DELCATH ANNOUNCES EXTENSION TO REGAIN COMPLIANCE WITH NASDAQ'S MINIMUM BID PRICE RULE
December 13 2013 - 6:31AM
Company Intends
to Hold a Special Shareholder Meeting to Authorize Reverse Stock
Split
New York, NY
- December 13, 2013 - Delcath Systems, Inc. (NASDAQ: DCTH)
today reported that NASDAQ granted the Company an additional 180
calendar day period, or until June 9, 2014, to regain compliance
with the Minimum Bid Price Rule. To do so, the bid price of the
Company's common stock must close at or above $1.00 per share for a
minimum of ten consecutive trading days prior to that date.
NASDAQ's determination to grant
the additional 180 day period was based on the Company meeting the
continued listing requirement for market value of publicly held
shares and all other applicable requirements for initial listing on
the NASDAQ Capital Market, with the exception of the bid price
requirement, and the Company's written notice to NASDAQ of its
intention to cure the deficiency during the second compliance
period by effecting a reverse stock split, if necessary.
Additionally, the Company
announced that it has filed preliminary proxy materials requesting
stockholder approval for an amendment to the Company's Certificate
of Incorporation that would authorize the Board of Directors to
effect a reverse stock split of the Company's common stock, if
deemed necessary. A reverse stock split may enable the Company to
regain compliance with NASDAQ's $1.00 minimum bid price requirement
and maintain its listing on the NASDAQ Capital Market. As described
in the preliminary proxy materials, Delcath intends to hold a
special meeting of stockholders on Monday, February 24, 2014.
About
Delcath Systems
Delcath Systems, Inc. is a
specialty pharmaceutical and medical device company focused on
oncology. Our proprietary drug/device combination product, the
Delcath Hepatic Delivery System, is designed to administer high
dose chemotherapy and other therapeutic agents to the liver, while
controlling the systemic exposure of those agents. The Company's
initial focus is on the treatment of primary and metastatic liver
cancers. Outside of the United States, our proprietary product to
deliver and filter melphalan hydrochloride is marketed under the
trade name Delcath Hepatic CHEMOSAT® Delivery System for melphalan
hydrochloride. The Company obtained authorization to affix a CE
Mark for the Generation Two CHEMOSAT Delivery System for Melphalan
in April 2012. The right to affix the CE mark allows the Company to
market and sell the CHEMOSAT Delivery System for Melphalan in
Europe. The Delcath Hepatic Delivery System for Melphalan has not
been approved for sale in the United States by the United States
Food and Drug Administration. The Company has initiated plans
to investigate Melphalan Hydrochloride for Injection for use with
the Delcath Hepatic Delivery System for primary liver cancer.
Private
Securities Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements made by the Company or on its behalf.
This news release contains forward-looking statements, which are
subject to certain risks and uncertainties that can cause actual
results to differ materially from those described. Factors that may
cause such differences include, but are not limited to,
uncertainties relating to: stockholder approval of the proposed
reverse stock split and the Board of Directors implementation of
the same, the impact of the reverse stock split on the Company's
stock price and the desired effect of a reverse stock split to
regain compliance with the NASDAQ Marketplace Rules, the Company's
ability to regain compliance with the NASDAQ Marketplace Rules and
maintain its listing on the NASDAQ Capital market,
efficiencies and reduction in cash utilization achieved through
September 2013 staff reductions, the leadership transition
plan and its impact on the Company, the timing and results of
future clinical trials including without limitation the HCC trials,
clinical adoption, use and resulting sales, if any, for the
CHEMOSAT system to deliver and filter melphalan in Europe, our
ability to successfully commercialize the chemosaturation system
and the potential of the chemosaturation system as a treatment for
patients with primary and metastatic disease in the liver, our
ability to obtain reimbursement for the CHEMOSAT system in various
markets, the Company's ability to satisfy the requirements of
the FDA's Complete Response Letter and provide the same in a
timely manner, approval of the current or future chemosaturation
system for delivery and filtration of melphalan, doxorubicin or
other chemotherapeutic agents for various indications in the US
and/or in foreign markets, actions by the FDA or other foreign
regulatory agencies, our ability to successfully enter into
strategic partnership and distribution arrangements in foreign
markets and the timing and revenue, if any, of the same,
uncertainties relating to the timing and results of research and
development projects,, and uncertainties regarding our ability to
obtain financial and other resources for any research, development,
clinical trials and commercialization activities. These factors,
and others, are discussed from time to time in our filings with the
Securities and Exchange Commission. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date they are made. We undertake no obligation to publicly
update or revise these forward-looking statements to reflect events
or circumstances after the date they are made.
Contact Information: |
Investor Contact: |
Media Contact: |
Michael Polyviou/Patty Eisenhaur |
John Carter |
EVC Group |
EVC Group |
212-850-6020/951-316-0577 |
212-850-6021 |
|
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Delcath Systems, Inc via Globenewswire
HUG#1749769