DELCATH SYSTEMS, INC. — Director's Dealing 2010

Aug 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELCATH SYSTEMS INC (DCTH)
CIK: 0000872912
Period of Report: 2010-07-29

Reporting Person: LADD ROBERT (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-08-02	Common Stock	J	1651569	—	Disposed	731294	Indirect

Footnotes

F1: This statement is being filed by the Reporting Person with respect to shares of the common stock ("Shares") of the Issuer held of record by Laddcap Value Partners LP ("Laddcap"). The Reporting Person serves as the managing member of Laddcap Value Advisors LLC ("LVA"), which is the investment advisor of Laddcap. The Reporting Person also serves as the managing member of Laddcap Value Associates LLC ("LV") which is the general partner of Laddcap. For purposes of Section 16 of the Securities Exchange Act of 1934, the Reporting Person disclaims beneficial ownership of the securities covered by this statement, and this statement shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise.

F2: These Shares were distributed to limited partners of Laddcap in satisfaction of their respective limited partnership interests.