Business
Delcath Systems Announces Closing of Private Placement of up to $85 Million
Led by Vivo Capital with participation from Logos Capital, BVF Partners LP, Stonepine Capital Management, LLC, Serrado Capital LLC and supported by existing
About this update from Delcath Systems, Inc.
[{"type":"text","content":"Led by Vivo Capital with participation from Logos Capital, BVF Partners LP, Stonepine Capital Management, LLC, Serrado Capital LLC and supported by existing investor, Rosalind Advisors \n$25 million financing upfront with up to an additional $60 million tied to satisfaction of milestones\nAggregate financing expected to be sufficient to fund Company through potential approval of HEPZATO and commercialization\nNEW YORK, March 29, 2023 /PRNewswire/ -- Delcath Systems, Inc. (Nasdaq: DCTH) (the \"Company\" or \"Delcath\"), an interventional oncology company focused on the treatment of primary and metastatic cancers of the liver, today announces that it has closed its previously announced private placement (the \"Private Placement\"), for gross proceeds of approximately $25.0 million from the issuance and sale of shares of the Company's common stock and shares of its Series F Convertible Preferred Stock and warrants, before deducting the fees paid to the placement agent and the financial advisors of the Private Placement and other financing expenses payable by the Company.\n\n \n \n \n \n \n \n\n \nThe Company intends to use the net proceeds from the Private Placement for working capital purposes and other general corporate purposes.\nThe Private Placement was led by Vivo Capital with participation from Logos Capital, BVF Partners LP, Stonepine Capital Management, LLC, Serrado Capital LLC and supported by existing investor, Rosalind Advisors.\nThe Private Placement is expected to enable the Company to have sufficient cash past its anticipated PDUFA date of August 14, 2023, and fund the commercialization of HEPZATO, if approved.\nAbout the Private Placement\nPursuant to a securities purchase agreement, the Company has issued to purchasers an aggregate $24.9 million in shares, consisting of 24,900 shares of the Company's Series F-1 Convertible Preferred Stock, par value $0.01 per share, that are convertible into approximately 7.6 million shares of common stock at a conversion price of $3.30 per share, and two tranches of warrants that are exercisable as follows:\nTranche A warrants for an aggregate exercise price of approximately $34.9 million are exercisable for an aggregate of up to 34,860 shares of Series F-3 Convertible Preferred Stock, par value $0.01 per share, at an exercise price of $1,000 per share (and convertible into an agg...