Delcath Systems (NSDQ:DCTH) proposed offering up to $5 million in units and $5 million in pre-funded units this week to fund the company’s clinical and commercial operations.
The New York-based company plans to offer 500,000,000 units made up of Series C units with one share of common stock and Series E warrants to buy one share of common stock. Delcath also said it would offer up to 500,000,000 Series D units made up of pre-funded warrants to buy one share of common stock and Series E warrants to purchase one share of common stock.
The company hasn’t yet priced its offering. According to a prospectus filed with the SEC, Delcath plans to use its newly-acquired funds to support its Phase III ocular melanoma liver metastases trial and an EU registry, among other clinical studies of its Chemosat drug-delivery tech.
Earlier this week, Delcath said 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 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.