreement confirming the same), and, when this Warrant shall have been so
endorsed, the person in possession of this Warrant may be treated by the
Company, and all other persons dealing with this Warrant, as the absolute owner
hereof for any purpose and as the person entitled to exercise the rights
represented hereby, any notice to the contrary notwithstanding; provided,
however that until a transfer of this Warrant is duly registered on the books of
the Company or its agent, the Company may treat the Warrant Holder hereof as the
owner of this Warrant for all purposes.

        7.      Privileges of Stock Ownership. The Warrant Holder shall not have
any of the rights of a shareholder with respect to any Shares or Warrant Shares
until such time, if any, as the Warrant Holder exercises this Warrant or the
Underlying Warrant and pays the Exercise Price or the Underlying Warrant
Exercise Price in accordance with the terms hereof or of the Underlying Warrant,
as the case may be.

        8.      Entire Agreement. The Warrant Exercise Agreement is incorporated
herein by reference. This Warrant, the Warrant Exercise Agreement, and the
Subscription Agreement for the purposes and to the extent set forth herein,
constitute the entire agreement of the parties and supersede all prior
undertakings and agreements with respect to the subject matter hereof.

        9.      Notices. Any notice required to be given or delivered to the
Company under the terms of this Warrant shall be in writing and addressed to the
Secretary of the Company at its principal corporate offices. Any notice required
to be given or delivered to the Warrant Holder shall be in writing and addressed
to the Warrant Holder at the address indicated below or at such other address as
such party may designate in writing from time to time to the Company. All
notices shall be

                                      -4-
<PAGE>

deemed to have been given or delivered: upon personal delivery; five (5)
calendar days after deposit in the United States mail by certified or registered
mail (return receipt requested) with postage thereon prepaid; one (1) business
day after deposit for next business day delivery with any return receipt express
courier (prepaid); or one (1) business day after transmission by fax or
telecopier with confirmation of transmission thereof.

        10.     Successors and Assigns. This Warrant shall be binding upon and
inure to the benefit of the successors and assigns of the Company. Subject to
the restrictions on transfer set forth herein, this Warrant shall be binding
upon the Warrant Holder and the Warrant Holder's heirs, executors,
administrators, legal representatives, successors and assigns.

        11.     Governing Law. This Warrant shall be governed by and construed
in accordance with the laws of the State of Maryland as such laws are applied to
agreements between Maryland residents entered into and to be performed entirely
within Maryland.

        12.     Acceptance. The Warrant Holder has read and understands the
terms and provisions of this Warrant, and accepts this Warrant subject to all
the terms and conditions hereof. The Warrant Holder acknowledges that there may
be adverse tax consequences upon exercise of this Warrant or disposition of the
Shares and that the Warrant Holder should consult a tax adviser prior to such
exercise or disposition.

                            [Execution Page Follows]

                                      -5-
<PAGE>

        IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
by its __________ as of January __, 2002.

                            CELSION CORPORATION

                            Signed:
                                   -------------------------------------

                            Printed:
                                    ------------------------------------

                            Title:
                                  --------------------------------------

                            Address:
                            10220-I Old Columbia Road
                            Columbia, Maryland 21046-1785

                            MOORS & CABOT, INC.

                            Signed:
                                   -------------------------------------
                            Printed:
                                    ------------------------------------

                            Title:
                                  --------------------------------------
                            Address:
                            505 Sansome Street
                            San Francisco, CA 94111

                                      -6-
<PAGE>

                                    EXHIBIT A

                               CELSION CORPORATION
                           WARRANT EXERCISE AGREEMENT

CELSION CORPORATION
10220-I Old Columbia Road
Columbia, Maryland 21046-1785
Attention: Chief Financial Officer

        The Warrant Holder hereby elects to purchase the number of Units (as
defined in that certain Warrant dated as of the date set forth below (the
"Warrant"), the terms and conditions of which are hereby incorporated by
reference (please print):

Warrant Holder:
               -----------------------------------------------------------------
Social Security or Tax I.D. No.:
                                ------------------------------------------------
Address:
        ------------------------------------------------------------------------

--------------------------------------------------------------------------------
Warrant Date:
             -------------------------------------------------------------------
Date of Exercise:
                 ---------------------------------------------------------------
Exercise Price Per Unit:
                        --------------------------------------------------------
Number of Units Subject to Exercise and Purchase:
                                                 -------------------------------
Total Exercise Price:
                     -----------------------------------------------------------
Exact Name of Title to Units and Shares:
                                        ----------------------------------------

--------------------------------------------------------------------------------

        The Warrant Holder hereby delivers to the Company the Total Exercise
Price in cash, in the aggregate amount of $_______, receipt of which is
acknowledged by the Company.

