<SEC-DOCUMENT>0001193125-12-352443.txt : 20120813
<SEC-HEADER>0001193125-12-352443.hdr.sgml : 20120813
<ACCEPTANCE-DATETIME>20120813161926
ACCESSION NUMBER:		0001193125-12-352443
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120807
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120813
DATE AS OF CHANGE:		20120813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELCATH SYSTEMS INC
		CENTRAL INDEX KEY:			0000872912
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				061245881
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16133
		FILM NUMBER:		121027892

	BUSINESS ADDRESS:	
		STREET 1:		810 SEVENTH AVENUE
		STREET 2:		FL 35
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-489-2100

	MAIL ADDRESS:	
		STREET 1:		810 SEVENTH AVENUE
		STREET 2:		FL 35
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d396727d8k.htm
<DESCRIPTION>FORM 8-K
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<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K
</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>PURSUANT TO SECTION 13 OR 15(D) OF </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>THE SECURITIES EXCHANGE ACT OF 1934
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Date of report (Date of earliest event reported): August&nbsp;13, 2012 (August 7, 2012) </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>DELCATH SYSTEMS, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of registrant as specified in its charter) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Delaware</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>001-16133</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>06-1245881</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or Other Jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of Incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>File Number)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification Number)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:0px;" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>810 Seventh Avenue, 35<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> Floor, New York, New York, 10019 </FONT></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices, including zip code) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(212)
489-2100 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Registrant&#146;s telephone number, including area code) </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NONE </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Former name or former address, if changed since last report) </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below): </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;7.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Regulation FD Disclosure. </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On August&nbsp;7, 2012, Delcath Systems, Inc. (the &#147;Company&#148;) hosted a conference call to discuss the Company&#146;s financial
results for the 2012 second fiscal quarter ended June&nbsp;30, 2012 and recent corporate developments. A copy of the transcript of the conference call is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this
Item&nbsp;7.01 by reference. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The information disclosed under this Item&nbsp;7.01, including Exhibit 99.1 hereto, is being
furnished and shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any registration statement or other document pursuant to the
Securities Act of 1933, as amended, except as expressly set forth in such filing. </FONT></P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
following exhibit is filed herewith: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Exhibits. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:25pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>No.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>


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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delcath Systems, Inc. Conference Call Transcript</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B></B>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.<B>
</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">DELCATH SYSTEMS, INC.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dated: August 13, 2012</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Peter J. Graham</FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Peter J. Graham</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Executive Vice President,</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">General Counsel</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT INDEX </B></FONT></P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit<BR>No.</B></FONT></TD>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></TD></TR>


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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delcath Systems, Inc. Conference Call Transcript</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d396727dex991.htm
<DESCRIPTION>DELCATH SYSTEMS, INC. CONFERENCE CALL TRANSCRIPT
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<HTML><HEAD>
<TITLE>Delcath Systems, Inc. Conference Call Transcript</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>DELCATH SYSTEMS, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECOND QUARTER 2012 CORPORATE UPDATE CALL
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">August&nbsp;7, 2012, 8:30 ET </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operator:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Good day, ladies and gentlemen; thank you for standing by. Welcome to the Delcath Second Quarter 2012 Corporate Update Conference Call. During today&#146;s presentation, all parties
will be placed in a listen-only mode. Following the presentation, the conference will be open for questions. If you have a question, please press the star, followed by the one, on your touch-tone phone. If you would like to withdraw your question,
please press the star, followed by the two. If you&#146;re using speaker equipment, please lift the handset before making your selection. This conference is being recorded today, August&nbsp;7th, 2012.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">I would now like to turn the conference over to Doug Sherk. Please go ahead.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Doug Sherk:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thank you, Operator, and good morning, everyone. Thank you for joining us today for this conference call and webcast to provide an update on Delcath&#146;s second quarter 2012
results and recent corporate progress. A replay of the conference call will be made available beginning approximately two hours after the conclusion of today&#146;s call and it will be available for seven days. The Operator will provide replay
details at the conclusion of today&#146;s call. The live webcast of this call is available at www.delcath.com, and the call will also be archived on the website.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Before we begin, I&#146;d like to remind you that some of the statements made during this conference call will contain forward-looking statements within the meaning of the Safe
Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are subject to certain risks and uncertainties and actual results could differ materially from those projected in any forward-looking statements.
