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Byline: William Patalon III
Feb. 20--Celsion Corp. yesterday received federal approval for a new microwave-based treatment for enlarged prostates, making it the Columbia company's first product to reach the commercial market.
Yesterday's approval by the Food and Drug Administration also triggers a $10 million payment from Boston Scientific Corp., the Natick, Mass.-based company that is Celsion's marketing partner. Boston Scientific, which has a strong urological products business, owns about 7 percent of Celsion's stock and signed on to market Prolieve in January 2003.
The payment would be welcome revenue for Celsion, which lost $13.27 million in…
Source: HighBeam Research, Columbia, Md.-Based Celsion Wins Approval for Prostate-Treatment...