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Delcath Enters Agreement to Sell 869,565 Units
Date:6/10/2009

NEW YORK, June 10 /PRNewswire-FirstCall/ -- Delcath Systems, Inc. (Nasdaq: DCTH), a medical technology company testing its proprietary Percutaneous Hepatic Perfusion (PHP(TM)) System for the treatment of cancers of the liver, today announced 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 approximately $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, 2009. The transaction is expected to close on or about June 15, 2009, subject to the satisfaction of customary closing conditions.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081118/NY46990LOGO )

Piper Jaffray & Co. acted as sole placement agent for the offering.

The Company is offering the securities in this transaction pursuant to an effective shelf registration statement and a registration statement filed pursuant to Rule 462(b) promulgated under the Securities Act of 1933, as amended. The offering is being made only by means of a prospectus supplement. Copies of the
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SOURCE Delcath Systems, Inc.
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