Delcath Systems Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
NEW YORK, Nov. 9, 2022 /PRNewswire/ -- Delcath Systems, Inc. (Nasdaq: DCTH), announces that the Company granted equity awards, previously approved by the Company's Compensation Committee, as a material inducement to employment to two individuals. The employees received a total of 40,000 shares of the Company's common stock, outside of the Company's Amended and Restated 2020 Stock Incentive Plan ("Plan"). The options were issued upon the employee's grant date ("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. The Plan was adopted by Delcath's Board of Directors in October 2020 and has been amended and restated from time to time.
Delcath Systems, Inc. is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. The company's proprietary percutaneous hepatic perfusion (PHP) system is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. In the United States, the PHP system is being developed under the tradename HEPZATO KIT (melphalan hydrochloride for injection/hepatic delivery system), or HEPZATO, for the treatment of metastatic ocular melanoma (mOM), also known as metastatic uveal melanoma (mUM) and is considered a combination drug and device product regulated by the United States Food and Drug Administration (FDA).
In Europe, the PHP system 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 at major medical centers to treat a wide range of cancers of the liver.
Investor Relations Contact:
Ben Shamsian
Lytham Partners
646-829-9701
shamsian@lythampartners.com
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SOURCE Delcath Systems, Inc.
