Full Press Release Details
Delcath Systems Announces 1-for-700 Reverse Stock Split to be Effective on
NEW YORK, Dec. 19, 2019 (GLOBE NEWSWIRE) Delcath Systems, Inc. (OTCQB: DCTH), an interventional oncology company focused
on the treatment of primary and metastatic liver cancers, announced that the Company s Board of Directors has authorized a 1-for-700 reverse stock split of the
Company s common stock. Stockholders authorized the Company s Board of Directors to effect the reverse stock split at the annual meeting of stockholders on September 17, 2019. The reverse stock split will be effected prior to the
initiation of trading on December 24, 2019. The reverse stock split supersedes the 1-for-100 reverse stock split previously announced on October 18, 2019 which
Beginning with trading on December 24, 2019, shares of Delcath common stock will be designated by the symbol
DCTHD for 20 trading days, and thereafter will revert to the symbol DCTH. The new CUSIP number for the common stock following the reverse stock split will be 24661P 807.
The reverse stock split will reduce the number of shares of common stock issued and outstanding or required to be reserved for issuance from approximately
1.4 billion to approximately 2.1 million but will not affect the authorized number of shares of common stock the Company is authorized to issue which will remain at 1 billion shares. Fractional shares resulting from the reverse
stock split will be rounded up to whole shares.
American Stock Transfer & Trust Company, LLC is acting as the exchange agent and transfer agent
for the reverse stock split. Stockholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or
custodian with any procedural questions.
About Delcath System, Inc.
Delcath Systems, Inc. is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. Our investigational product
Melphalan Hydrochloride for Injection for use with the Delcath Hepatic Delivery System (Melphalan/HDS) is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. We
have been enrolling a global Registration clinical trial for Patients with Hepatic Dominant Ocular Melanoma (OM) called The FOCUS Trial and have initiated a global Phase 3 clinical trial for intrahepatic cholangiocarcinoma (ICC) called The ALIGN
Trial. Melphalan/HDS has not been approved by the U.S. Food & Drug Administration (FDA) for sale in the U.S. In Europe, our system is marketed under the trade name Delcath Hepatic
CHEMOSAT Delivery System for Melphalan (CHEMOSAT) and has been used at major medical centers to treat a wide range of cancers of the liver. Since January 2019 CHEMOSAT is marketed under an
exclusive licensing agreement with medac, a privately held multi-national pharmaceutical company headquartered in Germany and specializing in the treatment and diagnosis of oncological, urological and autoimmune diseases.
Safe Harbor / Forward-Looking Statements
Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can
cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to, uncertainties relating to: the timing and results of the Company s clinical trials, including
without limitation the OM and ICC clinical trial programs, and timely enrollment and treatment of patients in the global Phase 3 OM and ICC clinical trials; IRB or ethics committee clearance of the Phase 3 OM and ICC Registration
trial protocols from participating sites and the timing of site activation and subject enrollment in each trial; the impact of the presentations at major medical conferences and future clinical results consistent with the data presented;
approval of Individual Funding Requests for reimbursement of the CHEMOSAT procedure; the impact, if any of ZE reimbursement on potential CHEMOSAT product use and sales in Germany; clinical adoption, use and resulting sales, if any, for the
CHEMOSAT system to deliver and filter melphalan in Europe including the key markets of Germany and the UK; the Company s ability to successfully commercialize the
Melphalan HDS/CHEMOSAT system and the potential of the Melphalan HDS/CHEMOSAT system as a treatment for patients with primary and metastatic disease in the liver; our ability to obtain
reimbursement for the CHEMOSAT system in various markets; approval of the current or future Melphalan HDS/CHEMOSAT system for delivery and filtration of melphalan or other chemotherapeutic agents for various indications in the U.S. and/or in foreign
markets; actions by the FDA or other foreign regulatory agencies; the Company s ability to successfully enter into strategic partnership and distribution arrangements in foreign markets and the timing and revenue, if any, of the same;
uncertainties relating to the timing and results of research and development projects; and uncertainties regarding the Company s ability to obtain financial and other resources for any research, development, clinical trials and
commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the
date they are made. We undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made.
Delcath Investor Relations