General

We were incorporated under Delaware law in 1988. We are a development stage company, and we have developed the Delcath system to isolate the liver from the general circulatory system in order to administer chemotherapy and other therapeutic agents directly to the liver. Since our inception, we have raised approximately $32.9 million in funds (net of fundraising expenses), and we have invested approximately $17.1 million of those funds in research and development costs associated with development and testing of the Delcath system.

The Delcath system is not currently approved for marketing by the United States Food and Drug Administration (FDA), and it cannot...