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Delcath Systems announces reverse stock split

December 24, 2019 By Chris Newmarker

A reverse stock split went into effect today for Delcath Systems (OTC:DCTH) — developer of the Chemostat hepatic delivery system for treating cancer.

The 1-for-700 reverse stock split is meant to reduce the number of common stock shares and shares reserved for issuance to 1.2 million, from a previous 1.4 billion.

The authorized number of shares of common stock the company is authorized to issue which will remain at 1 billion.

Delcath stock for 20 days will trade under the symbol DCTHD, and then will revert to DCTH.

Delcath in August announced in August that it had closed on a $9.5 million private placement round, bringing the total amount raised since July to $29.5 million.

Chemostat is meant to treat metastatic Ocular Melanoma (mOM), a particularly devastating disease in which cancer moves from the eye to the liver via the bloodstream. Delcath officials say there is no approved standard-of-care in the United States for mOM; the company has orphan drug designation.

About Chris Newmarker

Chris Newmarker is the executive editor of WTWH Media life science's news websites and publications including MassDevice, Medical Design & Outsourcing and more. A professional journalist of 18 years, he is a veteran of UBM (now Informa) and The Associated Press whose career has taken him from Ohio to Virginia, New Jersey and, most recently, Minnesota. He’s covered a wide variety of subjects, but his focus over the past decade has been business and technology. He holds bachelor’s degrees in journalism and political science from Ohio State University. Connect with him on LinkedIn or email at cnewmarker@wtwhmedia.com.