                                      -7-
<PAGE>

        Tax Consequences. THE COMPANY IS UNDER NO OBLIGATION TO REPORT THE
EXERCISE OF THIS WARRANT TO THE INTERNAL REVENUE SERVICE OR ANY TAXING AUTHORITY
OF ANY STATE, LOCAL OR OTHER JURISDICTION. THE WARRANT HOLDER UNDERSTANDS THAT
HE, SHE OR IT MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF THE WARRANT
HOLDER'S PURCHASE OR DISPOSITION OF UNITS (INCLUDING THE SHARES, THE UNDERLYING
WARRANT OR THE WARRANT SHARES (EACH, AS DEFINED IN THE WARRANT)). THE WARRANT
HOLDER REPRESENTS THAT HE, SHE OR IT HAS CONSULTED WITH ANY TAX CONSULTANT(S)
THE WARRANT HOLDER DEEMS ADVISABLE IN CONNECTION WITH THE PURCHASE OR
DISPOSITION OF THE UNITS (INCLUDING THE SHARES, THE UNDERLYING WARRANT OR THE
WARRANT SHARES (EACH, AS DEFINED IN THE WARRANT)) AND THAT THE WARRANT HOLDER IS
NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE.

                                        ----------------------------------------
                                              Name of Warrant Holder

                                        ----------------------------------------
                                            Signature of Warrant Holder

                                        ----------------------------------------
                                                   Printed Name

                                        ----------------------------------------
                                                         Title

                                    EXHIBIT B

                                 SPOUSAL CONSENT

        The undersigned spouse of the Warrant Holder has read, understands, and
hereby approves the Warrant Exercise Agreement between the Warrant Holder and
the Company (the "Agreement"). In consideration of the Company's granting the
Warrant Holder the right to purchase the Shares as set forth in the Agreement,
the undersigned hereby agrees to be bound irrevocably by the Agreement and
further agrees that any community property interest shall similarly be bound by
the Agreement. The undersigned hereby appoints the Warrant Holder as his or her
attorney-in-fact with respect to any amendment or exercise of any rights under
the Agreement.

Date:
     -------------------------------        ------------------------------------
                                            Warrant Holder's Spouse

                                            Address:
                                                    ----------------------------

                                      -8-<PAGE>
                       GOLDPAC INVESTMENT PARTNERS LTD.

                                                              October 17, 2001

Celsion Corporation
102201 Old Columbia Road
Columbia MD USA 210411

Attention:     Dr.  Augustine Y.  Cheung
               President and Chief Executive Officer

     RE: CELSION CORPORATION--INTRODUCTION OF STRATEGIC HONG KONG INVESTORS

Dear Sir:

        We refer to the various discussions with you recently and propose to
act as an advisor to Celsion Corporation (the "COMPANY") in respect of the
introduction of strategic investors in Hong Kong (the "ENGAGEMENT") on the
terms and conditions set forth in this letter agreement (this "AGREEMENT").

1.      BACKGROUND INFORMATION

        Based on our various discussions, we understand the following:

               (A)    Tire Company is a research and development company
dedicated to commercializing medical treatment systems, for cancer and other
diseases using focused heat technology delivered by patented microwave
technology,

               (B)    The Company currently is seeking US$3 -US$5 million
through one or more private placements either within tire United States or
abroad to fund its further development and the commercialization of certain of
its products (collectively, the "FINANCING").

<PAGE>
                       GOLDPAC INVESTMENT PARTNERS LTD.

Celsion Corporation
October 17, 2001
Page 2

               (C)    The Company has retained Moors & Cabot, Inc. ("MOORS &
CABOT") to serve as lead placement agent with respect to effecting the
Financing with investors within the United States and, in consultation with
Moors & Cabot, has developed a package of information to be utilized in
connection with the Financing (the "PRIVATE PLACEMENT PACKAGE").

