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Delcath Systems Provides Update on Progress
Date:7/27/2009

tinue to be optimistic about completing enrollment of 92 patients in this trial before the end of the fourth quarter," commented Mr. Hobbs. "The patient enrollment progress has made me even more excited about the potential for Delcath. Our drug delivery platform is unique in the interventional oncology space. We have the potential to address a large and growing unmet medical need with our technology and I look forward to completing our Phase III trial and submitting for FDA approval in a timely manner. Meanwhile, we've been focusing on expanding the awareness of our technology within the medical and professional communities and expect to add more presentations as we move into the fall," Mr. Hobbs added.

Financial Results

During the second quarter of 2009, Delcath Systems recorded no revenue. General and administrative expenses declined 22% as compared to the second quarter of 2008 due to reduced consultant fees. R&D costs doubled to $2.2 million from $1.1 million in the second quarter of 2008 due to costs associated with the Phase III Metastatic Melanoma Trial. The Company recorded a derivative instrument expense in the second quarter of $3.9 million related to warrants issued in 2007 and 2009. The net loss for the quarter was $6.3 million, or $0.25 per share, compared with $2.4 million or $0.10 for the second quarter of 2008, an increase of $3.9 million, of which $3.3 million was related to non-cash derivative instrument expense.

For the six months ended June 30, 2009, the net loss was $8.8 million, or $0.34 per share, versus a net loss for the first six months of 2008 of $3.5 million, or $0.14 per share, an increase of $5.3 million of which $4.5 million is related to non-cash derivative instrument expense. As of June 30, the Company had cash and cash equivalents of $8.9 million.

Conference Call

Delcath Systems will host a conference call and we
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SOURCE Delcath Systems, Inc.
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