Factors that could cause actual results to differ are discussed from time to time in the Company&#146;s filings with the SEC, including our annual report on Form 10-K and our reports on Form 10-Q and 8-K. These documents are available on the
Investor Relations section of our website and we encourage you to review the materials. The Company has no obligation to publicly update or revise these forward-looking statements to reflect any events or circumstances after the date they are
made.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Participating on today&#146;s call are Eamonn Hobbs, President and Chief Executive Officer; and Graham Miao, Executive Vice President and Chief Financial Officer. Following their
opening remarks we will open the call to questions from analysts and institutional investors. To maximize the time allowed for Q&amp;A, please ask two questions and if you have additional questions, please requeue to ask those additional questions.
In advance, we thank you for your cooperation.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">And now, I&#146;d like to turn the call over to Mr. Hobbs.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delcath Systems, Inc.</FONT></TD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DELCATH SYSTEMS, INC. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECOND QUARTER 2012 CORPORATE UPDATE CALL </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">August 7, 2012, 8:30 ET </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eamonn Hobbs:</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thanks, Doug, and good morning, everyone.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Since we last spoke with you in May, Delcath has made important progress on a number of fronts. During our second quarter and in recent weeks, we made substantial progress toward
completion of our new drug application and are on schedule for submission to the FDA this month, received FDA acceptance of the IND Amendments for use of our Generation 2 filter in our U.S. Expanded Access Program, expanded the total number of
leading European cancer centers participating in our CHEMOSAT launch program to 13, recognized our first ever commercial revenues, raised approximately $21 million in net proceeds through a follow-on offering, and strengthened our Board of Directors
with the appointment of two Pharma industry veterans. On our call this morning, I&#146;ll provide some more detail on these operational highlights and then Graham will review our financial results. Then we&#146;ll be happy take your
questions.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">I&#146;ll begin with an update on our NDA submission. I am pleased to report that, as we reported at our annual meeting, we resolved all outstanding safety queries and locked the
database on May 25th. After data lock we conducted statistical analysis and began finalizing the various modules that comprise our NDA submission. Our NDA is based on the efficacy and safety data generated from the use of our Generation 1 system in
our clinical trials. At the same time, after consultation with a variety of experts, and the FDA, we have agreed to include the addition of the Generation 2 filter in the NDA as a technical change as part of the CMC, or chemistry manufacturing and
control, module. We believe it is in the best interest of U.S. patients to accelerate availability of Generation 2 and that this approach represents the fastest regulatory review path for the Generation 2 system. At this juncture many of the
components of the NDA have been completed and sent to an outside vendor for final electronic publishing and we expect the remaining few items to be sent to the outside vendor for final electronic publishing this week so we remain on track to file
with the FDA, as planned, mid month. We will be requesting priority review for our NDA at the time of filing. Assuming the NDA is accepted, and that priority review is granted, our expected PDUFA date would be in February of next
year.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are pleased by the FDA&#146;s acceptance of our amendments to our investigational new drug application, or IND, and our Expanded Access Programs to include the Generation 2
filter. These amendments permit physicians at select U.S. cancer centers to use the Generation 2 system in expanded access and compassionate use cases after they obtain institutional review board, or IRB, approval. Compassionate use cases, with the
Generation 2 filter, have already occurred in the U.S. and we</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delcath Systems, Inc.</FONT></TD>
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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECOND QUARTER 2012 CORPORATE UPDATE CALL </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">August 7, 2012, 8:30 ET </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">expect the procedures under the EAP will begin at up to six centers this fall. The amendments also permit use of the Generation 2 system in the clinical trials we have planned as
part of our clinical development program and it is our intention to use Generation 2 in all upcoming prospective clinical trials.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Turning now to Europe, in the past few months we&#146;ve continued to execute our launch plans for the Delcath Hepatic CHEMOSAT delivery system. In the first half of this year,
we exceeded our initial goal of signing six to eight European cancer treatment and research centers to initial launch and training agreements. We&#146;ve signed a total of 13 such centers to date and have a presence in all seven of our target