2.     SCOPE OF SERVICES

        Goldpac Investment Partners Ltd., a British Virgin Islands corporation
("GOLDPAC") shall act as an advisor to the Company with respect to potential
investment in the Financing by one or more investors in Hong Kong. In its role
as advisor, Goldpac will, at the request and subject to the control of the
Company, identify, on a "best efforts" basis, investors who are residents of
Hong Kong (or otherwise non-resident aliens in the United States) wit ling to
make an aggregate investment of up to US$ 1.5 million pursuant to the
Financing and facilitate meetings between such potential investors and Company
representatives. In addition, to the extent that the Company deems necessary
and appropriate and so directs Goldpac, Goldpac will arrange a road show in
Hong Kong for such potential investors. All activities of Goldpac will be
conducted outside of the United States and all investors identified or
contacted by Goldpac will be either individuals who are neither U.S. citizens,
nor resident aliens of the U.S. or who arc foreign (non-U.S.) corporations or
other entities not engaged in any U.S. trade or business ("PERMITTED
INVESTORS"). Anything to the contrary contained herein notwithstanding,
Celsion shall have the right, in its sole and absolute discretion, to reject
any proposed investment from any Permitted investor for any reason or for no
reason.

3.     FEE STRUCTURE

        As compensation for its services hereunder, Celsion shall compensate
Goldpac as follows:

       (A)    Upon the execution of this Agreement, the Company shall pay
              Goldpac US$20,000 as a non-accountable and non-refundable
              Advisory Fee;

       (B)    The Company shall pay to Goldpac an additional Success Fee, in
              U.S. dollars, in an amount equal to five percent (5%) of the
              purchase price of any securities of Celsion purchased by
              Permitted Investors introduced to the Company by Goldpac; and up
              to an additional two point five percent (2.5%) of the purchase
              price of any securities of Celsion purchased by Permitted
              Investors introduced to Celsion by third parties engaged by
              Goldpac.

                      Suite 630, 1090 West Pender Street
                        Vancouver, B.C. V6E 2N7 Canada
<PAGE>
                       GOLDPAC INVESTMENT PARTNERS LTD.

Celsion Corporation
October 17, 2001
Page 3

       (C)    As a retainer to ensure the availability of Goldpac personnel to
              perform the services contemplated hereby, the Company will grant
              to Goldpac common stock purchase warrants ("WARRANTS"),
              exercisable for a period of two (2) years from the date of the
              final closing of the Financing, at an exercise price of US$0.50
              per share.  Goldpac shall be entitled to receive one (1) Warrant
              to purchase one (1) share of the Company's Common Stock, par
              value $0.01 per share, for each 10 shares acquired in the
              Company by a Permitted Investor or Permitted Investors
              introduced to the Company by Goldpac pursuant hereto.  Goldpac
              will inform the Company in writing no later than the Termination
              Date (as defined below) of those Permitted Investors it has
              involved in substantial negotiations concerning the Financing
              pursuant hereto.  If the Company obtains financing from such
              named Permitted Investors on or before the First anniversary of
              the Termination Date, the Company will be obligated grant
              Goldpac Warrants in respect of such investment as provided
              above.

4.      TERM AND TERMINATION OF ENGAGEMENT

        (A)   Subject to Section 4(B) below, the Engagement will be for a
period o f three (3) months commencing with the date of this Agreement and
will be subject to extension or renewal upon mutual agreement by the parties.

        (B)   The Engagement may be terminated by the Company or by Goldpac at
any time, for any reason, upon written notice to that effect to Goldpac;
provided, however, that, Sections 3(A), 3(B), 7, 8 and 9 under this Agreement
shall survive any such termination and shall remain in full force and effect.

5.      RESPONSIBILITIES OF THE COMPANY

        In agreeing to the terms of this letter, the Company undertakes to:

        (A)    Bear and pay all of its own professional fees and out-of-pocket
               expenses, such as the fees of legal and other financial
               advisors and the expenses such as printing, translation,
               photocopying and issuance of press releases, if any;

        (B)    Provide Goldpac with, and allow Goldpac to disclose to
               potential Permitted Investors, the same information that the
               Company makes available to Moors &

                      Suite 630, 1090 West Pender Street
                        Vancouver, B.C. V6E 2N7 Canada

<PAGE>

                       GOLDPAC INVESTMENT PARTNERS LTD.

