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Delcath Prices $20 Million Public Offering of Common Stock and Warrants
Date:5/25/2012

NEW YORK, May 25, 2012 /PRNewswire/ -- Delcath Systems, Inc. (NASDAQ: DCTH) today announced that it has priced an underwritten public offering of 13,333,340 shares of its common stock and warrants to purchase up to 4,000,002 shares of common stock at a combined price to the public of $1.50 per share and related warrant for gross proceeds of $20 million. The warrants are exercisable at an exercise price of $1.65 per share and will expire, unless exercised on the third anniversary of the date of issuance. The net proceeds from the sale of the shares and the related warrants, after deducting the underwriters' discounts and other estimated offering expenses payable by Delcath, will be approximately $18.4 million, which does not include any potential proceeds from the cash exercise of any warrants. Delcath has also granted the underwriters a 30-day option to purchase up to an additional 15 percent of shares of common stock and warrants offered in the public offering to cover over-allotments, if any, which would result in additional gross proceeds of approximately $3 million, if exercised in full.

The proceeds of the offering will primarily be used for general corporate purposes, including, but not limited to, commercialization of our products, obtaining regulatory approvals, funding of our clinical trials, research, capital expenditures and working capital. The offering is expected to close on or about May 31, 2012, subject to the satisfaction of customary closing conditions.

Cowen and Company, LLC and Wedbush PacGrow Life Sciences are acting as joint book-runners for the offering. Roth Capital Partners is acting as co-manager for the offering.

A shelf registration statement (File No. 333-178819) relating to these securities was filed with the Securities and Exchange Commission on February 6, 2012, which was declared effective on February 13, 2012. A prelimina
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