Delcath Systems (DCTH) Prices 8.5M Share Offering at $3.60/Share
Delcath Systems, Inc. (NASDAQ: DCTH) announced today that it has priced its public offering of 8.5 million shares of its common stock at $3.60 per share, or $30.6 million, pursuant to an underwriting agreement dated November 12, 2009. In addition, the Company has granted the underwriters of the offering an option to purchase up to 15% of additional shares of primary stock to cover over-allotments. The offering is expected to close on November 18, 2009, subject to customary closing conditions.
Delcath plans to use the proceeds from the offering for general corporate purposes including regulatory approval, commercialization, clinical trials, capital expenditures and working capital.
Cowen and Company, LLC is acting as the sole book-running manager on the offering. Canaccord Adams, Wedbush PacGrow Life Sciences and Craig-Hallum Capital Group are acting as co-managers.
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