UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                  SCHEDULE l3D
                    Under the Securities Exchange Act of 1934
                               (Amendment No. 5)*


                              DELCATH SYSTEMS, INC.
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                                (Name of Issuer)

                     Common Stock, $0.01 par value per share
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                         (Title of Class of Securities)

                                    24661P104
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                                 (CUSIP Number)
                                                     with a copy to:
     Mr. Robert Ladd                                 Robert G. Minion, Esq.
     Laddcap Value Advisors LLC                      Lowenstein Sandler PC
     650 Fifth Avenue, Suite 600                     65 Livingston Avenue
     New York, New York 10019                        Roseland, New Jersey  07068
     (212) 259-2070                                  (973) 597-2424
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                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                January 5, 2006
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             (Date of Event which Requires Filing of this Statement)


If the filing person has previously  filed a statement on Schedule l3G to report
the  acquisition  that is the  subject of this  Schedule 13D, and is filing this
schedule because of Sections 240.13d-1(e),  240.13d-1(f) or 240.13d-1(g),  check
the following box. [ ]

Note:  Schedules  filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits.  See Section 240.13d-7 for other
parties to whom copies are to be sent.

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for  any  subsequent   amendment   containing   information  which  would  alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).




Cusip No.      24661P104
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  1)   Names of Reporting Persons.  I.R.S. Identification Nos. of  above persons
       (entities only):

                                Robert Ladd
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  2)   Check the Appropriate Box if a Member of a Group (See Instructions):
             (a)     
             (b)     
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  3)   SEC Use Only

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  4)   Source of Funds (See Instructions):  WC
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  5)   Check if  Disclosure of  Legal Proceedings Is  Required Pursuant to Items
       2(d) or 2(e):         Not Applicable
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  6)   Citizenship or Place of Organization:    United States
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        Number of                     7) Sole Voting Power:           1,727,701*
                                         ---------------------------------------
        Shares Beneficially           8) Shared Voting Power:                 0*
                                         ---------------------------------------
        Owned by
        Each Reporting                9) Sole Dispositive Power:      1,727,701*
                                         ---------------------------------------
        Person With                  10) Shared Dispositive Power:            0*
                                         ---------------------------------------
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  11)  Aggregate Amount Beneficially Owned by Each Reporting Person:  1,727,701*
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  12)  Check if the Aggregate Amount in Row (11) Excludes Certain Shares  (See
       Instructions):      Not Applicable
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  13)  Percent of Class Represented by Amount in Row (11):      9.3%*
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  14)  Type of Reporting Person (See Instructions):      IN
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*  Laddcap Value Partners LP, a Delaware limited partnership ("Laddcap"), is the
record holder of 1,727,701 shares of the common stock, par value $0.01 per share
(the "Shares"), of Delcath Systems, Inc. (the "Company").  Robert Ladd possesses
sole power to vote and direct the  disposition  of all securities of the Company
held by Laddcap.  Thus, as of January 5, 2006, for the  purposes of Reg. Section
240.13d-3,  Mr. Ladd is deemed to beneficially own 1,727,701  Shares, or 9.3% of
the Shares deemed issued and outstanding as of that date.





Item 4.   Purpose of Transaction.
          ----------------------

          Item 4 is hereby amended by deleting the sixth  paragraph  thereof and
replacing it with the following:

          On January 5, 2006,  Mr. Ladd submitted  to the Company a shareholders
proposal  pursuant  to Rule 14a-8 of the  Securities  Exchange  Act of 1934,  as
amended,  for inclusion in the Company's  proxy statement for its annual meeting
of  stockholders  that is  contemplated by the Company to occur on or about June
13, 2006. The submitted shareholders proposal is as follows:

                   RESOLVED, that the  stockholders of Delcath Systems,
                   Inc. (the "Company") do  hereby  recommend that  the
                   Company's Board of Directors  immediately retain the
                   services  of  a  nationally   recognized  investment
                   banking and/or  merger advisory  firm with expertise
                   in  the   medical  device  industry  to  assist  the
                   Company in exploring a potential sale to or business
                   combination   with   a  third   party  to   maximize
                   stockholders value.


                                    Signature
                                    ---------

           After  reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.


                                            January 10, 2006


                                            /s/ Robert Ladd
                                            ------------------------------------
                                            Robert Ladd, in his  capacity as the
                                            managing  member  of  Laddcap  Value
                                            Advisors LLC, the general partner of
                                            Laddcap Value Partners LP


      Attention: Intentional misstatements or omissions of fact constitute
               Federal criminal violations (See 18 U.S.C. 1001).