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Delcath announces offering of 20.96 mln shares of common stock and warrants to purchase up to 9.432 mln shares of common stock at a combined price of $0.36 per share and related warrantFont size: A | A | A
8:51 AM ET 10/23/13 | Briefing.com
Co announced that it is raising ~ $7.5 mln in gross proceeds in an offering of 20.96 mln shares of its common stock and warrants to purchase up to 9.432 mln shares of common stock at a combined price to the public of $0.36 per share and related warrant. The warrants are exercisable beginning on the date six months after the date of issuance at an exercise price of $0.44 per share and will expire, unless exercised, on the fifth anniversary of the date of issuance. The net proceeds from the sale of the shares and the related warrants, after deducting the placement agent fees and other estimated offering expenses payable by Delcath, will be ~Â $6.8 mln, which does not include any potential proceeds from the cash exercise of any warrants.

Co intends to use the net proceeds from this offering (including any resulting from the exercise of the warrants, if any) for general corporate purposes, including, but not limited to, funding of its clinical trials, commercialization of its products, obtaining regulatory approvals, research, capital expenditures and working capital. Roth Capital Partners, LLC, served as sole placement agent.