Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

         Date of Report (Date of earliest event reported): May 20, 2003

                              DELCATH SYSTEMS, INC.
             (Exact name of registrant as specified in its charter)

              Delaware                001-16133           06-1245881
          (State or other          (Commission File      (IRS Employer
   jurisdiction of incorporation)     Number)          Identification No.)

                 1100 Summer Street, Stamford, Connecticut 06905
              (Address of principal executive offices and zip code)

       Registrant's telephone number, including area code: (203) 323-8668

          (Former name or former address, if changed since last report)

Item 5. Other Events and Regulation FD Disclosure

     Delcath  Systems,  Inc. (the "Company") is issuing pro forma  stockholders'
equity numbers as of March 31, 2003 to reflect the financial  impact of proceeds
received on May 20, 2003, upon the closing of an underwritten public offering of
the  Company's  securities  in the form of units,  as if such  proceeds had been
received as of March 31, 2003.

     Set forth below are the pro forma stockholders' equity numbers:

                              Delcath Systems, Inc.
                                 March 31, 2003

                                                    March 31, 2003
                                           Actual                 As Adjusted
                                      -----------------      ------------------

Common stock                                   $41,189                 $75,060
Additional paid-in capital                  19,049,406              20,421,103
Accumulated deficit                        (17,984,446)             (17,984,446)
                                      ----------------        -----------------

Total stockholders' equity                   1,106,149               2,511,717
                                      -----------------       ------------------

Total liabilities and stockholders'
    equity                                  $1,405,201              $2,880,211
                                      =================       ==================

     The data  should  be read in  conjunction  with the  financial  statements,
related notes and other financial information included in the Company's periodic
reports  filed with the  Securities  and  Exchange  Commission  pursuant  to the
Securities Exchange Act of 1934.



     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                     DELCATH SYSTEMS, INC.

                                     By:              /s/ M. S. KOLY
                                         M. S. Koly
                                         President and Chief Executive  Officer
Date: May 30, 2002