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The Associated Press November 13, 2009, 12:25PM ET

Delcath prices share offering at $3.60 per share

NEW YORK

Delcath Systems Inc., maker of a cancer-drug delivery device, said Friday it has priced a public offering of 8.5 million common shares at $3.60 each, for estimated proceeds of $30.6 million.

The company, based in New York, plans to use the proceeds for general expenses including regulatory approval, clinical trials, capital expenditures and working capital.

The underwriters have the option to buy an additional 15 percent of shares. Cowen and Co. is the book-running manager. Canaccord Adams, Wedbush PacGrow Life Sciences and Craig-Hallum Capital Group are co-managers.

The offering is expected to close Nov. 18.

Delcath shares fell 3 cents to $4.03 in midday trading.


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