XML 21 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events
 

DELCATH SYSTEMS, INC.
Notes to Condensed Consolidated Financial Statements
for the Three and Nine Months Ended September 30, 2013 and 2012

(13) Subsequent Events

 
On October 4, 2013, the Company announced that as part of its efforts to increase operating efficiencies, the Company completed a strategic reorganization under which it has eliminated 21 positions, or approximately 33% of its global workforce. In addition to the restructuring charges disclosed in Note 6 to the Company's condensed consolidated financial statements contained in their Quarterly Report on Form 10-Q, the Company expects to incur an additional approximately $1.4 million in expenses related to this reorganization.

On October 23, 2013, the Company announced the sale of 20,960,000 shares of its common stock and warrants to purchase up to 9,432,000 shares of common stock at a combined price to the public of $0.36 per share and related warrant resulting in approximately $7.5 million in gross proceeds. The transaction settled on October 28, 2013. 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 the Company, will be approximately $6.8 million, which does not include any potential proceeds from the cash exercise of any warrants. The Company 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, capital expenditures and working capital.

The Company completed an evaluation of the impact of any subsequent events through the date financial statements were issued and determined there were no other subsequent events requiring disclosure in or adjustment to these financial statements.