X0304 4 2011-12-12 0000872912 DELCATH SYSTEMS INC DCTH 0001266152 LADD ROBERT C/O DELCATH SYSTEMS, INC. 810 SEVENTH AVENUE, SUITE 3505 NEW YORK NY 10019 1 0 0 0 Common Stock 36854 D Common Stock 2011-12-12 4 S 0 10000 2.30 D 721294 I By Laddcap Value Partners L.P. Common Stock 2011-12-13 4 S 0 10000 2.28 D 711294 I By Laddcap Value Partners L.P. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Laddcap Value Partners L.P. on November 11, 2011. The reporting person disclaims beneficial ownership of these securities except to the extent of the reporting person's pecuniary interest in the securities, if any, and this statement shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or any other purpose. The reporting person serves as the managing member of Laddcap Value Advisors LLC, which is the investment advisor of Laddcap Value Partners L.P. ("Laddcap"). The reporting person is also the managing member of Laddcap Value Associates LLC which is the general partner of Laddcap. /s/ Barbra Keck, pursuant to a Confirming Statement executed by Robert B. Ladd, CFA 2011-12-13