BUY Celsion Corporation (CLSN) – last $3.24.; 11.11.09, 7:06 am.  CLSN is an oncology drug development company, develops and commercializes targeted chemotherapeutic oncology drugs based on its proprietary heat-activated liposomal technology. Its lead product includes ThermoDox, an oncology drug, which is a heat activated liposomal encapsulation of doxorubicin is in Phase III clinical trials for primary liver cancer and Phase II study for recurrent chest wall breast cancer. The company has a licensing agreement with Yakult Honsha to commercialize and market ThermoDox for the Japanese market; and a licensing agreement with Duke University to patent Duke?s thermo-liposome technology in the United States, and to future patents received by Duke in Canada, Europe, Japan, and Australia. It has a joint research agreement with Royal Phillips Electronics to evaluate the combination of Phillips’ high intensity focused ultrasound with Celsion’s heat activated liposomal technology to develop new cancer drugs. Celsion Corporation was founded in 1982 and is based in Columbia, Maryland. …   Celsion Corp’s third-quarter loss grew as the biotech pushes to complete the development of its cancer drug, ThermoDox.; reported a loss of $4.7 million, or 47 cents per share, in the quarter ended Sept. 30. That’s up from $4.3 million, or 43 cents per share, in the quarter a year ago. Through the first nine months of 2009 Celsion lost $12.9 million, or $1.27 cents per share. The company does not report revenue figures. CEO Michael H. Tardugno said in a statement Celsion continues to make progress toward completing enrollment for ThermoDox’s Phase III clinical trial. Nearly 200 patients are enrolled in the trial, one third of the company’s target. Tardugno expects to finish enrollment in the spring of 2010 and have 60 clinical sites activated by the end 2009. Celsion recently received regulatory approval to treat liver cancer patients in China, Malaysia and the Philippines and the first patient has already been treated in Japan, Tardugno said. In September, the company raised $7.1 million through an institutional stock sale. Celsion is a drug development company specializing in heat-based treatments for cancer and other diseases. JBT  believes this trial is built on encouraging Phase 1 data and is large enough to show a potential 33% improvement in PFS in HCC patients. Second, this trial has been granted SPA status and Orphan Drug Designation, decreasing the regulatory risk around ThermoDox. Third, RFA is rapidly becoming the standard of care for localized HCC, increasing the commercial potential of a RFA/ThermoDox combination. Fourth, they note a low technology value of $22 mln for this Phase 3 oncology company with the potential for ThermoDox peak sales of $500 mln/year and further partnerships in the US and ex-US territories. … Near term trading pattern suggests consolidation and early accumulation. SPM+Game Theory 68 LONG with EXIT POINT $6.05.