Exhibit 5.1
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Christina T. Roupas
+1 312-861-6670
croupas@cooley.com
June 14, 2023
Delcath Systems, Inc.
1633 Broadway, Suite 22C
New York, New York 10019
Ladies and Gentlemen:
We have acted as counsel to Delcath Systems, Inc., a Delaware corporation (the “Company”), in connection with the filing of a Registration Statement on Form S-3 (the “Registration Statement”) by the Company under the Securities Act of 1933, as amended (the “Securities Act”), covering the resale by certain selling stockholders of up to 19,509,749 shares (the “Shares”) of the Company’s common stock, par value $0.01 per share (“Common Stock”), consisting of (i) 4,649,185 shares of Common Stock (the “Common Shares”) that are currently outstanding, (ii) up to 2,916,358 shares of Common Stock issuable upon conversion of 9,624 shares of Series F-2 Convertible Preferred Stock, par value $0.01 per share (the “Series F-2 Shares”) that are currently outstanding and (iii) up to 11,944,206 shares of Common Stock (the “Warrant Shares”) consisting of (a) 7,746,436 shares of Common Stock issuable upon conversion of 34,860 shares of Series F-3 Preferred Stock, par value $0.01 per share (the “Series F-3 Shares”), issuable upon the exercise of preferred stock tranche A warrants (the “Preferred Tranche A Warrants”), (b) 4,149,994 shares of Common Stock issuable upon conversion of 24,900 shares of Series F-4 Preferred Stock, par value $0.01 per share (together with the Series F-3 Shares, the “Preferred Shares”), issuable upon the exercise of preferred stock tranche B warrants (together with the Preferred Tranche A Warrants, the “Preferred Warrants”), (c) 31,110 shares of Common Stock, issuable upon exercise of the common stock tranche A warrants (“Common Tranche A Warrants”) and (d) 16,666 shares of Common Stock issuable upon exercise of common stock tranche B warrants (together with the Common Tranche A Warrants, the “Common Warrants,” and together with the Preferred Warrants, the “Warrants”). The Common Shares, the Series F-2 Shares and the Warrants were issued pursuant to a Securities Purchase Agreement, dated March 27, 2023 by and between the Company and the purchaser named therein (the “Common Purchase Agreement”) and a Securities Purchase Agreement, dated March 27, 2023, by and among the Company and the purchasers named therein (the “Preferred Purchase Agreement,” together with the Common Purchase Agreement, the “Purchase Agreements”).
In connection with this opinion, we have examined and relied upon the Registration Statement and related prospectus, the Company’s certificate of incorporation and bylaws, each as currently in effect, the Purchase Agreements, the Warrants and such other documents, records, certificates, memoranda and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below. We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies, the accuracy, completeness and authenticity of certificates of public officials and the due authorization, execution and delivery of all documents by all persons other than the Company where execution and delivery are prerequisites to the effectiveness thereof. As to certain factual matters, we have relied upon a certificate of an officer of the Company and have not independently verified such matters.
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