Delcath Prices $20 Million Public Offering of Common Stock and Warrants

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.