Delcath Systems (OTC: DCTH) has completed a $20 million PIPE with certain accredited investors. According to the update, the placement consisted of a combined price of $1,000 per unit, each consisting of one preferred share initially convertible into 16,667 shares of common stock at an initial conversion price of $0.06 per share and a common stock purchase warrant. For five years from the date of the company’s anticipated reverse stock split, holders of each whole warrant are entitled to purchase one share of common stock at an initial exercise price of $0.06. ROTH Capital Partners acted as sole placement agent for the transaction.
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About Delcath System, Inc.
Delcath Systems, Inc. is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. Its 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 controlling systemic exposure and associated side effects. The company has been enrolling a global registration clinical trial for patients with Hepatic Dominant Ocular Melanoma (“OM”) called The FOCUS Trial and has 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, the company’s system is marketed under the trade name Delcath Hepatic CHEMOSAT® Delivery System for Melphalan (“CHEMOSAT”) and has been used at major medical centers to treat a wide range of cancers of the liver. Since January 2019, CHEMOSAT is marketed under an exclusive licensing agreement with medac, a privately held multi-national pharmaceutical company headquartered in Germany and specializing in the treatment and diagnosis of oncological, urological and autoimmune diseases. For more information, please visit http://Delcath.com.
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