FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * KOLY M S /FA/   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 (Last) (First) (Middle) 1100 SUMMER STREET, 3RD FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 03/22/2005 (Street) STAMFORD, CT 06905 4. If Amendment, Date 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 (City) (State) (Zip) 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

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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 Underlying Securities (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 of Derivative Security: 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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
KOLY M S /FA/ 1100 SUMMER STREET 3RD FLOOR STAMFORD, CT 06905	X		President and CEO

Signatures

/s/ M. S. KOLY		03/23/2005
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(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.

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