SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

HERSCHKOWITZ SAMUEL /FA/

(Last)

(First)

(Middle)

C/O DELCATH SYSTEMS INC

1100 SUMMER STREET

(Street)

STAMFORD

06905

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
DELCATH SYSTEMS INC [ DCTH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Technical Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.01	09/16/2003		S		500	D	$1.25	3,500	D⁽¹⁾
Common Stock, par value $0.01	10/03/2003		S		3,000	D	$1.22	500	D⁽¹⁾
Common Stock, par value $0.01	01/26/2004		S		500	D	$2.14	0	D⁽¹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Options to buy	$4.93	01/28/1999		J⁽²⁾		51,757		⁽³⁾	01/28/2004	Common Stock	51,757	$0	294,836	D
Options to buy	$4.93	01/28/1999		J⁽²⁾		51,757		⁽³⁾	01/28/2004	Common Stock	51,757	$0	294,836	D
Options to buy	$2.9	01/28/1999		J⁽²⁾		32,779		⁽³⁾	01/28/2004	Common Stock	32,779	$0	294,836	D
Incentive Stock Option (right to buy)	$3.3125	12/01/2000		J⁽²⁾		30,150		⁽³⁾	12/01/2005	Common Stock	30,150	$0	294,836	D
Incentive Stock Option (right to buy)	$3.3125	01/01/2001		J⁽²⁾		30,150		⁽³⁾	01/01/2006	Common Stock	30,150	$0	294,836	D
Incentive Stock Option (right to buy)	$3.3125	01/01/2001		J⁽²⁾		30,150		⁽³⁾	01/01/2006	Common Stock	30,150	$0	294,836	D
Incentive Stock Option (right to buy)	$3.3125	12/17/2001		J⁽²⁾		30,000		⁽⁴⁾	12/17/2006	Common Stock	30,000	$0	294,836	D
Incentive Stock Option (right to buy)	$0.71	09/19/2002		J⁽²⁾		30,000		⁽⁴⁾	09/19/2007	Common Stock	30,000	$0	294,836	D
Incentive Stock Option (right to buy)	$1.03	08/25/2003		J⁽²⁾		90,000		⁽⁴⁾	08/25/2008	Common Stock	90,000	$0	294,836	D

Explanation of Responses:

1. In addition, the reporting person indirectly owns 180,805 shares through a beneficial remainder interest in a trust.

2. This transaction was previously reported.

3. Currently exercisable

4. Exercisable as to 50% of the shares on the first anniversary of grant and as to the balance on the second anniversary of the date of grant.

	SAMUEL HERSCHKOWITZ By /s/ PAUL G. HUGHES, Attorney-in-Fact	01/27/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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