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Daytrading, Eminis, Forex trading, Swing Trading BREAKING NEWS - 447923
Andy Jones  |  by www.tradingmarkets.com. All rights reserved. 6.11 | 20:41

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(RTTNews) - Monday, Delcath Systems, Inc. ( | | | ) said its Board of Directors and Laddcap Value Partners had resolved all outstanding issues between them amicably putting an end to the two-month long tussle relating to Consent Solicitation. Upon arriving at the agreement, Delcath is to terminate its lawsuit against Laddcap related to its claims under the Securities Exchange Act of 1934, while Laddcap has consented to end its attempt to dislodge the Delcath Board of Directors.

Following the announcement of the resolution, Delcath shares gained 9.78% on the Nasdaq. The Stamford, Connecticut based company said the arrangement provided for the immediate appointment of Robert Ladd, Principal of Laddcap Value Partners to the Delcath Board of Directors, while an additional independent director is to be inducted under mutual agreement.

Further, Laddcap would be compensated in part for expenses related to the Consent Solicitation matter with the issue of approximately 100,000 shares of common stock. Laddcap will also be entitled to enhance its ownership in Delcath to a maximum of 14.9% of the company's total outstanding common stock.

The purchase of such additional shares of Delcath would be based on a cash price equal to the 10 trading day average of the closing price of the stock prior to the time that an additional purchase is made. M.S.

Koly, President and Chief Executive Officer, Delcath, said, "The Board and I look forward to working with Robert Ladd as a partner toward our common goal of advancing Delcath Systems. His broad experience and network of contacts in the capital markets will be a valuable resource for the Board. While we have sometimes disagreed on the best approach to move the Company forward, Mr.

Ladd has made several suggestions in the past which the Board has acted upon, including the hiring of an investment bank and the expansion of our corporate communications efforts. We are all focused on helping the Company achieve its goals and building shareholder value." Ladd commented, "Now we can now work together toward our real goals, completing the Phase III Melphalan and Doxorubicin trials, and obtaining FDA approval for the Delcath system.

I see a great deal of potential in the Delcath system to offer cancer patients a viable therapy to extend their lives. I am encouraged by the results of the Phase I and II clinical trials using the Delcath system as an advanced treatment for liver cancer patients and look forward to seeing the results of the Phase III trials." DCTH closed Monday's regular trading at $3.

17, up $0.12 or 3.93, on a volume of 335,205 shares on the Nasdaq.

In after-hours trading, the stock further gained $0.31 or 9.78%, trading at $3.

48.

Read more on by www.tradingmarkets.com. All rights reserved.
Keywords: Delcath Board, Phase Iii, Delcath Systems, Laddcap Value, Robert Ladd, Value Partners, Consent Solicitation, Laddcap Value Partners
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