Delcath Systems Announces Completion of Public Offering
19 November 2009 - 4:45AM
PR Newswire (US)
NEW YORK, Nov. 18 /PRNewswire-FirstCall/ -- Delcath Systems, Inc.
(NASDAQ: DCTH) announced today the closing of its public offering
of 9,775,000 shares of common stock priced to the public at $3.60
per share. The offering includes 1,275,000 shares sold upon
exercise by the underwriters of their over-allotment option to
purchase the additional shares. All of the shares in the offering
were sold by Delcath Systems. Total net proceeds to the Company
were $32.4 million. Delcath Systems plans to use the proceeds from
the offering for general corporate purposes including regulatory
approvals, commercialization of its products, clinical trials,
capital expenditures and working capital. With the completion of
this offering, Delcath Systems now has a total of 36,194,997 shares
of common stock outstanding. Cowen and Company, LLC acted as the
sole book-running manager on the offering. Canaccord Adams, Wedbush
PacGrow Life Sciences and Craig-Hallum Capital Group acted as
co-managers. About Delcath Systems, Inc. Delcath Systems, Inc. is
developing an innovative drug delivery device designed to treat
cancers of the liver. Delcath's drug delivery system provides
regional therapy by isolating the circulatory system of the liver
in order to directly deliver high doses of therapeutic agents,
while controlling the systemic exposure of those agents. The
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 our ability to successfully complete our
clinical trials and secure regulatory approval of our current or
future drug-delivery system and uncertainties regarding our ability
to obtain financial and other resources for any research,
development 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. DATASOURCE: Delcath
Systems, Inc. CONTACT: Investors, Doug Sherk, or Stacey Fisher,
+1-415-896-6820, or Media, Steve DiMattia, +1-646-201-5445, all of
EVC Group, for Delcath Systems, Inc. Web Site:
http://www.delcath.com/
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