Form 5
FORM 5

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP


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

OMB APPROVAL
OMB Number:            3235-0362
Expires:             January 31, 2005

[ ]


[_]
[X]

Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See instructions 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported

 Estimated average burden
hours per response. . . . . . . . .   1.0
1. Name and Address of Reporting Person*
Koly, M. S. 		2. Issuer Name and Ticker or Trading Symbol
Delcath Systems, Inc. ("DCTH" (1) and "DCT" (2))

6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[X]    Director                                   [X]     10% Owner
[X]    Officer (give title below)    [ ]    Other (specify below)
President and CEO                

(Last)             (First)            (Middle)

1100 Summer Street, 3rd Floor 		3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)

4. Statement for Month/Year
December 2002
(Street)
Stamford, Connecticut 06905 		5. If Amendment, Date of Original (Month/Year)
 		7. 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. Trans-
action
Date
(mm/dd/yy)

2A.
Deemed
Execution
Date, if
any
(mm/dd/yy)
 3. Transaction
Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year(Instr. 3 and 4) 6. Owner-
ship Form:
Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A)
or
(D)		 Price
Common Stock, par value $0.01               78,057  D   
               1,245,864  I  By Venkol Trust 
               11,731  I  By Son (3) 
                    
                    
                    

* If the form is filed by more than one reporting person, see Instructions 4(b)(v).

 
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently vaild OMB control Number. (Over)
SEC 2270 (9-02)


FORM 5 (continued)
 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)

3. A 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 at End of Year (Instr. 4)

 10. Ownership of Derivative Security: Direct (D) or Indirect (I)  (Instr. 4) 11. Nature of Indirect Beneficial Ownership  (Instr. 4)
(A) (D) Date
Exercisable		 Expiration
Date		 Title Amount or
Number
of Shares
Option (Right to Buy)  $4.93              (4)  1/27/04  Common Stock  60,867         
Option (Right to Buy)  $4.93              (4)  1/27/04  Common Stock  25,396         
Option (Right to Buy)  $2.90              (4)  12/6/04  Common Stock  53,483         
Incentive Stock Option (Right to Buy)  $3.3125              12/1/00  12/1/05  Common Stock  30,150         
Nonqualified Stock Option (Right to Buy)  $3.3125              12/1/00  12/1/05  Common Stock  41,700         
Incentive Stock Option (Right to Buy)  $3.3125              1/1/01  12/1/06  Common Stock  30,150         
Option to Purchase Common Stock  $0.60              (5)  11/12/06  Common Stock  100,000         
Incentive Stock Option  $0.71  9/19/02    4A    100,000    (5)  9/19/07  Common Stock  100,000    441,746  D   
                               
Explanation of Responses: (1) Nasdaq symbol.
(2) Boston Stock Exchange Symbol.
(3) The reporting person has neither sole or shared voting power nor sole or shared investment power with respect to such shares.
(4) These options are currently exercisable.
(5) Exercisable as to 50,000 shares on the first anniversary of grant and in full on the second anniversary of grant through the expiration date.

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations
.See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).		   /s/ M. S. KOLY
**Signature of Reporting Person 		February 13,   2003  
Date
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. Page 2