markets of Italy, Germany, France, the United Kingdom, Spain, the Netherlands and Ireland. In addition to being the first to offer CHEMOSAT procedures in Europe, some of these centers will eventually serve as initial training locations where EU
based physicians can learn treatment best practices. Five of these centers have begun treating patients so far.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">It&#146;s helpful to understand a bit about the process by which we activate a new center once a training and launch agreement is signed. After the agreement is finalized, the
lead physician identifies all members of the center&#146;s clinical and technical support team and we schedule training. Training includes didactic instruction, followed by proctored supervision in the first two CHEMOSAT patients. Initially,
proctors were solely U.S. based physicians with experience with chemosaturation therapy from our clinical trials, but we have now included proctors from our first EU treatment center, the IEO in Milan, Italy, and they have proctored their first case
in Galway, Ireland. Concurrently, the lead physician at the center identifies specific patients who are excellent candidates for the CHEMOSAT procedure and secures patient consent. After the first two treatments are performed, patient progress and
clinical team proficiency is evaluated and future cases are scheduled. These future cases can include both repeat treatments of the same patients and initial treatments of new patients. Due to the nature of European holidays being especially
frequent in July and August, as expected, the pace of new centers coming online and conducting procedures has slowed somewhat in the last month.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Having said that, we expect two new centers in the U.K. to do their initial CHEMOSAT patients this month, with one already having done so last week. When the clinical teams
return from vacation, training will pick up again in September and we expect that most if not all of the currently signed 13 centers will be activated and conducting CHEMOSAT procedures by the end of the year. A total of 16 procedures have been
conducted to date in 13 patients with liver dominant metastases from cutaneous and ocular melanoma, gastric cancer, breast cancer and cholangiocarcinoma. We received CE Mark approval for the Generation 2</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delcath Systems, Inc.</FONT></TD>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 3</FONT></TD>
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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECOND QUARTER 2012 CORPORATE UPDATE CALL </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">August 7, 2012, 8:30 ET </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">CHEMOSAT system in April and the first Gen 2 case was performed at the European Institute of Oncology in that same month. Since then, nine of the 16 procedures have been performed
using Generation 2 system and Gen 2 is being used exclusively in all European procedures going forward. Doctors performing the procedures have provided positive feedback about the Gen 2 system&#146;s performance and the Gen 2 system has reduced the
intensive care unit stay for most patients as compared to procedures performed with the Generation 1 filter. In the future, we believe that the Gen 2 system will also help to shorten the interval between treatments and allow for more treatments in
patients who are responding. Moving forward, we don&#146;t intend to provide specific procedure numbers each quarter, but as we progress we do expect an increase in the number of procedures performed in Europe as the second wave of centers come
online this fall and commercial usage expands at the centers trained thus far.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">An important element of this ramp is the establishment of suitable reimbursement mechanisms which vary greatly at national and regional levels across our target markets. Currently,
initial procedures are being covered by private payment and research funding. We are working on securing interim reimbursement in each of our target markets and expect some of these mechanisms to begin coming online during our fourth quarter. In
certain markets we are also adding additional centers as required in order to provide the critical mass needed to support reimbursement applications. It is particularly encouraging that, for instance, in Germany, Europe&#146;s largest market, the
interim reimbursement process is being actively sponsored and driven by the German Radiology Society; while in the United Kingdom some of the key centers in the area of cutaneous and ocular melanoma have already applied for interim funding. We
believe this underscores the positive interest CHEMOSAT is already generating.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The bulk of the year is being spent on laying the foundation of training, reimbursement, patient recruitment and education of the referral network. Since our agreements with initial
launch centers include an initial small supply of sample kits, free of charge, we expect that revenue for this year will be heavily weighted to our fourth quarter, with sales driven primarily by the activated centers we have so far and by third
party distributors. With agreements with 13 centers in our target markets in place, our priority for the rest of the year is to complete the training process at each center and drive clinical adoption of the therapy in their respective referring
