Delcath Systems Closes $22.0 Million Public Offering of Common Stock
May 05 2020 - 4:05PM
Delcath Systems, Inc. (NASDAQ: DCTH), an interventional oncology
company focused on the treatment of rare primary and metastatic
cancers of the liver, today announced the closing of its previously
announced 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.
Delcath received gross proceeds of approximately $22.0 million
from the offering, before deducting the underwriting discount and
estimated offering expenses.
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. The final
prospectus has been filed with the Securities and Exchange
Commission and electronic copies 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: 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; 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 IR James Carbonara (646)-755-7412james@haydenir.com
Brett Maas (646) 536-7331brett@haydenir.com
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