Celsion Corporation
October 17, 2001
Page 4

               Cabot including, without limitation, such number of copies of
               the Private Placement Package prepared in connection with the
               Financing as Goldpac reasonably may request; and

        (C)    Accept full responsibility for the accuracy of all information
               and facts provided by the Company to Goldpac pursuant to clause
               (B) above, and promptly notify Goldpac of any of any material
               events or developments relating to the Company's financial
               condition, business operation or prospects that have not been
               previously disclosed to Goldpac.

6.      REPRESENTATIONS AND WARRANTIES

        (A)    The Company hereby represents and warrants to Goldpac that, as
of the date hereof:

               (1)    The Company is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware. The
Company has all necessary corporate power and authority to own its assets and
to carry on its business as now being conducted and presently proposed to be
conducted. The Company is duly qualified to do business as a foreign
corporation and is in good standing in each jurisdiction in which its
ownership or leasing of assets, or the conduct of its business, makes such
qualification necessary, except where the failure to be so qualified or in
good standing would not have a material adverse effect on the Company.

               (2)    The Company has all necessary corporate power and
authority to execute, deliver and carry out the terms of this Agreement. All
corporate action on the part of the Company required for the lawful execution
and delivery of this Agreement has been taken. Upon execution and delivery,
this Agreement constitutes a valid and binding obligation of the Company,
enforceable in accordance with its terms, except as enforcement may be limited
by insolvency and similar laws affecting the enforcement of creditors' rights
generally and equitable; remedies, and except as the indemnity Provisions or
Section 7 this Agreement may be limited by law.

               (3)    Neither the execution and delivery of, nor the
consummation by the Company of any transaction or execution of any instrument
contemplated by, this Agreement, has constituted or resulted in, or will
constitute or result in, a material default under or breach or

                      Suite 630, 1090 West Pender Street
                        Vancouver, B.C. V6E 2N7 Canada

<PAGE>

                       GOLDPAC INVESTMENT PARTNERS LTD.

Celsion Corporation
October 17, 2001
Page 5

violation of any term or provision of the Company's Bylaws, Certificate of
Incorporation or of any or material contracts with third parties.

        (B)    Goldpac hereby represents and warrants to the Company that, as
of the date hereof:

               (1)    Goldpac is a corporation duly organized, validly
existing and in good standing under the laws of the British Virgin Islands.
Goldpac has all necessary corporate power and authority to own its assets and
to carry on its business as now being conducted and presently proposed to be
conducted. Goldpac is duly qualified to do business as a foreign corporation
and is in good standing in each jurisdiction in which its ownership or leasing
of assets, or the conduct of its business, makes such qualification necessary,
except where the failure to be so qualified or in good standing would not have
a material adverse effect on Goldpac.

               (2)    Goldpac has all necessary corporate power and authority
to execute, deliver and carry out the terms of this Agreement. All corporate
action on the part of Goldpac required for the lawful execution and delivery
of this Agreement has been taken. Upon execution and delivery, this Agreement
constitutes a valid and binding obligation of Goldpac, enforceable in
accordance with its terms, except as enforcement may be limited by insolvency
and similar laws affecting the enforcement of creditors' rights generally and
equitable remedies, and except as the indemnity provisions of Section 7 of
this Agreement may be limited by law.

               (3)    Neither the execution and delivery of, nor the
consummation by Goldpac of any transaction or execution of any instrument
contemplated by, this Agreement, has constituted or resulted in, or will
constitute or result in, a material default under or breach or violation of
any tern or provision of Goldpac's Bylaws, Certificate of Incorporation, other
constitutive documents, or material contracts with third parties, state or of
the laws of the United States or any jurisdiction thereof or of any non-U.S.,
jurisdiction or any rules or regulations thereunder. Without limiting the
generality of the foregoing, Goldpac acknowledges and agrees that it is
responsible for compliance with all securities laws, rules and regulations
applicable to it or to the Company or to the Company's securities by virtue of
this Agreement or any agreement with Permitted Investors entered into pursuant
to or in connection with this Agreement and Goldpac's activities pursuant
hereto and to the Engagement, such rules and regulations to include, without
limitation any registration requirements applicable to brokers, dealers,
finders, issuer's agents or others acting in a similar capacity.

7.      INDEMNIFICATION AND CONTRIBUTION

                      Suite 630, 1090 West Pender Street
                        Vancouver, B.C. V6E 2N7 Canada

<PAGE>

                       GOLDPAC INVESTMENT PARTNERS LTD.

