UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 1999
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Check here if Amendment [ ]; Amendment Number: ______
This Amendment (Check only one):
|_| is a restatement.
|_| adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: PARAMOUNT CAPITAL ASSET MANAGEMENT, INC.
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Address: 787 Seventh Avenue, 48th Floor
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New York, NY 10019
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Form 13F File Number: 28-
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The institutional investment manager filing this report and the person
by whom it is signed hereby represent that the person signing the report is
authorized to submit it, that all information contained herein is true, correct
and complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Reporting Manager:
Name: Lindsay A. Rosenwald, M.D.
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Title: Chairman of Paramount Capital Asset Management, Inc., the investment
manager of The Aries Master Fund, a Cayman Island exempted company and
the General Partner of the Aries Domestic Fund, L.P.
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Phone: (212) 554-4300
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Signature, Place, and Date of Signing:
/s/ Lindsay A. Rosenwald
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[Signature]
New York, New York
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[City, State]
August 13, 1999
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[Date]
Report Type (Check only one):
|X| 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)
|_| 13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting managers(s).)
|_| 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)
<PAGE>
Form 13F Summary Page
Report Summary:
Number of Other Included Managers:
Two (2)
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Form 13F Information Table Entry Total:
258
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Form 13F Information Table Value Total:
$ 459,587 (thousands)
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List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of
all institutional investment managers with respect to which this report is
filed, other than the manager filing this report.
No. 1
Form 13F File Number 28-
Name: The Aries Master Fund, a Cayman Island exempted company
No. 2
Form 13F File Number 28-
Name: Aries Domestic Fund, L.P.
Pursuant to General Instruction 2 to Form 13F, the securities over which The
Aries Master Fund, a Cayman Island Exempted Company exercies invesment
discretion and over which Aries Domestic Fund, L.P. exercies investment
discretion are reported on its behalf on this Form 13F-HR.
<PAGE>
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Paramount Capital Asset Management, Inc.
Form 13F
At 6/30/99
<TABLE>
<CAPTION>
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Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Cusip Fair Market Shrs or SH/ Put/ Investment/1/ Other Voting Authority
Number Value(x$1000) prn amt PRN Call Discretion Managers Sole Shared None
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
American Craft
Brewing-Warrants Common warrants $0 15,000 SH X No. 2 X
$1 35,000 SH X No. 1 X
N/A 0 SH X X
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Abbot Laboratories Common 002824100 $2,218 48,891 SH X No. 2 X
$5,205 114,710 SH X No. 1 X
$45 999 SH X X
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Agribiotech inc. Common 008494106 $454 74,830 SH X No. 2 X
$1,251 206,397 SH X No. 1 X
$5 769 SH X X
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Andrx Corp. Common 034551101 $11,485 148,920 SH X No. 2 X
$25,957 336,560 SH X No. 1 X
$113 1,460 SH X X
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Affymetrix Inc. Common 00826T108 $3,681 74,550 SH X No. 2 X
$8,769 177,600 SH X No. 1 X
$38 760 SH X X
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American Home Products Corp. Common 026609107 $2,812 49,005 SH X No. 2 X
$6,627 115,500 SH X No. 1 X
$28 495 SH X X
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Amgen Common 031162100 $6,307 103,600 SH X No. 2 X
$14,470 237,700 SH X No. 1 X
$56 920 SH X X
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Aradigm Corp. Common 38505103 $241 27,190 SH X No. 2 X
$594 66,900 SH X No. 1 X
$4 410 SH X X
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Aronex Common 042666206 $1,287 289,980 SH X No. 2 X
$3,027 682,170 SH X No. 1 X
$13 2,935 SH X X
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Avigen, Inc. Common 053690103 $160 26,630 SH X No. 2 X
$377 62,790 SH X No. 1 X
$2 280 SH X X
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Aviron Common 053762100 $1,499 52,125 SH X No. 2 X
$2,341 81,420 SH X No. 1 X
$11 375 SH X X
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Avax Technologies Common 053495305 $503 129,698 SH X No. 2 X
$1,012 261,230 SH X No. 1 X
$4 1,072 SH X X
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Boston Life Sciences Common 100843408 $153 27,027 SH X No. 2 X
$76 13,512 SH X No. 1 X
$1 120 SH X X
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</TABLE>
