Delcath Systems (OTC:DCTH) last week said that it closed a $20 million private placement round for the liver cancer treatment it developed.
The Queensbury, N.Y.-based company priced the round at $1,000 per unit, with each unit consisting of a preferred convertible share worth 16,667 common shares, at a 6¢ strike price, and a five-year warrant another share, also at 6¢ apiece.
Delcath developed the Chemosat hepatic delivery system, which is designed to isolate the liver’s circulatory system, infuse it with chemotherapy and then filter that blood before returning it to the patient.
“This capital investment is our most significant financing in two years. With this transaction, we have positioned the company to complete enrollment for the registration trial in ocular melanoma liver metastases, which we believe may be able to release top line data in 2020. We have worked very closely with fundamental investors who believe in our therapy and the potential it represents in ocular melanoma,” president & CEO Jennifer Simpson said in a press release.
Delcath said it netted $18.4 million from the offering, which closed July 15.
DCTH shares opened up 3.9% at 7¢ apiece today.
