Delcath enters into $5M private placement

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…

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Delcath Systems ticks up despite missed Q1 projections

Delcath Systems (OTC:DCTH) shares ticked up slightly despite first-quarter results that missed the consensus forecast.

The New York-based company posted losses of -$6.7 million, or -$1.04 per share, on sales of $388,000 for the three months ended March 31, 2021, for a -33% bottom-line slide on sales growth of 32%.

Delcath’s EPS of -$1.04 came in 6¢ behind Wall Street, where analysts were looking for sales of $400,000.

“The recently released preliminary results from the Focus trial strongly indicates that Hepzato’s benefit-risk ratio is a significant improvement versus an earlier generation of Delcath’s proprietary percutaneous hepatic perfusion system,” Delcath CEO Gerard Michel said in a news release. “We look forward to continued progress in the balance of the year, as we prepare both to file an NDA in early 2022 and expand the development of Hepzato into additional areas of high unmet need.”

Delcath did not offer financial guidance …

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