/1/ Investment Discretion of each and every Issuer is shared-defined as
explained in instruction 12.b.vi
<PAGE>
<TABLE>
<CAPTION>
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Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Cusip Fair Market Shrs or SH/ Put/ Investment/1/ Other Voting Authority
Number Value(x$1000) prn amt PRN Call Discretion Managers Sole Shared None
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Bristol Myers Squibb Co. Common 110122108 $2,464 34,987 SH X No. 2 X
$5,685 80,710 SH X No. 1 X
$23 333 SH X X
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Biogen Common 090597105 $6,845 106,430 SH X No. 2 X
$16,133 250,860 SH X No. 1 X
$71 1,110 SH X No. 2 X
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Care Group, Inc. Common 141653105 $0 100 SH X No. 2 X
$0 100 SH X No. 1 X
N/A 0 SH X X
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Creative BioMolecules, Inc. Common 225270107 $108 29,710 SH X No. 2 X
$254 70,000 SH X No. 1 X
$1 290 SH X X
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Celgene Common 151020104 $52 2,970 SH X No. 2 X
$123 7,000 SH X No. 1 X
$1 30 SH X X
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Cerrus Common 157085101 $120 5,463 SH X No. 2 X
$276 12,537 SH X No. 1 X
N/A 0 SH X X
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Collateral Thera, Inc. Common 193921103 $1,413 61,420 SH X No. 2 X
$3,198 139,050 SH X No. 1 X
$17 750 SH X X
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Centocor Common 152342101 $1,523 32,670 SH X No. 2 X
$4,523 97,000 SH X No. 1 X
$15 330 SH X X
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CV Therapeutics Common 126667104 $389 70,810 SH X No. 2 X
$767 139,450 SH X No. 1 X
$4 640 SH X X
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Cybear Inc Common 23243P103 $25 1,782 SH X No. 2 X
$59 4,200 SH X No. 1 X
$0 18 SH X X
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VCypress Biosciences Common 232674101 $10,765 3,410,740 SH X No. 2 X
25,695 8,141,090 SH X No. 1 X
$111 35,055 SH X X
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Digene Corp Common 253752109 N/A 0 SH X No. 2 X
$7 660 SH X No. 1 X
N/A 0 SH X X
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</TABLE>
/1/ Investment Discretion of each and every Issuer is shared-defined as
explained in instruction 12.b.vi
<PAGE>
<TABLE>
<CAPTION>
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Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
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Name of Issuer Title of Class Cusip Fair Market Shrs or SH/ Put/ Investment/1/ Other Voting Authority
Number Value(x$1000) prn amt PRN Call Discretion Managers Sole Shared None
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Depomed, Inc. Common 249908104 $250 79,950 SH X No. 2 X
$505 161,550 SH X No. 1 X
N/A 0 SH X X
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Depomed Inc.- Warrants Common warrant 249908104 $32 32,400 SH X No. 2 X
$63 62,600 SH X No. 1 X
N/A 0 SH X X
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Derma Sciences, Inc. Common 249827106 $4 8,890 SH X No. 2 X
$9 21,010 SH X No. 1 X
N/A 0 SH X X
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Discovery Laboratories, Inc. Common 254668106 $159 126,834 SH X No. 2 X
$379 303,279 SH X No. 1 X
$0 150 SH X X
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Endorex Corporation Common 29264N307 $1,520 810,603 SH X No. 2 X
$3,353 1,788,057 SH X No. 1 X
$2 839 SH X X
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Duramed Common 266354109 $559 35,790 SH X No. 2 X
$1,313 84,000 SH X No. 1 X
$6 360 SH X X
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Dusa Pharmaceuticals Common 266898105 $181 15,670 SH X No. 2 X
$426 36,800 SH X No. 1 X
$0 30 SH X X
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Enzon, Inc. Common 293904108 $9,872 477,184 SH X No. 2 X
$24,082 1,164,068 SH X No. 1 X
$100 4,850 SH X X
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Forest labs Inc. Common 345838106 $1,754 37,930 SH X No. 2 X
$3,127 67,610 SH X No. 1 X
$25 540 SH X X
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Generex Common 371485103 $182 27,000 SH X No. 2 X
$429 63,637 SH X No. 1 X
$2 272 SH X X
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Genzyme Common 372917104 $504 10,390 SH X No. 2 X
$2,401 49,500 SH X No. 1 X
$5 110 SH X X
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Genzyme Corp. Molecular Common 372917500 $8 1,859 SH X No. 2 X
Oncology $39 8,860 SH X No. 1 X
$0 19 SH X X
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Gilead Sciences, Inc. Common 375558103 $621 11,880 SH X No. 2 X
$1,463 28,000 SH X No. 1 X
$6 120 SH X X
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Genta, Inc. Common 37245M207 $3,997 1,559,609 SH X No. 2 X
$9,690 3,781,592 SH X No. 1 X
$40 15,790 SH X X
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</TABLE>
/1/ Investment Discretion of each and every Issuer is shared-defined as
explained in instruction 12.b.vi
<PAGE>
<TABLE>
<CAPTION>
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Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Cusip Fair Market Shrs or SH/ Put/ Investment/1/ Other Voting Authority
Number Value(x$1000) prn amt PRN Call Discretion Managers Sole Shared None
