Daily News: April 23, 2012

Delcath Systems Secures $20 Million Credit Facility With SVB


Delcath Systems, Inc. announced it has closed a $20 million working capital line of credit revolver with Silicon Valley Bank (SVB), a provider of banking services in the life sciences. The credit facility is available for general corporate purposes supporting the overall growth and development of the company.

Commenting on the transaction, Eamonn P. Hobbs, president & CEO of Delcath Systems, said, “We look forward to developing a long-term relationship with Silicon Valley Bank. SVB is a well-recognized commercial lender in the life-sciences field, and we believe their desire to begin working with us speaks highly of their assessment of the opportunities before us.”

“We are pleased to have this financing capability available to us,” said Graham G. Miao, executive vice president and CFO of Delcath Systems. “This credit facility provides us with additional financing options to access capital to execute our commercialization plans.”

“We strive to increase the success rate of life science companies, and have been impressed by Delcath’s strong team and their commitment to innovation,” said Mark Gallagher, senior relationship manager, Silicon Valley Bank. “We look forward to further supporting Delcath’s international expansion.”

Delcath Systems, Inc. is a specialty pharmaceutical and medical device company focused on oncology.

Silicon Valley Bank is a bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses.