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.