Delcath Systems, Inc. DCTH today
announced that as a part of the Company's continued effort to increase
efficiencies and reduce cash utilization, it has implemented a program
designed to decrease the Company's 2013 quarterly operating cash utilization
to between $9 million and $10 million from the previously communicated range
of $9 million to $12 million, beginning in the second half of 2013. Combined
with the Company's approximate $42 million cash position at March 31, 2013,
the program is expected to provide Delcath with sufficient resources for at
least the next 12 months as the Company pursues three key objectives: U.S. FDA
approval for Melblez^TM Kit (Melblez (melphalan) for Injection for use with
the Delcath Hepatic Delivery System), European commercialization of
CHEMOSAT^® Hepatic Delivery System for melphalan hydrochloride, and ongoing
clinical development focused on label expansion.
To achieve the program's goals, Delcath has expanded workforce restructuring
actions which have reduced the Company's workforce by approximately 21 percent
this year. In addition, the actions announced today are expected to continue
the Company's reduction of expenses incurred with outside consultants. To
increase efficiency, the Company will be changing the address of its
headquarters to its Queensbury, NY facilities, and is pursuing a relocation
project to move its New York City operations to a more cost effective
satellite office in New Jersey.
The expanded efficiency program includes the promotion of Jennifer Simpson,
Ph.D., MSN, CRNP to the newly created position of Executive Vice President,
Global Head of Business Operations, effective immediately. Dr. Simpson joined
Delcath in March 2012 as Executive Vice President, Global Marketing, bringing
an extensive background in pharmaceutical and oncology marketing, including
responsibility for global product development in the oncology sector. In her
new capacity, Dr. Simpson will have responsibility for global sales,
marketing, regulatory, quality, clinical development, and medical affairs
activities. The efficiency program includes the elimination of two senior
level positions; global sales, the responsibilities of which have been
absorbed by Dr. Simpson and business development, the responsibilities of
which have been absorbed by Delcath's President & CEO, Eamonn Hobbs, and CFO,
Graham Miao.
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