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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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 CT 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) 11/03/2003
	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)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01	11/03/2003		S		500	D	$1.13	14,000	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
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.

	/s/ SAMUEL HERSCHKOWITZ	11/05/2003
	** 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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