LONDON, UK / ACCESSWIRE / September 26, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Delcath Systems, Inc. (NASDAQ: DCTH), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=DCTH. The Company announced on September 22, 2017, that Jennifer K. Simpson, President and Chief Executive Officer (CEO) of Delcath Systems, has issued a Letter to Stockholders providing a business update and rationale for the Company's recent actions to preserve access to capital. Delcath Systems, owing to the shareholder non-approval of the proposed reverse stock split, could not regain compliance with the continued listing requirements on the NASDAQ Capital Market. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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The Announcement

The Company, through the Letter to shareholders, stated the steps it has been undertaking to restore access to capital in order to advance the business and the clinical programs which eventually determine shareholder value. Delcath Systems recently completed the listing process for the common stock on the OTCQB Market. However, the Company failed to regain compliance with the listing requirements on NASDAQ owing to shareholder non-approval of the proposed reverse stock split on September 01, 2017.

As the stock split proposal did not achieve the level of required shareholder support, the Company remains unable to access the restricted cash otherwise available under the 2016 convertible notes or to pursue new equity financing. Hence, till the Company can make authorized shares available and thus access capital, it does not have the ability to continue operations beyond the next few months, according to the Letter.

The Company has concluded an agreement with the 2016 convertible note holders that would resolve the authorized shares limit issue. The agreement hence provides for the issuance of Series C preferred shares in exchange for $0.5 million in cash, providing Delcath Systems the necessary capital to continue its operations in the short-term and delivering the convertible note holders with enhanced voting rights sufficient to approve a reverse stock split. Delcath Systems stated that the approval of the reverse stock split concerns the cause to grant the Company access to capital to continue its operations. According to the Company, regaining access to equity capital would allow it to continue investing in the Clinical Development Program and the commercial efforts in Europe.

Company Growth Prospects

Recently, on September 19, 2017, the Company, focusing on the treatment of primary and metastatic liver cancers, announced the results of a single institution study presented at the Cardiology and Interventional Radiology of Europe (CIRSE) annual meeting, held during September 16 - 20, 2017. The study, Prospective Clinical and Pharmacological Evaluation of the Delcath System's Second Generation (GEN2) Hemofiltration System in Patients Undergoing Percutaneous Hepatic Perfusion (PHP) with Melphalan, was conducted by a team at the Leiden University Medical Center (LUMC) in Leiden, The Netherlands.

The results of the study showed that the GEN2 CHEMOSAT system had an overall efficiency of 86%, with efficiency highest at the time when the highest concentration of Melphalan was present in the blood, declining as Melphalan blood concentration declined. Researchers concluded from the study that GEN2 CHEMOSAT system had higher Melphalan filter efficiency and more consistent performance, which appears safe, but requires further validation.

Last Close Stock Review

On Monday, September 25, 2017, Delcath Systems' stock closed the trading session at $0.05, falling 2.65% from its previous closing price of $0.06. A total volume of 28.13 million shares were exchanged during the session. The stock currently has a market cap of $30.29 million.

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