Celsion Corporation
October 17, 2001
Page 6

        (A)    The Company will indemnify Goldpac and its officers, directors,
employees, authorized agents and representatives (collectively, "Goldpac
Representatives") against all claims, damages, liability and litigation
expenses (including Goldpac's reasonable attorney fees and expenses) arising
out of the Company's activities hereunder, except as provided in Section 7(B)
below and to the extent that any claims, damages, liability or expenses are
found in a final judgment by a court of competent jurisdiction to have
resulted from Goldpac's misconduct or negligence in performing the services
described above. The indemnity provisions contained in this Section 7(A) will
remain in full force and effect regardless of any termination of this
Agreement or the Engagement.

        (B)    Goldpac will indemnify the Company and its officers, directors,
employees, authorized agents and representatives (collectively, "Company
Representatives") against all claims, damages, liability rind litigation
expenses (including the Company's reasonable attorney fees and expenses)
arising out of Goldpac's activities hereunder including, without limitation,
(i) any untrue statement or alleged untrue statement of a material fact, made
either orally or in writing or any omission or alleged omission to state a
material fact by Goldpac or any Goldpac Representative in connection with this
Agreement or the Engagement, (ii) the failure of Goldpac to comply with any
laws of any jurisdiction applicable to it by virtue of its activities pursuant
this Agreement or the Engagement or (iii) any violation of any securities
laws, rules and regulations applicable to Goldpac, to the Company or to the
Company's securities by virtue of this Agreement or any agreement with any
Permitted Investor entered into pursuant to or in connection with this
Agreement. The indemnity provisions contained in this Section 7(B) will remain
in full force and effect regardless of any termination of this Agreement or
the Engagement.

        (C)    If for any reason the foregoing indemnity is unavailable to
        Goldpac and the Goldpac Representatives on the one hand, or to the
        Company and the Company Representatives on the other (each, an
        "Indemnified Person") or is insufficient to hold the Indemnified
        Person harmless, then the party required to provide indemnification
        hereunder (the "Indemnifying Person") shall contribute to the amount
        paid or payable to the Indemnified Person as a result of such claims,
        liability, loss or damage in such proportion as is appropriate to
        reflect not only the relative benefits received by the Indemnifying
        Person on the one hand and the Indemnified Person on the other, but
        also the relative fault of the Indemnifying Person on the one hand,
        and Indemnified Person on the other, that result in such losses,
        claims, damages or liability, as well as any relevant suitable
        considerations. The contribution provisions contained in this Section
        7(C) shall

                      Suite 630, 1090 West Pender Street
                        Vancouver, B.C. V6E 2N7 Canada

<PAGE>

                       GOLDPAC INVESTMENT PARTNERS LTD.

Celsion Corporation
October 17, 2001
Page 7

        remain in full force and effect regardless of the termination of this
        Agreement or the Engagement.

8.      CONFIDENTIALITY

        All information and documents received by Goldpac or Goldpac
Representatives shall be used by Goldpac solely for the purposes described in
this Agreement and in furtherance of the Engagement shall be held in the
strictest confidence, except for such information and documents that are
available to the general public through no act or omission of Goldpac or the
Goldpac Representatives or are required to be disclosed by applicable law.
With respect to disclosures required by law, prior to making any such
disclosure Goldpac will provide the Company with a written opinion of
Goldpac's counsel to the effect that such disclosure is required and will use
its best efforts to provide the Company with sufficient time to sock a
protective order or otherwise preserve the confidentiality of the subject
information. In all events, Goldpac shall disclose only such information as
its counsel advises it, in a written opinion, is legally required to be
disclosed. If the Engagement is terminated, Goldpac, upon written request of
the Company, shall return to the Company all documents concerning the Company
received by Goldpac or developed or created by Goldpac on the basis of or
containing information obtained from the Company, except for documents that
are or solely contain information then available to the general public through
no act of Goldpac or the Goldpac Representatives.

9.      GENERAL

        (A)    This Agreement shall be governed by the laws of the State of
Maryland governing contracts made axed to be performed in such state without
giving effect to the principles of conflicts of law.

        (B)    This Agreement shall be assignable by either party only upon
the prior written consent of the other party. Subject to the foregoing, this
Agreement shall be binding upon, and shall inure to the benefit of the parties
hereto and their respective representatives and permitted successors and
assignees.

