2023-03-27 08:23:17 ET
- Delcath Systems ( NASDAQ: DCTH ) announced that it has signed securities purchase agreements with certain healthcare-focused institutional investors that will provide up to $85M in gross proceeds through a private placement that includes initial upfront funding of $25M.
- This financing is expected to enable the company to have sufficient cash past its anticipated PDUFA date of Aug. 14, 2023, and fund the commercialization of HEPZATO , if approved.
- Post the securities purchase agreements, the Company will issue to purchasers $24.9M in shares of Series F Convertible Preferred Stock and two tranches of warrants that are exercisable for shares of the Company's Series F Convertible Preferred Stock.
- Also, shares of Series F Convertible Preferred Stock will be issued at a price of $1K/share.
- Post the separate securities purchase agreement, the company will issue to a certain purchaser $0.1M in shares and warrants.
For further details see:
Delcath Systems announces up to $85M financing