Delcath Systems (NSDQ:DCTH) said today that shareholders approved a bid to increase the company’s authorized shares of common stock from 500,000,000 to 1,000,000,000.
The New York-based oncology group also voted to effect a reverse stock split of Delcath’s common stock at a range of 1-for-100 to 1-for-500. The board of directors have until April 6, 2019 to decide whether or not to implement the reverse split.
Delcath is developing a system for liver-directed high dose chemotherapy, which involves a procedure known as percutaneous hepatic perfusion. During the procedure, an infusion catheter is inserted into the femoral artery and the tip of the catheter is brought to the hepatic artery to deliver melphalan hydrochloride.
The company’s isolation-aspiration catheter is then inserted into the femoral vein and guided to the inferior vena cava, according to Delcath, at which point two occlusion balloons are inflated to block the normal flow of blood between the liver and heart.
After isolating the liver, the device delivers high doses of melphalan to the liver and tumor tissue over the course of 30 minutes.
As the blood leaves the liver, the isolation-aspiration catheter collects it and directs it out of the body, where the chemotherapy agent is removed using Delcath’s hemofiltration system. The filtered blood is then returned to the patient’s body using a third catheter in the internal jugalar vein.
Last month, Delcath inked a commercial supply deal with Tillomed Laboratories in Europe. According to the deal, Tillomed Labs is slated to provide Delcath with melphalan. In Europe, the drug-device combo is approved to treat liver cancer.
