Delcath closes $5m offering

Delcath Systems (NSDQ:DCTH) has closed a $5 million offering of 212,000 shares of common stock, warrants to buy 38,000,000 shares of common stock and warrants to buy an aggregate of 500,000 shares of common stock.

The New York-based company priced the offering at 2¢ per unit. Each unit was composed of one share of common stock and one common stock purchase warrant to buy two shares, according to a document filed with the SEC.

Earlier this month, Delcath announced that doctors in Europe performed the 500th percutaneous hepatic perfusion therapy treatment using the company’s Chemosat delivery system.

The drug-device combo has been available in certain European markets since 2012.

“This is a meaningful milestone for Delcath, one that speaks to the belief physicians in Europe have developed in our product and this therapy for certain types of liver cancers. Our commercialization efforts in Europe have established a considerable body of published and presented research data that demonstrates the safety and efficacy of this therapy in appropriate patients,” president & CEO Jennifer Simpson said in prepared remarks.

The company is evaluating its liver cancer therapy in Phase III trials in the U.S. in the hopes of winning FDA approval.

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