Delcath Systems stock retreats after announcing closing of rights offering

Delcath Systems Inc (NASDAQ:DCTH) shares sagged on Friday after the company announced the closing of the subscription period for its rights offering.

The company said gross proceeds are expected to be $8.1 million, and net proceeds from the offering are expected to be around $7.3 million.

Shares of Delcath slumped $1.04 or by 36.88% to $1.78, near the bottom of its $1.76 to $2.82 trading band.

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The rights offering was made in line with a Registration Statement that was effective on August 3, 2018.

At the end of the subscription period on September 26, 2018, Delcath had received 4,249,604 basic subscriptions and 418,207 oversubscriptions for a total of 4,667,811 subscriptions, each subscription for one share of its common stock.

The company commenced a global Registration clinical trial for Patients with Hepatic Dominant Ocular Melanoma (OM) called The FOCUS Trial and have initiated a global Phase 3 clinical trial for intrahepatic cholangiocarcinoma (ICC) called The ALIGN Trial. 

Delcath Systems is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. It is based in New York City.

Story by ProactiveInvestors