DELCATH SYSTEMS, INC. (NASDAQ:DCTH) Files An 8-K Entry into a Material Definitive Agreement
Item1.01 Entry into a Material Definitive Agreement.
On April2, 2017 and effective as of March31, 2017, Delcath
Systems, Inc. (the Company) entered into separate warrant
repurchase agreements (the Warrant Repurchase Agreements) with
each of the investors named on the Schedule of Buyers attached to
the Companys Securities Purchase Agreement with those investors,
dated June6, 2016 (the SPA); all terms used in this Current
Report and not defined are used as defined in the SPA. to the
Warrant Repurchase Agreements, each investor agreed to a
Controlled Account Release, in an aggregate amount equal to
$7,876,312, which funds in each case are to be paid to the
respective investor, in exchange for cancellation of the Warrants
issued to each investor under the SPA. The Company anticipates
that the cash remaining in the Controlled Accounts after this
transaction will be sufficient to fund its operating activities
through the end of 2017.
The cancellation of the Warrants as a result of these Warrant
Repurchase Agreements represents the extinguishment of a
liability from the Companys balance sheet as of the end of fiscal
year 2016 of approximately $18 million, which will helpresolve
the shortfall by the Company in meeting its minimum shareholder
equity continued listing requirement for the Nasdaq Capital
Market as of December31, 2016, as reflected in its annual
financial statementsset forth in its Annual Report on Form 10-K
filed last week with the Securities and Exchange Commission.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. |
Description |
|
| 10.1 | Form of Warrant Repurchase Agreement |
About DELCATH SYSTEMS, INC. (NASDAQ:DCTH)
Delcath Systems, Inc. is a late-stage clinical development company with early commercial activity in Europe focused on cancers of the liver. The Company is a specialty pharmaceutical and medical device company developing its product, Melphalan Hydrochloride for Injection for use with the Delcath Hepatic Delivery System (Melphalan/HDS). The Company’s system delivers and filters melphalan hydrochloride, which is marketed as a device under the trade name Delcath Hepatic CHEMOSAT Delivery System for Melphalan (CHEMOSAT). The Company’s focus is on the execution of the clinical development program (CDP) in ocular melanoma liver metastases (mOM), intrahepatic cholangiocarncinoma (ICC), hepatocellular carcinoma (HCC or primary liver) and other cancers that are metastatic to the liver. DELCATH SYSTEMS, INC. (NASDAQ:DCTH) Recent Trading Information
DELCATH SYSTEMS, INC. (NASDAQ:DCTH) closed its last trading session up +0.0007 at 0.0877 with 8,229,888 shares trading hands.