DCTH

Don’t Count Out Delcath Systems, Inc. (NASDAQ:DCTH) Yet

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Delcath Systems, Inc. (NASDAQ:DCTH) was down 18% Thursday and has been trending down since the middle of the summer. DCTH does have legitimate IP – an investigational product (Melphalan Hydrochloride) for Injection for use with the Delcath Hepatic Delivery System, which is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects.

Overall, DCTH has been nothing but a roller coaster ride recently and investors are starting to question what the real value is here. And, the truth is, there is some value still.

Delcath Systems, Inc. (NASDAQ:DCTH) frames itself as a specialty pharmaceutical and medical device company focused on oncology.

DCTH focuses on the treatment of primary and metastatic liver cancers. The company is developing melphalan hydrochloride for Injection for use with the Delcath hepatic delivery system to administer high-dose chemotherapy to the liver. It offers melphalan hydrochloride under the Delcath Hepatic CHEMOSAT Delivery System for Melphalan name in Europe.

The company was founded in 1988 and is headquartered in New York, New York.

According to company materials, “Delcath Systems, Inc. is an interventional oncology Company focused on the treatment of primary and metastatic liver cancers. Our investigational product – Melphalan Hydrochloride for Injection for use with the Delcath Hepatic Delivery System (Melphalan/HDS) – is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. We have commenced a global Phase 3 FOCUS clinical trial for Patients with Hepatic Dominant Ocular Melanoma (OM), and plans to initiate a Registration trial for intrahepatic cholangiocarcinoma (ICC) by the end of 2017 contingent on effecting the reverse stock split as outlined in the Company’s consent proposal. Melphalan/HDS has not been approved by the U.S. Food & Drug Administration (FDA) for sale in the U.S.  In Europe, our system has been commercially available since 2012 under the trade name Delcath Hepatic CHEMOSAT® Delivery System for Melphalan (CHEMOSAT), where it has been used at major medical centers to treat a wide range of cancers of the liver.”

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DCTH announced the results of a single institution study presented at the Cardiology and Interventional Radiology of Europe (CIRSE) annual meeting, held during September 16 – 20, 2017. The results of the study showed that the GEN2 CHEMOSAT system had an overall efficiency of 86%, with efficiency highest at the time when the highest concentration of Melphalan was present in the blood, declining as Melphalan blood concentration declined.

Regardless of capital structure management issues, this is a biotechnology company with an asset already on shelves in a major global market (Europe) and the same asset in a phase 3, pivotal investigation set up to underpin a registration application in the US.

But that’s not what people are talking about right now. Most are more interested in what the company plans to do about its debt and capital structure issues – which is smart – but something that seems to be drawing a disproportionate amount of attention away from their pipeline.

Currently trading at a market capitalization of $24.80M with a little more than 499M shares out, Delcath Systems is pulling in trailing 12-month revenues of $2.4M. This could be a bargain basement deal if the company gets a break on some trial data. Sign-up for continuing coverage on shares of $DCTH stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $DCTH, either long or short, and we have not been compensated for this article.