Delcath Systems, Inc. Prices $30.6 Million Stock Offering
13 November 2009 - 1:18AM
PR Newswire (US)
NEW YORK, Nov. 12 /PRNewswire-FirstCall/ -- Delcath Systems, Inc.
(NASDAQ: DCTH) announced today that it has priced its public
offering of 8.5 million shares of its common stock at $3.60 per
share, or $30.6 million, pursuant to an underwriting agreement
dated November 12, 2009. In addition, the Company has granted the
underwriters of the offering an option to purchase up to 15% of
additional shares of primary stock to cover over-allotments. The
offering is expected to close on November 18, 2009, subject to
customary closing conditions. Delcath plans to use the proceeds
from the offering for general corporate purposes including
regulatory approval, commercialization, clinical trials, capital
expenditures and working capital. Cowen and Company, LLC is acting
as the sole book-running manager on the offering. Canaccord Adams,
Wedbush PacGrow Life Sciences and Craig-Hallum Capital Group are
acting as co-managers. Delcath has filed a registration statement,
as well as a prospectus supplement and an accompanying prospectus,
with the Securities and Exchange Commission (SEC) in connection
with the offering. The prospectus supplement may be obtained by
eligible investors from their Cowen and Company, LLC sales
representative, or from the offices of Cowen and Company, LLC c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY, 11717, Attn: Prospectus Department. Phone (631) 274-2806 / Fax
(631) 254-7140. Before investing, consider the prospectus
supplement and accompanying prospectus, the registration statement,
and the other documents that the Company has filed with the
Securities and Exchange Commission for more complete information
about Delcath and this offering. Investors may also obtain these
documents for free by visiting the SEC's website at
http://www.sec.gov/. This press release shall not constitute an
offer to sell, or a solicitation of an offer to buy, nor shall
there be any sale of these securities in any state or jurisdiction
in which such an offer, solicitation, or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction. 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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