Wedbush Maintains Fair Value Estimate, Rating On DCTH

Wedbush is maintaining a fair value estimate of $16 and an Outperform rating on Delcath Systems Inc

. Says Wedbush, in the report, “As we had previewed, DCTH has received Class 3 CE marking approval for its PHP device in the EU. The product has been approved with an indication for the percutaneous intra-arterial administration of a chemotherapeutic agent (melphalan HCL) to the liver. Approval allows DCTH to market the product in the European Economic Area, an opportunity that we estimate will reach ~$400 million in peak 2017 EU sales. We anticipate that EU sales may reach ~$6.0 million in 2012. As outlined on Delcath's recent conference call, following EU approval, the company will now build inventory of the PHP system, establish the commercial infrastructure and assemble a direct sales in Northern Europe with 3rd party distributors designated to cover Southern Europe to support a product launch in 2012.” DCTH closed yesterday at $8.94.