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

July 21, 2011 By MassDevice staff

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.

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

Corgenix lands $1.5 million revolving credit facility
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"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.
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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.
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Performance Motion Devices announced the launch of its Juno outer loop control ICs for use in medical, industrial and military applications. The Westford, Mass.-based company’s new Juno product joins a portfolio of velocity and toque control ICs (integrated circuits) used for spindle control, centrifuge control, precision torque control and other liquid handling and laboratory automation… […]
Lille Group releases Cardiac Signals cloud-based patient monitoring software
Lille Group announced today that it launched its Cardiac Signals cloud-based software platform for healthcare professionals to monitor cardiac patients remotely. The secure platform enables cardiology practices and hospitals to manage cardiac patients remotely with ease and efficiency, which is aimed to help during a potential telehealth boom as the COVID-19 pandemic continues and onsite… […]
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