        (C)    In the event that any one or more of the provisions contained
in this Agreement, or the application thereof to any person(s) or under any
circumstance(s), shall, for any reason, be found by a regulatory body or court
of competent jurisdiction to be invalid, illegal or unenforceable, such
regulatory body or court shall have the power, and hereby is directed, to
substitute for or limit such provision(s) in order as closely as possible to
effectuate the original

                      Suite 630, 1090 West Pender Street
                        Vancouver, B.C. V6E 2N7 Canada

<PAGE>

                       GOLDPAC INVESTMENT PARTNERS LTD.

Celsion Corporation
October 17, 2001
Page 8

intent of the parties with respect to such invalid, illegal or unenforceable
provision(s) and this Agreement generally and to so enforce such substituted
provision(s). Subject to the foregoing, the invalidity, illegality or
unenforceability of any one or more of the provisions contained herein shall
not affect the validity of any other provision of this Agreement.

        (D)    This Agreement represents the entire understanding of the
parties pertaining to the subject matter hereof and supersedes any and all
prior agreements, understandings, negotiations and discussions, whether
written or oral, between the parties with respect to such subject matter.

        (E)    No amendment, supplement, modification, waiver, termination,
rescission, discharge or cancellation of this Agreement or any provision
hereof shall be binding unless in writing and executed by each of the parties
hereto. No waiver of any provision hereof or any default hereunder shall I be
deemed to be, or shall constitute, a waiver of any other such provision or
default (whether or not similar) and no such. waiver shall constitute a
continuing waiver unless expressly so provided.

        (F)    Captions to and headings of the various provisions hereof are
solely .for the convenience of the parties, arc not a part of this agreement,
and shall nut be used for the interpretation of or determination of the
validity of this Agreement or any term or provision hereof.

        (G)    Notices or other communications required or contemplated hereby
or in connection herewith shall be deemed adequately given if in writing and
delivered in person or by recognized international courier for first possible
delivery or facsimile transmission (in the case of courier, notice to be
deemed received on the date following the date of delivery contracted for and
in the case of facsimile transmission on the date following confirmation of
successful transmission) or mailed by certified mail, postage prepaid and
return receipt requested (such notice to be deemed received on the earlier of
the date of actual receipt or the fifth (5th) business clay following
dispatch) as follows:

                      CELSION CORPORATION

                      Celsion Corporation
                      102201 Old Columbia Road
                      Columbia, MD USA 21046
                      Attention: Chief Financial Officer
                      Facsimile No.  (410) 290-5394

                      Suite 630, 1090 West Pender Street
                        Vancouver, B.C. V6E 2N7 Canada

<PAGE>

                       GOLDPAC INVESTMENT PARTNERS LTD.

Celsion Corporation
October 17, 2001
Page 9

                     GOLDPAC:

                     Goldpac Investment Partners Ltd.
                     Suite 630, 1090 West Pender Street
                     Vancouver, B.C. V6E 2N7 Canada
                     Attention: Mr. Joseph Tai
                     Facsimile No. 604 488 0868

or any other addresses of which either party shall notify the other party in
writing in accordance with the terms hereof.

        (G)    As the context requires, any term used herein in the singular
shall extend to and include the plural, any term used in the plural shall
extend to and include the singular and any term used in either gender or the
neuter shall extend to and include each gender or be neutral.

        (H)    This Agreement may be executed in counterparts, each of which
when so executed and delivered shall constitute an original, but all of such
counterparts taken together shall constitute one and the same instrument.

* * * * *

        We very much look forward to be of service to you and should be
grateful if you could signify your agreement and acceptance of the above terms
of Engagement by signing and returning the enclosed copy of this letter to us.
Should you have any queries or require any further explanation, please do not
hesitate to contact the undersigned at 604-483-8878.

Yours faithfully                          Agreed and accepted by:
For and on behalf of                      For and on behalf of
Goldpac Investment Partners Ltd.          Celsion Corporation

-----------------------                   --------------------------------
Joe Tai                                   Augustine Y. Cheung
Executive Director                        President and Chief Executive Officer

DC3/72194

                      Suite 630, 1090 West Pender Street
                        Vancouver, B.C. V6E 2N7 Canada

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00033-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00033-of-00352.parquet"}]]