Delcath Systems Eliminates 33% of Workforce

Delcath Systems, Inc. DCTH, a specialty pharmaceutical and medical device company focused on oncology, announced today that as part of its efforts to increase operating efficiencies, the Company has completed a strategic reorganization under which it has eliminated 21 positions, or approximately 33% of its global workforce. The Company expects this reorganization, in conjunction with other cost saving measures, to significantly lower cash utilization. For its fiscal third quarter 2013, the Company expects cash utilization to be between $7.0-8.0 million, as compared to its previous guidance of $9.0-10.0 million for the period. For its fiscal fourth quarter 2013, the Company currently expects cash utilization to be at the lower end of its previous guidance of $6.0-8.0 million. Additionally, as a result of the initiatives implemented over the past three weeks, the Company expects to reduce annual operating costs by approximately $10 million. The Company believes that these actions will help preserve the Company's ability to initiate the strategic objectives currently under evaluation. Most of the savings are expected to come from marketing, See full press release