SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G*
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
Amendment No. __
DELCATH SYSTEMS, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
24661P104
(CUSIP Number)
November 17, 2003
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed: [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d)
- ----------------
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 24661P104 13G Page 2 of 16 Pages
__________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Ramius Capital Group, L.L.C.
__________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
__________________________________________________________________________
(3) SEC USE ONLY
__________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
__________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES
__________________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
Warrants to purchase up to 513,960 shares of Common
Stock /1/
OWNED BY
__________________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING
__________________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
See Row 6 above.
__________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
See Row 6 above.
__________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES **
[ ]
__________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
Approximately 5.01% as of the date of filing of this statement. (The
percentage of Shares reported herein is based upon the aggregate of (i)
9,744,632 shares reported on the Issuer's Form 10-QSB for the period
ending September 30, 2003 to be outstanding as of September 30, 2003,
and (ii) 513,960 shares issuable upon exercise of the warrants.)
__________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
IA
__________________________________________________________________________
/1/ See Footnote 1 in Item 4.
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 24661P104 13G Page 3 of 16 Pages
__________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Ramius Securities, L.L.C.
__________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
__________________________________________________________________________
(3) SEC USE ONLY
__________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
__________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES
__________________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
Warrants to purchase up to 513,960 shares of Common
Stock /1/
OWNED BY
__________________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING
__________________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
See Row 6 above.
__________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
See Row 6 above.
__________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
__________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
Approximately 5.01% as of the date of filing of this statement. (The
percentage of Shares reported herein is based upon the aggregate of (i)
9,744,632 shares reported on the Issuer's Form 10-QSB for the period
ending September 30, 2003 to be outstanding as of September 30, 2003,
and (ii) 513,960 shares issuable upon exercise of the warrants.)
__________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
BD
__________________________________________________________________________
/1/ See Footnote 1 in Item 4.
** SEE INSTRUCTIONS BEFORE FILLING OUT!
__________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
C4S & Co., L.L.C.
__________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
__________________________________________________________________________
(3) SEC USE ONLY
__________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
__________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES
__________________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
Warrants to purchase up to 513,960 shares of Common
Stock /1/
OWNED BY
__________________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING
___________________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
See Row 6 above.
___________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
__________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES **
[ ]
__________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
Approximately 5.01% as of the date of filing of this
statement. (The percentage of Shares reported herein is
based upon the aggregate of (i)9,744,632 shares reported
on the Issuer's Form 10-QSB for the period ending September 30,
2003 to be outstanding as of September 30, 2003, and (ii)
513,960 shares issuable upon exercise of the warrants.)
__________________________________________________________________________
(12) TYPE OF REPORTING PERSON ** OO
__________________________________________________________________________
/1/ See Footnote 1 in Item 4.
** SEE INSTRUCTIONS BEFORE FILLING OUT!
__________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Peter A. Cohen
__________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
__________________________________________________________________________
(3) SEC USE ONLY
__________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION United States
__________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES
__________________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
Warrants to purchase up to 513,960 shares of Common
Stock /1/
OWNED BY
__________________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING
__________________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
See Row 6 above.
__________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
See Row 6 above.
__________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
__________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
Approximately 5.01% as of the date of filing of this
statement. (The percentage of Shares reported herein is
based upon the aggregate of (i)9,744,632 shares reported
on the Issuer's Form 10-QSB for the period ending
September 30, 2003 to be outstanding as of September 30,
2003, and (ii) 513,960 shares issuable upon exercise of
the warrants.)
__________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
IN
__________________________________________________________________________
/1/ See Footnote 1 in Item 4.
** SEE INSTRUCTIONS BEFORE FILLING OUT!
__________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Morgan B. Stark
__________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
__________________________________________________________________________
(3) SEC USE ONLY
__________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
__________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES
__________________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
Warrants to purchase up to 513,960 shares of Common
Stock /1/
OWNED BY
__________________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING
__________________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
See Row 6 above.
__________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
See Row 6 above.
__________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN
SHARES **
[ ]
__________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
Approximately 5.01% as of the date of filing of this
statement. (The percentage of Shares reported herein is
based upon the aggregate of (i) 9,744,632 shares reported
on the Issuer's Form 10-QSB for the period ending September 30,
2003 to be outstanding as of September 30, 2003,
and (ii) 513,960 shares issuable upon exercise of the warrants.)
__________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
IN
__________________________________________________________________________
/1/ See Footnote 1 in Item 4.
** SEE INSTRUCTIONS BEFORE FILLING OUT!
__________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS (ENTITIES ONLY)
Thomas W. Strauss
__________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
__________________________________________________________________________
(3) SEC USE ONLY
__________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION United States
__________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES
__________________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
Warrants to purchase up to 513,960 shares of Common
Stock /1/
OWNED BY
__________________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING
__________________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
See Row 6 above.
__________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
See Row 6 above.
__________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN
SHARES **
[ ]
__________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Approximately 5.01% as of the date of filing of this
statement. (The percentage of Shares reported herein is
based upon the aggregate of (i) 9,744,632 shares reported
on the Issuer's Form 10-QSB for the period ending
2003, and (ii) 513,960 shares issuable upon exercise of the
warrants.)
