NEW YORK -- Medical technology firm Delcath Systems Inc. says it is making progress in bringing its first product to market.
The Manhattan-based company, which is led by former AngioDynamics CEO Eamonnn Hobbs, announced plans two months ago to establish a manufacturing facility in the Kingsbury industrial park.
Delcath Systems specializes in cancer treatment and has 27 patents worldwide. Its primary device is a system that delivers ultra-high doses of anti-cancer drugs to the liver while preventing the drug from entering the patient's bloodstream.
Just this week, Delcath Systems said it raised $32.4 million through a public stock offering, which boosts the company's cash balance to more than $37 million.
Hobbs said the cash significantly improves Delcath Systems' balance sheet.
"The successful offering ... provides our company with the resources required to execute our regulatory approval and go-to-market strategies," Hobbs said. "We attracted several leading and internationally known institutional investors to the offering and we fully expect the transaction will shortly lead to new sell-side analyst coverage of the company."
Delcath has enrolled 92 patients in trials for its liver cancer treatment device, called Percutaneous Hepatic Perfusion, or PHP. Company officials said they are aiming to bring the product to market in Europe by 2010. Negotiations are under way with several international entities to provide geographic market rights for system.
The company is already beginning to prepare it application for the Food and Drug Administration for domestic marketing approval, which is on track for submittal around mid-year 2010, Hobbs said.
Delcath also recently completed the expansion of its executive management team, including additions in the areas of research and development, global sales and marketing, and regulatory affairs and quality assurance.
Posted in Local on Thursday, November 19, 2009 3:00 pm
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