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Delcath Reports 2014 Second Quarter Results
Date:8/6/2014

ing forward as the first site in Germany is now active and identifying appropriate patients for enrollment.  In addition to this first site, Johan Wolfgang Goethe University Hospital in Frankfurt, we expect to add additional German sites, as well as sites in the UK and US during the remainder of 2014.  Our goal is to have interim data from the company sponsored Phase 2 studies in the first half of 2015.  We are pleased that two leading centers in Europe have opened their investigator initiated trials and believe that data from these trials will support our European efforts and contribute to our clinical program." 

Financial ResultsFor the second quarter ended June 30, 2014, total product revenue was $251,000. The company did not record revenue in the year-ago second quarter. Operating expenses decreased by approximately 41% to $6.1 million from $10.3 million for the same period in 2013. The decrease is primarily due to a significant reduction in expenses related to the Company's NDA submission to the FDA, as well as the Company's overall cost management efforts. Operating loss was $5.9 million during the second quarter, as compared with an operating loss of $10.6 million in the same period of the prior year.

For the six months ended June 30, 2014, total product revenue was $561,000, as compared with $81,000 in the year-ago same period.  Operating expenses decreased by approximately 45% to $11.4 million from $20.8 million for the first half of 2013.  The operating loss for the first six months of 2014 was $11.0 million as compared with $20.8 million for the first half of 2013.

Cash and cash equivalents as of June 30, 2014 were $27.3 million. During the quarter, net cash used in operating activities was $4.0 million, a 62% reduction compared to $10.5 million in the comparable period in 2013. The decrease in cash utilization was in part due to a reduction in NDA submission-related costs, and improved organizational
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SOURCE Delcath Systems, Inc.
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