Delcath Systems Announces Pricing of $22 Million Public Offering and Uplisting to the Nasdaq Capital Market
May 01 2020 - 10:17AM
Delcath Systems, Inc. (OTCQB:DCTH NASDAQ:DCTH), an
interventional oncology company focused on the treatment of rare
primary and metastatic cancers of the liver, today announced the
pricing of a $22 million underwritten public offering of 2.2
million shares of common stock (or common stock equivalents) and
Series F warrants to purchase up to 2.2 million shares of common
stock. Each share of common stock (or common stock
equivalent) is being sold with one Series F warrant to purchase one
share of common stock at a combined public offering price of $10.00
per share and related Series F warrant. The Series F warrants
will be immediately exercisable at a price of $10.00 per share and
will expire on the fifth anniversary of their issuance date.
The offering is expected to close on May 5, 2020, subject to the
satisfaction of customary closing conditions.
Delcath also announced that, in connection with the offering,
its common stock has been approved for listing on the Nasdaq
Capital Market and will begin trading on the Nasdaq Capital Market
under the symbol “DCTH” on May 1, 2020.
Delcath intends to use the net proceeds of the offering for
working capital and general corporate purposes, including the
continued development of Melphalan/HDS.
Roth Capital Partners acted as sole book-running manager for the
offering. Aegis Capital Corp. and Laidlaw & Company (UK) Ltd.
acted as co-lead managers for the offering.
A registration statement relating to the securities being sold
in this offering was filed with the Securities and Exchange
Commission (SEC) on January 13, 2020 and was declared effective on
April 30, 2020. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction. Copies of
the final prospectus will be filed with the Securities and Exchange
Commission and, when available, electronic copies of the final
prospectus may be obtained by contacting Roth Capital Partners,
LLC, 888 San Clemente, Newport Beach, CA 92660, Attention:
Prospectus Department, by at (800) 678-9147, or by accessing the
SEC’s website, www.sec.gov.
About Delcath System, Inc.
Delcath Systems, Inc. is an interventional oncology company
focused on the treatment of primary and metastatic liver cancers.
Our investigational product – Melphalan Hydrochloride for Injection
for use with the Delcath Hepatic Delivery System (Melphalan/HDS) –
is designed to administer high-dose chemotherapy to the liver while
minimizing systemic exposure and associated side effects. In
addition to the FOCUS Trial, we have initiated a global Phase 3
clinical trial for intrahepatic cholangiocarcinoma (ICC) called The
ALIGN Trial. Melphalan/HDS has not been approved by the U.S. Food
& Drug Administration (FDA) for sale in the U.S. In Europe, our
system is marketed under the trade name Delcath Hepatic CHEMOSAT®
Delivery System for Melphalan (CHEMOSAT) and has been CE Marked and
used at major medical centers to treat a wide range of cancers of
the liver. CHEMOSAT is being marketed under an exclusive licensing
agreement with medac GmbH, a privately held multi-national
pharmaceutical company headquartered in Germany that specializes in
the treatment and diagnosis of oncological, urological and
autoimmune diseases.
Safe Harbor / Forward-Looking Statements
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: market conditions, the completion
of the offering, the risk that the offering will not be
consummated, the satisfaction of customary closing conditions
related to the offering and the intended use of net proceeds from
the offering; the timing and results of the Company’s clinical
trials, including without limitation the OM and ICC clinical trial
programs, and timely enrollment and treatment of patients in the
global Phase 3 OM and ICC clinical trials and the impact of the
Covid-19 pandemic on such trials; IRB or ethics committee clearance
of the Phase 3 OM and ICC Registration trial protocols
from participating sites and the timing of site activation and
subject enrollment in each trial; the impact of the presentations
at major medical conferences and future clinical results consistent
with the data presented; approval of Individual Funding Requests
for reimbursement of the CHEMOSAT procedure; the impact, if any of
ZE reimbursement on potential CHEMOSAT product use and sales in
Germany; clinical adoption, use and resulting sales, if any, for
the CHEMOSAT system to deliver and filter melphalan in Europe
including the key markets of Germany and the UK; the Company’s
ability to successfully commercialize the Melphalan HDS/CHEMOSAT
system and the potential of the Melphalan HDS/CHEMOSAT 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; approval of the current or future Melphalan
HDS/CHEMOSAT system for delivery and filtration of melphalan or
other chemotherapeutic agents for various indications in the U.S.
and/or in foreign markets; actions by the FDA or other foreign
regulatory agencies; the Company’s 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 the Company’s
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: Delcath Investor Relations
Email: investorrelations@delcath.com
Hayden IRJames Carbonara (646)-755-7412
james@haydenir.com
Brett Maas (646) 536-7331
brett@haydenir.com
Delcath Systems (NASDAQ:DCTH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Delcath Systems (NASDAQ:DCTH)
Historical Stock Chart
From Apr 2023 to Apr 2024