networks. Working with Quintiles Commercial Limited, a global leader in fully integrated market access for the oncology marketplace, we&#146;ve deployed a dedicated team of medical science liaisons in our key target markets. In an effort to
stimulate specific patient referrals to the new CHEMOSAT procedure, the MSL team is educating medical</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delcath Systems, Inc.</FONT></TD>
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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECOND QUARTER 2012 CORPORATE UPDATE CALL </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">oncologists about the potential benefits that CHEMOSAT could provide their patients. Simultaneously, our internal commercial sales and specialty distributor sales teams continue to
promote the therapy directly to the interventional radiologists who ultimately perform the procedure. Between third party MSLs and our internal commercial sales teams, we will have a field force of approximately 20 heads covering the target markets
in Europe by the fourth quarter.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">While driving adoption within the referring networks of our initial launch centers, we continue to educate physicians throughout Europe on the potential of CHEMOSAT at major medical
congresses. This September, we are sponsoring symposia at two major conferences---the Cardiovascular and Interventional Radiology Society of Europe meeting, or CIRSE, in Lisbon, Portugal September&nbsp;15-19, and the European Society of Medical
Oncology meeting, or ESMO, in Vienna, Austria September&nbsp;28 -October&nbsp;2---and are planning a series of smaller regional symposia that will begin later this fall.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As commercial procedures are performed, we are working with the clinical teams at our initial centers to initiate a clinical registry by the end of this year. This registry will
allow us to collect specific, standardized data from the commercial use of CHEMOSAT which can be used to improve the product and to provide some support for additional regulatory filings. Additionally, we plan to initiate company sponsored trials in
the first quarter of 2013, and are evaluating proposals for investigator initiated trials that may augment our long-term Clinical Development Program to expand our clinical data in hepatocellular carcinoma and metastatic colorectal
cancer.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Turning now to research and development, we continue to move forward with a CHEMOSAT system for use with Doxorubicin---a chemotherapeutic agent shown to be effective in the
treatment of HCC or primary liver cancer. We expect to be able to apply the CE Mark for CHEMOSAT with Doxorubicin this fall. The CE Mark for CHEMOSAT with Doxorubicin would assist in initiating clinical trials in the treatment of HCC in China and
Taiwan----which we believe are the primary markets for CHEMOSAT with Doxorubicin.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Also on the R&amp;D front, we have initiated two R&amp;D programs to evaluate a variety of chemotherapeutic agents for use in new CHEMOSAT systems to treat cancers of the lung and
brain. These programs involve the development of dedicated isolation catheter systems, unique filters and procedural changes associated with treating lung and brain which have some unique challenges compared to the liver. We are excited about these
development programs and will keep you apprised of progress as these programs develop.</FONT></TD></TR>
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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECOND QUARTER 2012 CORPORATE UPDATE CALL </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Turning now to the regulatory status in Asia/Pac, we expect to have two CHEMOSAT centers in Australia and one in Hong Kong by the end of this year. In Australia we are marketing
the system directly on an interim basis while we search for a suitable distributor to drive clinical adoption.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">In Argentina, we have selected a distributor who is in the process of submitting the application to register the CHEMOSAT system, which would cover requirements in Chile as well,
with approvals expected in 2013. We are targeting specific centers in these markets with affiliations with major U.S. cancer hospitals, which will provide an avenue for international patients from countries where CHEMOSAT is currently an unavailable
treatment option. We currently expect regulatory approval of Gen 2 in South Korea and Canada by the end of this year, Singapore in 2013, and Brazil in 2014.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Finally, before turning over the call to Graham I&#146;d like to say a few words about the changes we recently announced on our Board of Directors. We are very pleased to welcome
two very distinguished pharmaceutical industry veterans to our Board. Laura Brege and Tasos Konidaris joined us in early July, and bring with them years of healthcare industry experience and financial expertise. Laura joins us from Onyx
Pharmaceuticals, where she most recently served as Executive Vice President of Corporate Affairs. Tasos currently serves as Senior Vice President and Chief Financial Officer at Ikaria Inc. Their experience with global product launches and
partnership development, together with their track record of increasing shareholder value, will be invaluable assets to us and we look forward to their counsel.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additionally, we&#146;d like to thank Rob Ladd for his years of service to the Board. Rob was an early champion of the potential of chemosaturation therapy, first as a Delcath
