• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Subscribe

Drug Delivery Business

  • Clinical Trials
  • Research & Development
  • Drug-Device Combinations
  • FDA
  • Pharmaceuticals
  • Policy

Delcath readies for reverse stock split

August 28, 2017 By Sarah Faulkner

Delcath SystemsDelcath Systems (NSDQ:DCTH) said today that it inked a deal to extinguish its 2016 convertible notes with the unnamed holder of the majority of the notes. But the agreement is contingent upon the company effecting a reverse stock split – a move that shareholders voted down in June.

The company’s board urged shareholders to this time vote in favor of a reverse stock split, saying that it would allow Delcath to regain compliance with the Nasdaq minimum bid price. Today, DCTH shares were trading at 13¢ apiece in mid-afternoon activity, up 4%.

“We negotiated this agreement as a means of reducing future potential dilution from the convertible notes after a reverse stock split. We strongly urge shareholders to vote in favor of the proposed reverse stock split as it will now trigger the extinguishment of a substantial portion of the convertible notes,” president & CEO Jennifer Simpson said in a regulatory filing.

“The proposed reverse stock split will also allow us to regain compliance with the Nasdaq minimum bid price, which provides liquidity and other benefits to shareholders. Additionally, we believe a successful reverse stock split will provide the company with the flexibility to raise new equity capital at potentially more beneficial terms, allowing us to continue to support our clinical development program and commercial efforts in Europe where we believe shareholder value ultimately resides.”

If the deal is fully executed, Delcath said it will extinguish approximately 90% of the remaining $12.6 million in debt related to the convertible notes, leaving $3.8 million in debt to remain outstanding.

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 a chemotherapeutic, 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.

Delcath’s system for percutaneous hepatic perfusion has been studied in unresectable ocular and cutaneous liver metastases, as well as colorectal cancer and primary liver cancer.

See the best minds in medtech live at DeviceTalks Boston on Oct. 2. 

Filed Under: Business/Financial News, Drug-Device Combinations, Featured, Funding Roundup, Oncology, Pharmaceuticals, Wall Street Beat Tagged With: Delcath Systems Inc.

IN CASE YOU MISSED IT

  • Glucotrack to effect a reverse stock split
  • Medtronic unveils ‘MiniMed’ as name for soon-to-be separated Diabetes unit
  • Insulet, Marvel collab to unveil comic book hero with type 1 diabetes
  • Insulet rolls out new Omnipod 5 iPhone app for use with Dexcom G7
  • Tandem, Abbott strike deal to pair insulin pumps with glucose-ketone monitor

Primary Sidebar

“ddb
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest news and trends happening now in drug delivery.

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.

Footer

Drug Delivery Business News Logo

MassDevice Medical NETWORK

MassDevice
DeviceTalks
Medical Tubing + Extrusion
Medical Design & Outsourcing
MedTech100 Index
Drug Discovery & Development
Pharmaceutical Processing World
Medical Design Sourcing
R&D World

DRUG DELIVERY BUSINESS NEWS

Subscribe to Drug Delivery’s E-Newsletter
Advertise with us
About
Contact us
Privacy
Listen to our Weekly Podcasts

Copyright © 2025 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Privacy Policy | RSS