Medical device maker Delcath Systems Inc. said Monday it has started an offering of about 5.2 million shares to raise funds to pay for clinical trials, research and development and other costs.
The offering is expected to close Aug. 20.
Delcath has granted the underwriter a 30-day option to buy up to an additional 777,750 shares to cover over-allotments, if any.
Canaccord Genuity is acting as the bookrunner for the offering.
Delcath shares fell 20 cents to $6.95 in aftermarket trading after falling 34 cents, or 4.5 percent, to $7.15 during the regular session.