investor and later as a member of the Delcath Board of Directors since 2006. Rob played an important role in our achievements to date, and we appreciate his support and guidance over the years.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">With that, I&#146;ll now turn the call over to Graham Miao for a review of our financial results. Graham?</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Graham Miao:</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thank you, Eamonn, and good morning, everyone. Let me begin by providing an update on the Company&#146;s financial condition.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our cash balance as of June 30th, 2012 was approximately $29.3 million and includes the $27 million net proceeds raised from the secondary [follow-on] offering in late May and
our ongoing at-the-market program. We remain debt free, although as we announced in the first quarter, we</FONT></TD></TR>
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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECOND QUARTER 2012 CORPORATE UPDATE CALL </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">August 7, 2012, 8:30 ET </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">secured a $20 million working capital credit facility with Silicon Valley Bank. This facility provides us with additional financing options to access capital to support our
commercialization plan. Our at-the-market equity facility remains in place and currently has approximately $31 million available to us.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Turning to use of cash, our gross cash spend in the second quarter of 2012 was $14.2 million, a decrease from the $14.7 million in the first quarter, but a significant increase
compared to the $8.2 million in the same period in the prior year. The sequential quarterly decrease reflects the Company&#146;s commitment to effective cost management. The year-over-year increase was primarily driven by the costs of consultant and
external vendors related to the NDA submission preparation and the costs associated with staff increases in various functions to support EU commercialization. Average monthly gross spend was $4.7 million, which was in line with our expectations of
between $4 million to $5 million a month, and represents a decrease from $4.9 million in the first quarter of 2012. Following the anticipated NDA submission, we expect average monthly cash spend to decrease to between $3 million to $4 million for
the fourth quarter of 2012.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Turning to the income statement, during the second quarter, we generated $106,000 in commercial revenue from the sale of CHEMOSAT kits in Europe, a first and significant milestone
in the Company&#146;s history as we transition from development stage to a commercial enterprise. As we communicated in the past, our EU commercialization strategy will employ a mix of both direct sales channels by our own field force, and indirect
sales channels through third party distributors, and while it&#146;s still early, we continue to believe that the blended average selling price will be consistent with the price assumptions used in our financial model.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the quarter ending June&nbsp;30th, 2012, our operating loss was $15.3 million, which included approximately $1 million in non-cash, stock-based compensation expense. Selling,
general, and administrative (or SG&amp;A) expenses were $7.2 million compared to $5.2 million for the prior year. The increase was primarily due to an increase in sales, marketing, operational support, expansion of staff, particularly for the
Company&#146;s EU commercialization efforts.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Research and development expenses were $8.2 million in the second quarter compared to $5.2 million for the same period in the prior year. The increase was primarily due to costs
related to the continued preparation of the NDA submission to the FDA and the training and deployment of third party medical science liaisons in Europe.</FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 7</FONT></TD>
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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECOND QUARTER 2012 CORPORATE UPDATE CALL </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">August 7, 2012, 8:30 ET </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Finally, I would like to let our audience know that we will be presenting at both the Wedbush Life Sciences Conference in New York City on August&nbsp;14th, and at the Canaccord
Growth Stock Conference in Boston on August&nbsp;15th.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">With that, we are ready to take questions.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operator:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thank you, sir. We will now begin the question-and-answer session. As a reminder, if you have a question, please press the star, followed by the one on your touch-tone phone. If you
would like to withdraw your question, please press the star, followed by the two. If you&#146;re using speaker equipment, you will need to lift the handset before making your selection. We ask that you limit yourself to one question and one
