NEW
YORK, June 21, 2023 /PRNewswire/ -- Delcath
Systems, Inc. (Nasdaq: DCTH) (the "Company" or "Delcath"), an
interventional oncology company focused on the treatment of primary
and metastatic cancers of the liver, announces that the Company
granted equity awards, previously approved by the Company's
Compensation Committee and the Board of Directors, as a material
inducement to employment for two individuals, the Chief Medical
Officer, Vojislav Vukovic, and the
Principal Accounting Officer and Principal Financial Officer,
Sandra Pennell.
Mr. Vukovic received a total of 150,000 shares of the Company's
common stock, outside of the Company's Omnibus 2020 Equity
Incentive Plan, as amended ("Plan"). The options were issued upon
the employee's grant date, and all stock options included within
the equity inducement award have an exercise price equal to the
closing price of Delcath common stock on the grant date with
ten-year terms. One-third of the options will vest on the
first anniversary of the grant date with the remaining two-thirds
of the options vesting in equal monthly installments over the
following twenty-four months.
Ms. Pennell received a total of 100,000 shares of the Company's
common stock, outside of the Plan. The options were issued upon the
employee's grant date, and all stock options included within the
equity inducement award have an exercise price equal to the closing
price of Delcath common stock on the grant date with ten-year
terms. One-third of the options will vest on the first
anniversary of the grant date with the remaining two-thirds of the
options vesting in equal monthly installments over the following
twenty-four months.
The above-described awards were each granted in accordance with
NASDAQ Listing Rule 5635(c)(4), and were granted pursuant to the
terms of the Plan.
About Delcath Systems, Inc.
Delcath Systems, Inc. is an interventional oncology company
focused on the treatment of primary and metastatic liver cancers.
The company's proprietary products, HEPZATO Kit (melphalan
hydrochloride for Injection/Hepatic Delivery System) and
CHEMOSAT® Hepatic Delivery System for Melphalan percutaneous
hepatic perfusion (PHP) are designed to administer high-dose
chemotherapy to the liver while controlling systemic exposure and
associated side effects during a PHP procedure.
In the United States,
HEPZATO Kit is considered an investigational drug/device
combination product regulated as a drug by the United States
Food and Drug Administration (FDA). HEPZATO Kit is comprised
of the chemotherapeutic drug melphalan and Delcath's proprietary
Hepatic Delivery System (HDS). The HDS is used to surgically
isolate the liver while simultaneously filtrating hepatic venous
blood during melphalan infusion and washout. The use of the HDS
results in loco-regional delivery of a relatively high melphalan
dose, which can potentially induce a clinically meaningful tumor
response with minimal hepatotoxicity and reduce systemic exposure.
In the US, HEPZATO Kit was the subject of a February 14, 2023 new drug application
resubmission to FDA for the treatment of patients
with unresectable hepatic-dominant metastatic ocular melanoma
(mOM), also known as metastatic uveal melanoma (mUM). FDA has
established an August 14, 2023 PDUFA
date for the resubmission. In Europe, the device-only configuration of the
HDS is regulated as a Class III medical device and is approved for
sale under the trade name CHEMOSAT Hepatic Delivery System for
Melphalan, or CHEMOSAT, where it has been used in the conduct of
percutaneous hepatic perfusion procedures at major medical centers
to treat a wide range of cancers of the liver.
Contact:
Investor Relations Contact:
Ben Shamsian
Lytham Partners
646-829-9701
shamsian@lythampartners.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/delcath-systems-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-301857320.html
SOURCE Delcath Systems, Inc.