Delcath Systems (Nasdaq:DCTH) announced today that it closed its previously announced private placement worth $6.2 million.
The interventional oncology company issued and sold nearly 1.45 million shares of its common stock at $2.90 per share. In lieu of common stock, it sold 692,042 pre-funded warrants to purchase common stock. Price per warrant totaled $2.89. The pre-funded warrants hold an exercise price of 1¢ per share of common stock. They remain immediately exercisable now and until exercised in full.
New York-based Delcath intends to use net proceeds for working capital and other general corporate purposes, according to a news release.
The latest fundraising for Delcath adds to a securities purchase agreement worth approximately $5 million from July. The company also earmarked those proceeds for working capital and other general corporate purposes.
Delcath’s technology focuses on the treatment of primary and metastatic liver cancers. It designed its proprietary percutaneous hepatic perfusion (PHP) system to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects.
Shares of DCTH rose 0.7% at $3.72 apiece in midday trading today.