UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
SCHEDULE
14A INFORMATION
Consent
Solicitation Statement Pursuant to Section 14(a) of the Securities
Exchange
Act of 1934
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Preliminary
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Definitive
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Definitive
Additional Materials
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Soliciting
Material Pursuant to §240.14a-12
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DELCATH
SYSTEMS, INC.
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(Name
of Registrant as Specified In Its Charter)
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ROBERT
B. LADD
JONATHAN
A. FOLTZ
MICHAEL
KARPF, M.D.
PAUL
WILLIAM FREDERICK NICHOLLS
FRED
S. ZEIDMAN
LADDCAP
VALUE ASSOCIATES LLC
LADDCAP
VALUE PARTNERS LP
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JONATHAN
A. FOLTZ, DELCATH BOARD NOMINEE, AFFIRMS HIS LETTER OF AUGUST 30TH AND
ENCOURAGES STOCKHOLDERS TO SUPPORT LADDCAP’S CONSENT SOLICITATION BY RETURNING
THEIR BLUE
CONSENT CARDS
New
York,
August 31, 2006-- In our opinion, it is unfortunate that Delcath Systems,
Inc.’s
(Nasdaq: DCTH) management continues to mischaracterize this consent solicitation
as an act against
Delcath.
This consent solicitation is an opportunity for Delcath’s stockholders to
democratically choose their Board of Directors. Laddcap is confident that
its
fellow stockholders recognize that this consent solicitation is not an act
against Delcath, but rather for Delcath and the people for which Delcath’s
technology will serve. Laddcap feels certain that its proposed slate of nominees
have the skills, knowledge, and experience to successfully lead Delcath now
and
in the future.
“In
our
opinion, it is not the consent solicitation process that is destabilizing
Delcath, but rather management’s and the current Board’s insistence on using
tactics that we believe are designed to scare and intimidate stockholders
and
seek to perpetuate their own tenure by blocking stockholder democracy” stated
Robert B. Ladd, Board nominee.
On
August
30, Delcath’s management released selected quotes from an August 11 letter
written by Dr. Alexander, a prominent cancer researcher, which they present
as a
statement of his concern about a change in Delcath’s Board. Since management has
not made the full text of the letter available, we cannot comment on the
letter
itself and encourage management to release the full letter for fair and accurate
review by stockholders. Moreover, we question why it took Delcath’s management
so long to inform stockholders about this letter, which is dated August
11.
Mr.
Foltz
firmly stands by his August 30 letter. Mr. Foltz called Dr. Alexander, the
proposed Principle Investigator at the University of Maryland to assure him
that
he and his institution will have the full support of Delcath’s Board should
Laddcap be successful in its consent solicitation. When Dr. Alexander returned
his call; Mr. Foltz specifically encouraged Dr. Alexander to continue to
work
with Delcath in the interim and stated that Laddcap “refuses to jeopardize the
clinical trials by using the true drivers of Delcath’s technology as a threat to
sway the vote.”
Laddcap
remains confident that the medical community will continue to participate
in the
clinical trials if its nominees are elected because their terminally ill
patients have benefited from use of Delcath’s device.
OPEN
CONFERENCE CALL SEPTEMBER 6TH AT 4:30 P.M.
As
a
reminder, Laddcap will host a conference call on Wednesday, September 6th.
As we
have stated previously, Laddcap believes Delcath’s current communications with
its stockholders has been poor. We encourage everyone (former, current and
potential stockholders, members of the media and anyone interested in obtaining
answers relating to Delcath) to call in to our open conference call,
pre-registration is not required. Representatives of Laddcap's proposed slate
of
Directors will be available on September 6th at 4:30 p.m. (E.T.). Dial
1-888-550-5602 and enter code 0981 2532 for access to the call.
Additionally,
Delcath has announced that it will host a “Town Hall Meeting” on September 8th
for stockholders. We encourage all stockholders to participate and support
stockholder democracy.
CONTACT
US
If
anything in this press release or in other materials you may receive from
us or
Delcath raises any questions for you, please
contact us.
We
believe it is important to maintain an open and on-going dialogue with
stockholders. We want to hear from you, hear your views concerning Delcath
and
answer any questions that you may have about our proposals or the unaffiliated
slate of directors. Therefore, please call, write, fax or email us your name,
address, email address and number of shares of Delcath stock you held on
July
27, 2006; please also include your phone number. Our contact information
is set
forth below or you may call our consent solicitor, The Altman Group toll
free at
(800) 581-5375.
Thank
you
for your support,
LADDCAP
VALUE PARTNERS LP
By:
___________________________________
Robert
B.
Ladd, in his capacity as the
managing
member of Laddcap Value
Associates
LLC, the general partner of
Laddcap
Value Partners LP
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PLEASE
SIGN, DATE AND RETURN YOUR BLUE
CONSENT CARD
If
you have any questions or require any assistance in executing your
written
consent, please call:
The
Altman Group, Inc.
1200
Wall Street West, 3rd Floor, Lyndhurst, NJ 07071
(800)
581-5375
Banks
and Brokers Call Collect: (201) 806-7300
Laddcap
Value Partners LP
650
Fifth Avenue, Suite 600
New
York, NY 10019
(212)
259-2070
info@laddcapvalue.com
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In
connection with our consent solicitation, on August 17, 2006 we filed a
definitive consent solicitation statement with the Securities and Exchange
Commission (the “SEC”).
In
addition, we may file other consent solicitation materials regarding this
consent solicitation. STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE CONSENT
SOLICITATION STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION. Definitive
consent solicitation statements and BLUE
consent
cards are currently being mailed to Delcath stockholders. Stockholders are
also
able to obtain a free copy of the definitive consent solicitation statement
at
the SEC’s website, www.sec.gov. The definitive consent solicitation statement
may also be obtained free of charge from our offices by contacting us via
the
contact information set forth above.