Delcath Systems, Inc. (DCTH) Raises $21 Million, Looks for Additional $50 Million
3/14/2013 10:18:16 AM
Delcath Systems Inc. raised $21 million from investors during the first two months of 2013, and wants $50 million more. The medical device manufacturer, which is based in New York City but has the bulk of its operations in Queensbury, Warren County, shared the news as part of its 2012 earnings report to shareholders. Delcath (Nasdaq: DCTH) had a net loss for the year of $51.8 million on revenue of $300,000. It was the first year the 24-year-old company, which is awaiting FDA approval to sell its liver chemotherapy system in the United States , had commercial sales, all in Europe. CEO Eammon Hobbs said Delcath raised the $21 million through an “at-the-market,” or ATM, offering, which allows a company to work with an investment bank to sell shares on the secondary market over a period of time, rather than all at once. On March 13, it filed a shelf registration statement with the U.S. Securities and Exchange Commission, registering another $50 million in shares to be sold through an ATM agreement with New York City-based Cowen & Co. Once the SEC approves the shares, Delcath has three years in which to sell them.
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