STAMFORD, Conn.--(BUSINESS WIRE)--Delcath Systems, Inc. (Nasdaq:DCTH) today announced that the Company has entered into a Modification Agreement with Laddcap Value Partners, LP, Laddcap Associates, LLC, and Laddcap Value Associates, LLC (Collectively “Laddcap”) to amend the October 8, 2006 Settlement Agreement between Delcath and Laddcap. The key terms of the Modification Agreement will allow Laddcap to increase its position in Delcath, if it so chooses, through open market purchases of Delcath shares beyond the previous 14.9% limitation established by the October 8, 2006 settlement agreement to just under 20%. Furthermore, Delcath will no longer be required to elect two directors nominated by Laddcap or to appoint at least one Laddcap nominee to each of its committees as stipulated in the original agreement. The Board of Directors of Delcath also voted unanimously to increase the threshold level for triggering the Shareholder Rights Plan (“Rights Plan”) from 15% to 20%, effective immediately.
