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Delcath Systems Inc To Raise Approximately $7.5 Million

Wednesday, 23 Oct 2013 08:47am EDT 

Delcath Systems Inc announced that it is raising approximately $7.5 million in gross proceeds in an offering of 20,960,000 shares of its common stock and warrants to purchase up to 9,432,000 shares of common stock at a combined price to the public of $0.36 per share and related warrant. The warrants are exercisable beginning on the date six months after the date of issuance at an exercise price of $0.44 per share and will expire, unless exercised, on the fifth anniversary of the date of issuance. The net proceeds from the sale of the shares and the related warrants, after deducting the placement agent fees and other estimated offering expenses payable by Delcath, will be approximately $6.8 million, which does not include any potential proceeds from the cash exercise of any warrants. Delcath intends to use the net proceeds from this offering (including any resulting from the exercise of the warrants, if any) for general corporate purposes, including, but not limited to, funding of its clinical trials, commercialization of its products, obtaining regulatory approvals, research, capital expenditures and working capital. Roth Capital Partners, LLC, served as sole placement agent. The offering is expected to close on October 28, 2013, subject to customary closing conditions. 

Company Quote

0.17 +8.02%
4:00pm EDT