Celsion ( CLSN) Conducting a phase III study of Thermodox in primary liver cancer with an interim efficacy analysis expected in the fourth quarter. This interim analysis will determine whether the Thermodox study should continue to a final analysis, likely in the middle of 2012. The study could be stopped early if the interim analysis finds overwhelming evidence of a Thermodox benefit (a great outcome, obviously) or discontinuation of the study due to futility (a bad outcome.) The near-term clinical catalyst has caused volatility and trading volume in Celsion to increase. Year to date performance: +45% Performance since June 30: -10% Ayer Capital Management added a new 1.56 million-share position in Celsion during the second quarter. Deerfield Capital Management is also a new owner of Celsion, picking up 358,000 shares.