follow-up question and re-queue for additional questions.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">And our first question comes from the line of Matt Dolan with Roth Capital Partners. Please go ahead.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Matt Dolan:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hey, guys. Good morning.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eamonn Hobbs:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Good morning.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Graham Miao:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Good morning.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Matt Dolan:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">First question is on the U.S. regulatory side. Obviously, you have a big milestone coming in the next week so we have two points of clarification. I know you anticipate the PDUFA
date to be in February, what are you expecting now for a panel to be convened? And the second part is around Gen 2, the ability to submit that device as a technical change, I believe was your best case scenario, so can you just kind of walk us
through the genesis of that nod, so to speak, from the FDA and your confidence level that that&#146;ll be fully included in the NDA? Thanks.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eamonn Hobbs:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Well, if we have an ODAC panel, which we will be informed of when the FDA accepts our NDA and issues the PDUFA date, if they grant us priority review of six months that would put
our PDUFA date in February and our best guess at an ODAC would be in early December. There currently is a tentative scheduling I believe on December 3rd and 4th for an ODAC panel, and that would put us approximately in the right time frame for a
February PDUFA date.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">With regard to your question regarding the inclusion of Gen 2 in the NDA, we &#151; first, I think it&#146;s important to understand that Gen 2 is a refined Gen 1 filter, so there
is a, we believe, a very strong argument that Gen 2 is a technical change that does not impact the efficacy of the procedure because the filter is involved after the liver is treated to remove</FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 8</FONT></TD>
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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECOND QUARTER 2012 CORPORATE UPDATE CALL </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">August 7, 2012, 8:30 ET </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">chemotherapy from the blood. And after consultation with numerous external consultants on both the device side and the drug side, and the submission and acceptance of our IND
amendments to allow us to use Gen 2 in the U.S.A., we got into a considered discussion with the FDA and FDA informed us that it was acceptable for us to include Gen 2 in our NDA as a technical change as part of our CMC module. So we feel hopeful
that this will produce the shortest time to review and approval in the United States and are very pleased with the way that it all evolved and worked out.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Matt Dolan:</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">All right. Well, that&#146;s great to hear. And then the second question&#146;s on Europe. Obviously the number of centers are tracking ahead of schedule, I think on the last call
you indicated that you expect the number of centers to be added next year should be a multiple of the 2012 number. Is there anything you can give us at this point in time to help us hone in on that target, either on a center or a utilization per
center basis?</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eamonn Hobbs:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">I&#146;m afraid, Matt, it&#146;s still very early to really drill it all down to a formula. There&#146;s a couple of things that is important to note about our commercial roll-out
program in Europe. The first is, we are definitely ahead of schedule, having 13 now, and we do plan to add additional &#151; some additional centers for critical mass purposes to support individual reimbursement, individual country or regional
reimbursement. But our plan is more to go deep than to go broad. So in our centers that we have established our 13 our goal by the end of the year is to get them doing as many as cases as we can rather than get every major cancer center in Europe
doing just a few cases. The ultimate market we believe in Europe is approximately 170 major cancer centers spread across our seven target markets and we&#146;re going to feel our way as far as the best return on investment balancing going deep and
going broad. So we know from our experience in the United States and already from our initial experience in Europe that cancer patients will travel to get treatment. We&#146;ve already had a patient from Spain fly to Milan to receive treatment
because the local Spanish center was not up and running yet. So there&#146;s going to be a balance between how deep our centers go in producing cases versus adding a new center and incremental cases above that.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operator:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thank you. Our next question comes from the line of Jason Mills with Canaccord Genuity. Please go ahead.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jason Mills:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Good morning, Eamonn and Graham.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eamonn Hobbs:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Good morning, Jason. How are you?</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jason Mills:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Well, thank you. Congratulations on the update. And just sticking with Europe, Eamonn, for a little bit, would love to hear some early statistics, if</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">you have them, from your Quintiles relationship, specifically generating the leads. You&#146;ve exceeded expectations in the number of centers you&#146;re in, obviously that&#146;s
