A Medical Device Daily

Delcath Systems (New York), a company testing its Percutaneous Hepatic Perfusion (PHP) System for the treatment of cancers of the liver, reported that it has entered into a definitive agreement to sell 869,565 units, each unit consisting of one of the company's common shares and a warrant to purchase 1.2 common shares, for gross proceeds of about $3 million, before deducting placement agent fees and estimated offering expenses, in a registered direct offering with a single institutional investor.

The investor has agreed to purchase the units at a purchase price of $3.45 per unit.

The warrants, which represent the right to acquire an aggregate of up to 1,043,478 common shares, will be exercisable at any time on or after the closing of the transaction and prior to the fifth anniversary of the closing of the transaction at an exercise price of $3.99 per share, which was 110% of the closing bid price of the company's common shares on the Nasdaq Capital Market on June 9. The transaction is expected to close on or about June 15, subject to the satisfaction of customary closing conditions.

Piper Jaffray & Co. was placement agent for the offering.