STAMFORD, Conn., Aug. 8 /PRNewswire-FirstCall/ -- Delcath Systems, Inc. announced today that it filed a complaint in the Superior Court of Stamford, Connecticut against Jonathan Foltz on Friday August 4, 2006. The complaint alleges that Foltz has misappropriated various Delcath trade secrets and other proprietary information and has wrongly shared such protected information with various Laddcapp investment vehicles.
Delcath alleges that Foltz, the former Director of Operations of the Company, violated the Uniform Trade Secrets Act and the Unfair Trade Practices Act of Connecticut, among other statutes, and has breached various duties and obligations owed to Delcath. Pursuant to an August 4, 2006 order of the Honorable Judge Frank D'Andrea of Connecticut Superior Court, Foltz was ordered not to discuss, disclose or disseminate any of Delcath's confidential information to any individual or company, which includes the various Laddcap entities, or any Laddcap employee, representative or affiliate. Foltz was further ordered not to destroy, remove or transfer any Delcath materials or property.
On Monday afternoon, a court appointed custodian, a forensic computer expert and a Connecticut Marshall arrived at the home of Foltz to take temporary control of all of Foltz's computers and similar electronic devices and to make copies of certain materials contained thereon pursuant to the August 4, 2006 order.
Foltz must appear before the court on August 21, 2006, at which time he will be required to demonstrate why the current prohibitions on his conduct should not be extended beyond that date.
About Delcath Systems, Inc.
Delcath Systems is a developer of isolated perfusion technology for organ or region-specific delivery of therapeutic agents. The Company's intellectual property portfolio currently consists of 12 patents on a worldwide basis, including the United States, Europe, Asia and Canada. For more information, please visit the Company's website, www.delcath.com.
This 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 our ability to successfully complete Phase III clinical trials and secure regulatory approval of our current or future drug-delivery system and uncertainties regarding our ability to obtain financial and other resources for any research, development 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. Delcath undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made.
On August 1, 2006, Laddcap filed a preliminary consent solicitation statement with the SEC relating to Laddcap's proposal to, among other things, remove the current Board of Directors and replace them with Laddcap's nominees. In response, on August 7, 2006, Delcath filed a preliminary consent revocation statement on Form PREC14A with the SEC (the "Preliminary Consent Revocation Statement") in opposition to Laddcap's consent solicitation. Delcath shareholders should read the Preliminary Consent Revocation Statement (including any amendments or supplements thereto) because it contains additional information important to the shareholders' interests in Laddcap's consent solicitation.
The Preliminary Consent Revocation Statement, the definitive consent revocation materials (when filed) and other public filings made by Delcath with the SEC are available free of charge at the SEC's website at www.sec.gov. Delcath also will provide a copy of these materials free of charge upon request to Delcath Systems, Inc., Attention: M. S. Koly, Chief Executive Officer, (203) 323-8668.
Delcath has engaged MacKenzie Partners, Inc., who may be deemed to be a participant in the solicitation of Delcath shareholders, to assist in connection with Delcath's communications with shareholders regarding Laddcap's consent solicitation. Information regarding the interests of MacKenzie Partners, Inc. is contained in the Preliminary Consent Revocation Statement (including any amendments or supplements thereto). In addition, certain of Delcath's directors, officers and employees may be deemed to be participants in the solicitation of Delcath's shareholders. Information regarding the names and interests of these other persons is contained in the Preliminary Consent Revocation Statement (including any amendments or supplements thereto).
Company Contact: Investor Contacts: Delcath Systems, Inc. Todd Fromer / Garth Russell M. S. Koly, Chief Executive Officer KCSA Worldwide 203-323-8668 (212) 896-1215 / (212) 896-1250 www.delcath.comtfromer@kcsa.com/grussell@kcsa.com Media Contact: Lewis Goldberg KCSA Worldwide (212) 896-1216 lgoldberg@kcsa.com
Delcath Systems, Inc.CONTACT: M. S. Koly, Chief Executive Officer of Delcath Systems, Inc.,+1-203-323-8668; Investors - Todd Fromer, +1-212-896-1215,tfromer@kcsa.com, or Garth Russell, +1-212-896-1250, grussell@kcsa.com,Media - Lewis Goldberg, +1-212-896-1216, lgoldberg@kcsa.com, all of KCSAWorldwide
Web site: http://www.delcath.com/
