UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 1, 2007
DELCATH SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware 001-16133 06-1245881
(State or other jurisdiction of Commission File (IRS Employer
incorporation) Number) Identification No.)
1100 Summer Street, Stamford, Connecticut 06905
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 323-8668
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2 below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Section 5 - Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Not applicable.
(e) At a meeting of the Compensation and Stock Option Committee of the
Board of Directors of Delcath Systems, Inc. (the "Company") on February 1, 2007,
the Committee approved an increase in the monthly compensation payable to
Richard Taney, the Company's Chief Executive Officer, from $20,000 to $30,000.
(f) Not applicable.
Section 8- Other Events
Item 8.01 Other Events.
Appointment of Chairman
On February 2, 2007 the Company issued a press release announcing that
Harold S. Koplewicz, M.D. had been appointed Chairman of the Company's Board of
Directors at the meeting of the Board held on February 1, 2007.
Further information concerning Dr. Koplewicz is contained in the Company's
press release dated February 2, 2007, a copy of which is filed as Exhibit 99
hereto and which is incorporated herein by reference.
Settlement of Litigation
In addition, the Company announced in its February 2, 2007 press release
that it had settled its lawsuit against Jonathan A. Foltz, the Company's former
Director of Operations. The settlement provides for mutual releases of claims
and for the Company to pay a portion of Mr. Foltz's attorneys fees.
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Filter Technology and Evaluation
On February 5, 2007 Delcath was informed of a voluntary commercial filter
recall by its current filter manufacturer due to issues concerning sterility
assurance. However, both because the Company's use of these filters is
investigational rather than commercial and because the FDA approved protocols
for the Company's clinical trials require filter sterilization at each study
center as part of the procedure, the commercial recall will not prevent the
Company from continuing its clinical trials currently in progress. In addition,
in response to a request from the Food and Drug Administration and in an effort
to further characterize the performance attributes of its current filters,
Delcath had already begun a series of detailed testing protocols with a number
of recognized filter testing laboratories. This comprehensive testing program
will establish a more complete set of baseline empirical data for our current
filters and provide the basis for comparative evaluations of new filters from
alternative suppliers. The Company is taking a number of steps to assess its
current filter and catheter technologies and has embarked on an active program
of research and development with leading hemo-filtration technology companies.
The objectives of this initiative are to improve and enlarge the Company's
intellectual property position and to develop novel filter technologies to
optimize performance and enable expanded clinical applications. The ongoing
filter testing program will both support the continued use of the current
filters in Delcath's clinical studies and provide a reference standard for the
development and assessment of new filters and filtration technologies.
Section 9 - Financial Statements and Exhibits.
Item 9.01. Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits:
Exhibit Description
99 Press Release dated February 1, 2007 of Delcath Systems,
Inc.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DELCATH SYSTEMS, INC.
By: /s/ RICHARD TANEY
---------------------------
Richard Taney
Chief Executive Officer
Date: February 7, 2007
EXHIBIT INDEX
Exhibit Description
99 Press Release dated February 1, 2007 of Delcath Systems,
Inc.