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^*

KOLY M S /FA/

(Last)

(First)

(Middle)

1100 SUMMER STREET

3RD FLOOR

(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	10% Owner
X	Officer (give title below)	Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2006

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	08/01/2006		J⁽²⁾		0	A	$0	183,500⁽¹⁾	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)
Incentive Stock Option (right to buy)	$3.3125	12/17/2001		J⁽²⁾		0		⁽³⁾	12/17/2006	Common Stock	30,150	$0	822,000	D
Incentive Stock Option (right to buy)	$0.71	09/19/2002		J⁽²⁾		0		⁽³⁾	09/19/2007	Common Stock	100,000	$0	822,000	D
Incentive Stock Option (right to buy)	$1.03	08/25/2003		J⁽²⁾		0		⁽³⁾	08/25/2008	Common Stock	120,000	$0	822,000	D
Incentive Stock Option (Right to Buy)	$2.78	07/07/2005		J⁽²⁾		0		⁽³⁾	07/07/2010	Common Stock	71,940	$0	822,000	D
Nonqualified Stock Option (Right to Buy)	$2.78	07/07/2005		J⁽²⁾		0		⁽³⁾	07/07/2010	Common Stock	128,060	$0	822,000	D
Incentive Stock Option (right to buy)	$3.3125	10/05/2005		J⁽²⁾		0		⁽³⁾	12/01/2010	Common Stock	30,150	$0	822,000	D
Nonqualified Stock Option (right to buy)	$3.3125	10/05/2005		J⁽²⁾		0		⁽³⁾	12/01/2010	Common Stock	41,700	$0	822,000	D
Nonqualified Stock Option (right to buy)	$3.59	11/08/2005		J⁽²⁾		0		⁽³⁾	11/08/2010	Common Stock	200,000	$0	822,000	D
Incentive Stock Option (right to buy)	$3.28	11/14/2006		A		30,487		⁽⁴⁾	11/14/2011	Common Stock	30,487	$0	822,000	D
Nonqualified Stock Option (right to buy)	$3.28	11/14/2006		A		69,513		⁽⁵⁾	11/14/2011	Common Stock	69,513	$0	822,000	D

Explanation of Responses:

1. The reporting person indirectly owns shares as trustee of the Venkol Trust; he has a pecuniary interest in approximately 63,000 of such shares.

2. Previously reported.

3. These options are currently exercisable.

4. Exercisable on the first anniversary of grant.

5. Exercisable as to 19,513 shares on the first anniversary of grant and in full on the second anniversary of grant through the expiration date.

	M. S. KOLY, By /s/ PAUL G. HUGHES, Attorney-in-fact	11/16/2006
	** 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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