NEWS RELEASE - For Immediate Release

Celsense, Inc. Completes Sale of Series C Shares

Pittsburgh, PA (November 2, 2010) —Celsense, Inc. announced that it has completed a sale of Series C Convertible Preferred Stock. Proceeds from the financing transaction totaled $1,744,000. Purchasers of the Series C included current stockholders, new individual investors, and the Pittsburgh Life Science Greenhouse.

“We are pleased to complete this transaction in a very challenging economic environment. The proceeds will permit the company to continue to move our lead product Cell Sense along the regulatory pathway toward clinical use in 2011,” said Charlie O’Hanlon, President and CEO of Celsense.

Separately, the company announced that it has been awarded $244,489 under section 48D of the Internal Revenue Code for a Qualifying Therapeutic Discovery Project (QTDP).  The QTDP program was created in the Patient Protection and Healthcare Affordability Act of 2010.

About Cell Sense—Cell Sense is a fluorocarbon tracer agent used to safely and efficiently label cells ex vivo without the use of transfection agents. Labeled cells are transplanted into the patient enabling researchers and clinicians to non-invasively track the administration and migration of therapeutic and/or diagnostic cells using 19F MRI or MRS. Applications include tracking cells in immunotherapy or regenerative medicine as well as diagnosis of inflammatory sites by tracking selected populations of immune cells. Using software developed by Celsense, investigators can quantify the number of labeled cells in a user-specified region of interest. It is expected that in vivo cellular imaging will routinely be used to provide a surrogate biomarker for certain cell therapy and drug trials.

About Celsense, Inc.—Celsense, Inc. is a Pittsburgh based biotechnology company offering products that enable the non-invasive imaging of cells in vivo using MRI.  Customers include leading pharmaceutical and biotechnology companies, and academic medical centers.  The mission of the company is to be the standard for cellular imaging in human health.

Contact Information:

Charlie O’Hanlon, President and CEO
Celsense, Inc.
(412) 263-2870