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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
872912	Delcath Systems Inc	DCTH	Surgical & Medical Instruments & Apparatus (3841)	061245881

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1266152	Robert Ladd	C/O Delcath Systems, Inc. 810 Seventh Avenue, Suite 3505 New York NY 10019		Yes	No	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2011-12-20	10,000	$1.95	661,294	No	4	S	Indirect	By Laddcap Value Partners L.P.
Common Stock	Disposition	2011-12-21	10,000	$2.00	651,294	No	4	S	Indirect	By Laddcap Value Partners L.P.

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	By Laddcap Value Partners L.P.
No	4	S	Indirect	By Laddcap Value Partners L.P.

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	36,854	Direct

Footnotes

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Laddcap Value Partners L.P. on November 11, 2011.
The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.93 to $1.96, inclusive. The reporting person undertakes to provide Delcath Systems, Inc., any security holder of Delcath Systems, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
The reporting person disclaims beneficial ownership of these securities except to the extent of the reporting person's pecuniary interest in the securities, if any, and this statement shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or any other purpose. The reporting person serves as the managing member of Laddcap Value Advisors LLC, which is the investment advisor of Laddcap Value Partners L.P. ("Laddcap"). The reporting person is also the managing member of Laddcap Value Associates LLC which is the general partner of Laddcap.