YORK, Nov. 9, 2022 /PRNewswire/
-- Delcath Systems, Inc. (Nasdaq: DCTH), announces that
the Company granted equity awards, previously approved by the
Company's Compensation Committee, as a material inducement to
employment to two individuals. The employees received a total of
40,000 shares of the Company's common stock, outside of the
Company's Amended and Restated 2020 Stock Incentive Plan ("Plan").
The options were issued upon the employee's grant date ("Grant
Date"), and all stock options included within the equity inducement
award have an exercise price equal to the closing price of Delcath
common stock on the Grant Date with ten-year terms. One-third of
the options will vest on the first anniversary of the Grant Date
with the remaining two-thirds of the options vesting in equal
monthly installments over the following twenty-four months.
The above-described awards were each granted in accordance with
NASDAQ Listing Rule 5635(c)(4), and were granted pursuant to the
terms of the Plan. The Plan was adopted by Delcath's Board of
Directors in October 2020 and has been amended and
restated from time to time.
About Delcath Systems,
Delcath Systems, Inc. is an interventional oncology company
focused on the treatment of primary and metastatic liver cancers.
The company's proprietary percutaneous hepatic perfusion (PHP)
system is designed to administer high-dose chemotherapy to the
liver while controlling systemic exposure and associated side
effects. In the United States, the
PHP system is being developed under the tradename HEPZATO KIT
(melphalan hydrochloride for injection/hepatic delivery system), or
HEPZATO, for the treatment of metastatic ocular melanoma (mOM),
also known as metastatic uveal melanoma (mUM) and is considered a
combination drug and device product regulated by the United States
Food and Drug Administration (FDA).
In Europe, the PHP system is
regulated as a Class III medical device and is approved for sale
under the trade name CHEMOSAT Hepatic Delivery System for
Melphalan, or CHEMOSAT, where it has been used at major medical
centers to treat a wide range of cancers of the liver.
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SOURCE Delcath Systems, Inc.