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* KOLY M S /FA/ (Last) (First) (Middle) 1100 SUMMER STREET 3RD FLOOR (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 10% Owner X Officer (give title below) Other (specify below) President and CEO
	3. Date of Earliest Transaction (Month/Day/Year) 03/22/2005
	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	03/22/2005		J(5)		0	A	$0	76,007(2)	D

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
Incentive Stock Option (right to buy)	$3.3125	12/01/2000		J(1)		0		(3)	12/01/2005	Common Stock	30,150	$0	622,000	D
Nonqualified Stock Option (right to buy)	$3.3125	12/01/2000		J(1)		0		(3)	12/01/2005	Common Stock	41,700	$0	622,000	D
Option to Purchase Common Stock	$0.6	11/12/2001		J(1)		0		(3)	11/12/2006	Common Stock	100,000	$0	622,000	D
Incentive Stock Option (right to buy)	$3.3125	12/17/2001		J(1)		0		(3)	12/17/2006	Common Stock	30,150	$0	622,000	D
Incentive Stock Option (right to buy)	$0.71	09/19/2002		J(1)		0		(3)	09/19/2007	Common Stock	100,000	$0	622,000	D
Incentive Stock Option (right to buy)	$1.03	08/25/2003		J(1)		0		(4)	08/25/2008	Common Stock	120,000	$0	622,000	D
Incentive Stock Option (Right to Buy)	$2.02	03/22/2005		A		68,400		(6)	11/03/2009	Common Stock	68,400	$0	622,000	D
Nonqualified Stock Option (Right to Buy)	$2.02	03/22/2005		A		131,600		(7)	11/03/2009	Common Stock	131,600	$0	622,000	D

Explanation of Responses:

1. This transaction was previously reported.

2. The reporting person indirectly owns shares as trustee of the Venkol Trust; he has a pecuniary interest in approximately 181,000 of such shares.

3. These options are currently exercisable.

4. Exercisable as to one-half of the shares on the first anniversary of grant and in full on the second anniversary of grant through the expiration date.

5. Reported only to report ownership after the transactions reported.

6. Exercisable as to 18,900 shares on November 3, 2005 and in full on November 3, 2006 through the expiration date.

7. Exercisable as to 81,100 shares on November 3, 2005 and in full on November 3, 2006 through the expiration date.

	/s/ M. S. KOLY	03/23/2005
	** 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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