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Delcath Systems plans $9.5M placement of units

Delcath Systems Inc. plans to raise about $9.5 million in a private placement of company units.

Each unit under the placement will be sold at $1,000 each and will include one preferred share initially convertible into 16,667 common shares — at an initial price of 6 cents per share — and a common-stock purchase warrant.

Each warrant entitles the holder to buy one common share at an initial exercise price of 6 cents for a period of five years from the date of an anticipated reverse stock split at Delcath.

The placement is expected to close on Aug. 19.

Roth Capital Partners is acting as the sole placement agent for the transaction.

New York-based Delcath Systems develops healthcare equipment for treating liver cancers. Its investigational products include melphalan hydrochloride for use with the Delcath hepatic delivery system to administer high-dose chemotherapy to the liver.