__________________________________________________________________________
(12) TYPE OF REPORTING PERSON**
IN
__________________________________________________________________________
/1/ See Footnote 1 in Item 4.
** SEE INSTRUCTIONS BEFORE FILLING OUT!
__________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS (ENTITIES ONLY)
Jeffrey M. Solomon
__________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
__________________________________________________________________________
(3) SEC USE ONLY
__________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
__________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES
__________________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
Warrants to purchase up to 513,960 shares of Common
Stock /1/
OWNED BY
__________________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING
__________________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
See Row 6 above.
__________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
See Row 6 above.
__________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN
SHARES **
[ ]
__________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
Approximately 5.01% as of the date of filing of this
statement. (The percentage of Shares reported herein is
based upon the aggregate of (i) 9,744,632 shares reported
on the Issuer's Form 10-QSB for the period ending
2003, and (ii) 513,960 shares issuable upon exercise of the
warrants.)
__________________________________________________________________________
(12) TYPE OF REPORTING PERSON**
IN
__________________________________________________________________________
/1/ See Footnote 1 in Item 4.
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Item 1.
(a) Name of Issuer
Delcath Systems, Inc., a Delaware corporation (the "Company").
(b) Address of Issuer's Principal Executive Offices:
The principal executive offices of the Company are located at 1100
Summer Street, Stamford, Connecticut 06905.
Item 2(a). Name of Person Filing
Item 2(b). Address of Principal Business Office
Item 2(c). Citizenship
Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, NY 10017
Citizenship: State of Delaware
Ramius Securities, L.L.C.
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, NY 10017
Citizenship: State of Delaware
C4S & Co., L.L.C.
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, NY 10017
Citizenship: State of Delaware
Peter A. Cohen
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, NY 10017
Citizenship: United States
Morgan B. Stark
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, NY 10017
Citizenship: United States
Thomas W. Strauss
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, NY 10017
Citizenship: United States
Jeffrey M. Solomon
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, NY 10017
Citizenship: United States
(d) Title of Class of Securities
Common Stock, Par value $.001 Per Share
(e) CUSIP Number 24661P104
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b), check
whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C.
78o).
(b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15
U.S.C. 78c).
(d) [ ] Investment company registered under Section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with Rule
13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with Rule
13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act of 1940 (15
U.S.C. 80a-3);
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. [X]
Item 4. Ownership
(a) Amount Beneficially Owned
As of November 17, 2003, each of the Reporting Persons may be deemed the
beneficial owner of warrants to purchase 513,960 shares of Common Stock. These
warrants are held by Ramius Securities, LLC. To the extent permissible, each
Reporting Person disclaims beneficial ownership of the shares of Common Stock
not directly owned by such Reporting Person or by an affiliate of such Reporting
Person. /1/
(b) Percent of Class
Approximately 5.01% as of the date of filing of this statement. (The
percentage of Shares reported herein is based upon the aggregate of (i)
9,744,632 shares reported on the Issuer's Form 10-QSB for the period ending
September 30, 2003 to be outstanding as of September 30, 2003, and (ii) 513,960
shares issuable upon exercise of the warrants.)
(c) Number of shares as to which such person has: See cover pages.
/1/ The Reporting Persons can exercise the warrants at any time prior to and
including May 20,2008 to purchase up to 513,960 shares of Common Stock.
Item 5. Ownership of Five Percent or Less of a Class
Not applicable
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company
See Item 2 above.
Item 8. Identification and Classification of Members of the Group
This statement is filed by:
(i) Ramius Capital Group, L.L.C., a Delaware limited liability company
("RCG"), serves as investment adviser of SPhinX Distressed (RCG Carpathia),
Segregated Portfolio and RCG Carpathia Master Fund, Ltd.
(ii) Ramius Securities, L.L.C., a Delaware limited liability company,
is a broker-dealer affiliate of RCG.
(iii) C4S & Co., L.L.C., a Delaware limited liability company ("C4S"),
serves as managing member of RCG.
(iv) Peter Cohen is a control person of C4S.
(v) Morgan Stark is a control person of C4S.
(vi) Thomas W. Strauss is a control person of C4S.
(vii) Jeffrey M. Solomon is a control person of C4S.
Item 9. Notice of Dissolution of Group
Not applicable
Item 10. Certification
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were not acquired and are not held for the purpose
of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose of effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated this 21st day of November 2003.
Ramius Capital Group, L.L.C.
By: C4S & Co., L.L.C.
as Managing Member
By: Morgan B. Stark
as Managing Member
By: /s/ Morgan B. Stark
-------------------------------------
Ramius Securities, L.L.C.
By: Morgan B. Stark
as Authorized Person
By: /s/ Morgan B. Stark
-------------------------------------
C4S & Co., L.L.C.
By: Morgan B. Stark
as Managing Member
By: /s/ Morgan B. Stark
-------------------------------------
Peter A. Cohen
By: /s/ Peter A. Cohen
-------------------------------------
Morgan B. Stark
By: /s/ Morgan B. Stark
-------------------------------------
Thomas W. Strauss
By: /s/ Thomas W. Strauss
-------------------------------------
Jeffrey M. Solomon
By: /s/ Jeffrey M. Solomon
-------------------------------------