Delcath Systems (Nasdaq:DCTH) announced today that it entered into a securities purchase agreement worth approximately $5 million.
The New York-based interventional oncology company developing treatments for primary and metastatic cancers of the liver will issue and sell 690,954 shares of common stock at a price per share of $3.98.
In lieu of shares of common stock, the company will offer 566,761 pre-funded warrants to purchase common stock at $3.97 per warrant, with an exercise price of 1¢ per share of common stock. The warrants will be immediately exercisable and remain exercisable until exercised in full, according to a news release.
Delcath expects gross proceeds of approximately $5 million, with the intention of using the funds for working capital and other general corporate purposes. The company expects the offering to close on or about July 20.
BTIG analyst Marie Thibault wrote in a report that analysts were “pleased to see Delcath wa…