MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Delcath closes 5 million share offering at $23.5 million | Funding Roundup

Delcath closes 5 million share offering at $23.5 million | Funding Roundup

By

Delcath Chemosat

Delcath Systems Inc. (NSDQ:DCTH) closed its offering of 5 million shares of common stock with a reported $23.5 million raised.

Shares sold for $5.05, driving down the company’s shares 14 percent on The Street, from a closing price of $5.87 on July 14, the day of the offering, to $5.06 by the end of the day July 15.

The New York-based company granted the sole bookrunner in the deal, Jeffries & Company, an over-allotment option to purchase up to 750,000 shares more at the same price until mid-month August 2011, according to the report.

Delcath stock has had a number of spikes and troughs over the last year, and last month company president & CEO Eamonn Hobbs told MassDevice what might be driving the roller coaster:

Delcath is an extremely volatile stock and there a number of components to that. One is that it’s a stock that’s shareholder based, that’s dominated by retail shareholders who tend to be much more active traders. The trading volume is high and the volatility seems to be equally high. The stock seems to go up significantly on good news and down significantly on bad news — or no news.

Delcath shares closed at $5.09 today, 1 cent lower than yesterday.

Check out our interview with Delcath president & CEO Eamonn Hobbs from June, 2011.

Funding

Here’s a roundup of other dealflow and investment news:

  • Corgenix lands $1.5 million revolving credit facility
    Diagnostic test maker Corgenix Medical Corp. (OTC:CONX) announced that it closed on a $1.5 million secured revolving line of credit with LSQ Funding Group and is discussing moving its primary banking to U.S. Bank.

    "Our new credit facility, combined with the company’s prospects for a record year in fiscal 2012, will definitely help provide us the platform to access an additional $1.5 million in potential capital to pursue our planned expansion efforts and capitalize on other opportunities that may come our way," senior VP of operations and finance and CFO William Critchfield said in the report.
    Read more

  • VasoStar wins $1 million grant from Ohio Third Frontier
    VasoStar Inc. won a $1 million research grant from Ohio Third Frontier to commercialize an electromagnetic guidewire system for penetrating through chronic total occlusions in arteries as an alternative for open heart surgery.

    The Cleveland, Ohio-based company, a subsidiary of Frantz Medical Group, plans to use the funds to complete development and collect additional safety data in preparation for FDA and CE Mark bids.
    Read more

In case you missed it

RSS From Medical Design & Outsourcing

  • Intuitive Surgical highlights supply chain risk, addresses Medtronic’s Hugo launch
    Intuitive Surgical executives today said delays and price increases are working their way through the medtech supply chain, likely resulting in higher production costs in the months ahead and the potential for delayed development and regulatory activity. “I don’t think I can say it’s getting better. It’s a difficult situation and will continue for some… […]
  • Intuitive Surgical names new C-suite leaders, reports Street-beating Q3
    Intuitive Surgical (NSDQ:ISRG) today announced changes in the ranks of its senior leadership as the surgical robotics maker released Q3 results that exceeded expectations. Sunnyvale, California-based Intuitive launched two new functional organizations — Strategy and Growth, and Global Business Services — and named leaders who will take over effective Jan. 1. Dave Rosa, a 25-year… […]
  • Johnson & Johnson discloses two-year delay for Ottava robot
    Johnson & Johnson (NYSE:JNJ) today confirmed that it experienced a “temporary setback” with its Ottava surgical robotic system. Speaking on the company’s third-quarter earnings call, transcribed by SeekingAlpha, J&J EVP Joseph Wolk said that while the company maintains its commitment to developing a general surgery offering with Ottava, the platform’s development timeline has been pushed back about two years… […]
  • BICO’s Cytena launches C.Station automated cell line development platform for antibody and gene therapies
    BICO Group subsidiary Cytena today announced the launch of its C.Station platform for automating the development of stable cell lines. Cytena said in a news release that C.Station is a user-friendly platform that covers the entire cell line development workflow, from single-cell cloning of transfected cells to the selection of high-producing clones and upscaling. Cytena… […]
  • Tungsten cable for surgical robotics: A complex material serving a complex application
    Tungsten mechanical cables are the most popular for surgical robot makers. Connor Chiuchiolo and Scott Dailey, Carl Stahl Sava Industries The mechanical cables that reside within the motion control systems of the most modern surgical robots can be so small that the individual filaments themselves are nearly impossible to see with the naked eye. So… […]
  • Phillips-Medisize expands its global manufacturing capacity
    Phillips-Medisize announced today that it expanded its global manufacturing capacity through several collaborations and internal initiatives. Hudson, Wisconsin-based Phillips-Medisize, a Molex company, said its global reach now encompasses 36 facilities with scalable, end-to-end capabilities tailored to help customers bring products to market quickly and efficiently from anywhere in the world. “As the preferred partner for… […]
  • OmniVision launches cable modules for single-use endoscopes, catheters
    OmniVision Technologies today announced that it has launched its OVMed OCHSA and OCHTA cable modules for single-use endoscopes and catheters. The Santa Clara, California-based company designed the medical-grade imaging subsystems with a small diameter camera module that is fully integrated with OVMed cables and mini-LED illumination. Get the full story on our sister site, Medical… […]
  • Machine Bio wins first BioTools Innovator competition
    The new BioTools Innovator accelerator program awarded its first $200,000 grand prize to Machine Bio after a live vote last week. Claremont, California-based startup Machine Bio was founded by David Marash, who serves as CEO.  “Machine Bio’s mission is to develop and commercialize a transformative protein expression platform that drastically minimizes the process of making… […]
  • Hologic CEO Steve MacMillan salutes CFO Karleen Oberton, offers his outlook and talks M&A
    After interviewing Hologic CFO Karleen Oberton for Medical Design & Outsourcing‘s annual Women in Medtech issue, we connected with CEO Steve MacMillan to get his take. He offered praise for his finance chief’s leadership throughout the pandemic, shared his outlook for the Marlborough, Massachusetts–based company’s future and discussed the M&A strategy for Hologic (NSDQ:HOLX), which… […]
  • Forecasting the future of urology with Boston Scientific’s Meghan Scanlon
    Meghan Scanlon, Boston Scientific’s president of urology and pelvic health, discusses the field and the challenges and opportunities ahead. The urology specialty faces a critical moment, with 10 urologists ready to retire for every new urologist entering the field, said Meghan Scanlon, SVP and president of urology and pelvic health at Boston Scientific (NYSE:BSX) That… […]
  • Women researchers receive a fraction of funding from the world’s biggest medtech companies
    The gender divide in medtech extends beyond leadership and into funding for investigational studies by U.S. physicians. Only 6.7% of physicians who received research payments from the world’s largest medical device companies in 2020 were women, according to an analysis of Medical Design & Outsourcing’s Big 100 list of medtech companies and CMS Open Payments… […]

Leave a Reply