great, but the end game is to get the patients through those centers, so have you seen any early successes or any early data that you could point to that would give us some insight into how the referral stream is going in Europe?</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eamonn Hobbs:</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Well, you&#146;re absolutely right. I mean, we totally agree that the name of the game is driving patients through established centers, and really we have yet to see the fruit of
the MSL network because the centers are really just getting established. So as we walk through all the bits and pieces, all the sequence of events that have to happen to get a center up and running, and unfortunately it&#146;s not a short process on
a timeline, it&#146;s not tremendously complex but it&#146;s very hard to accelerate it. So we&#146;re just now getting to the point where the MSL can start to generate referrals from the catchment area of a center such as the IEO in Milan and
Gustave Roussy in Paris and JWG in Frankfurt to be able to drive patients in there. Of course, we&#146;re further handicapped to this during the summer months. Because frankly you don&#146;t want to get sick in Europe during August because the
clinicians are not home; they&#146;re all out taking their holidays. So we expect on our next call to be able to point to some success stories of being able to drive patients through from the MSL push.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jason Mills:</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Okay, that&#146;s helpful. And just on the pricing side, congrats on your first commercial revenue. I know it&#146;s early, but do you have any reason to believe that the ASP is any
different, higher or lower than what you had predicted in the past, and maybe if you could give us an updated thought on that?</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eamonn Hobbs:</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">We&#146;re pleased with the early results on the average selling price so far and it&#146;s extraordinarily early so everything we are looking at we&#146;re trying to take with a
grain of salt. But so far so good. We&#146;re tracking slightly above the average $15,000 price that we use in our modeling, which is a blend of direct and indirect sales in Europe. So the orders we received so far and the orders that are in the
queue from additional centers are trending towards an average selling price that would give us more comfort that $15,000 was an appropriate number in our model. So, so far so good.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jason Mills:</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">That&#146;s wonderful. One U.S. question and I&#146;ll get back in queue. If the FDA decides not to give you priority review, maybe so that we can just in our minds ascertain a
worst case scenario, for a lack of a better term, what would that timeline look like in your mind?</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eamonn Hobbs:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Well a standard review would be 10 months, so it&#146;ll be four months from February.</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DELCATH SYSTEMS, INC. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SECOND QUARTER 2012 CORPORATE UPDATE CALL </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">August 7, 2012, 8:30 ET </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jason Mills:</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Okay. So we&#146;re talking midyear&#133;</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eamonn Hobbs:</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes, exactly.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jason Mills:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not a huge difference. Okay, I&#146;ll get back in queue, guys. Thanks.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operator:</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and gentlemen, if there are any additional questions, please press the star, followed by the one at this time. As a reminder, if you&#146;re using speaker equipment, you will
need to lift the handset before making your selection.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">And I am showing no further questions at this time. I would like to turn the call back to management for any closing remarks.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eamonn Hobbs:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thank you, Operator. I&#146;d like to thank everyone for participating in today&#146;s call. We look forward to seeing you next week at the Wedbush and Canaccord conferences, as
well as updating you on our progress in early November. Have a great day.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operator:</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and gentlemen, this does conclude today&#146;s conference call. If you&#146;d like to listen to a replay of today&#146;s conference, please dial 1-800-406-7325 or
303-590-3030, and enter access code of 4548817. Thank you for your participation and have a good day.</FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>END</B></FONT></TD></TR>
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