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Hemisphere Biopharma Common warrants $0 100 SH X No. 2 X X
Inc.-Warrants $0 100 SH X No. 1 X X
N/A 0 SH X X X
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ICN Pharmaceuticals Common 448924100 $1,411 43,850 SH X No. 2 X X
$3,074 95,500 SH X No. 1 X X
$21 650 SH X X X
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IDEC Pharmaceuticals Common 449370105 $890 11,550 SH X No. 2 X X
$3,360 43,600 SH X No. 1 X X
$15 200 SH X X X
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Immunex Corp. Common 452528102 $4,069 31,930 SH X No. 2 X X
$9,590 75,250 SH X No. 1 X X
$41 320 SH X X X
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Inhale Therapeutic Systems Common 457191104 $441 18,500 SH X No. 2 X X
$1,588 66,700 SH X No. 1 X X
$6 250 SH X X X
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Lilly (Eli) & Co. Common 532457108 $2,300 41,884 SH X No. 2 X X
$6,043 84,370 SH X No. 1 X X
$26 366 SH X X X
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McKesson HBOC Inc. Com. Common 58155Q103 $77 2,400 SH X No. 1 X X
$0 0 SH X X X
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MedImmune, Inc. Common 584699102 $3,403 50,230 SH X No. 2 X X
$9,007 132,950 SH X No. 1 X X
$36 530 SH X X X
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Merck & Co. Common 589331107 $2,552 34,665 SH X No. 2 X X
$6,220 84,480 SH X No. 1 X X
$26 355 SH X X X
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Monsato Co. Common 611662107 $2,604 65,825 SH X No. 2 X X
$5,924 149,730 SH X No. 1 X X
$65 1,635 SH X X X
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Mylan Labs Common 628530107 $98 3,700 SH X No. 2 X X
$135 5,100 SH X No. 1 X X
N/A 0 SH X X X
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Nexell Therapeutics Inc. Common 65332H104 $2,706 1,273,256 SH X No. 2 X X
$5,868 2,761,410 SH X No. 1 X X
$2 1,070 SH X X X
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Neose Tech. Common 640522108 $743 72,953 SH X No. 2 X X
$1,759 172,684 SH X No. 1 X X
$58 5,683 SH X X X
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</TABLE>
/1/ Investment Discretion of each and every Issuer is shared-defined as
explained in instruction 12.b.vi
<PAGE>
<TABLE>
<CAPTION>
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Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Cusip Fair Market Shrs or SH/ Put/ Investment/1/ Other Voting Authority
Number Value(x$1000) prn amt PRN Call Discretion Managers Sole Shared None
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Organogenesis Common 685906109 $946 100,880 SH X No. 2 X X
$2,372 253,000 SH X No. 1 X X
$11 1,120 SH X X X
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OsteoTech Inc. Common 688582105 $556 19,350 SH X No. 2 X X
$1,739 60,500 SH X No. 1 X X
$9 300 SH X X X
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Protein Design Labs Common 74369L103 $1,269 57,190 SH X No. 2 X X
$2,990 134,750 SH X No. 1 X X
$12 560 SH X X X
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Pediatrix Medical Group Common 705324101 $21 1,000 SH X No. 2 X X
$85 4,000 SH X No. 1 X X
$0 20 SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Pfizer Inc. Common 717081103 $2,897 26,580 SH X No. 2 X X
$7,957 73,000 SH X No. 1 X X
$46 420 SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Pathogenesis Common 70321E104 $722 50,900 SH X No. 2 X X
$1,685 118,800 SH X No. 1 X X
$6 410 SH X X X
- -----------------------------------------------------------------------------------------------------------------------------------
Progenics Pharmaceuticals Common 743187106 $41 2,970 SH X No. 2 X X
$97 7,000 SH X No. 1 X X
$0 30 SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Palatin Technologies Inc. Common 696077304 $461 100,989 SH X No. 2 X X
$1,163 254,935 SH X No. 1 X X
$0 100 SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Phamacia & Upjohn Inc. Common 716941109 $2,048 36,048 SH X No. 2 X X
$4,751 83,620 SH X No. 1 X X
$21 362 SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Penwest Pharma Co. Common 709754105 $280 34,970 SH X No. 2 X X
$660 82,500 SH X No. 1 X X
$3 350 SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Procept Common 742683402 $1,804 1,202,405SH X No. 2 X X
$3,408 2,272,046SH X No. 1 X X
$0 90SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Ribogene Inc. Common 762565109 $73 45,000SH X No. 2 X X
$154 95,000SH X No. 1 X X
$1 420SH X X X
- -----------------------------------------------------------------------------------------------------------------------------------
Repligen Corp. Common 759916109 $2,599 904,165SH X No. 2 X X
$5,727 1,991,970SH X No. 1 X X
$25 8,535SH X X X
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
/1/ Investment Discretion of each and every Issuer is shared-defined as
explained in instruction 12.b.vi
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Cusip Fair Market Shrs or SH/ Put/ Investment/1/ Other Voting Authority
Number Value(x$1000) prn amt PRN Call Discretion Managers Sole Shared None
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Invivo Corporation Common 461858102 $263 20,070SH X No. 2 X X
$1,023 77,950SH X No. 1 X X
$4 320SH X X X
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Sepracor Common 817315104 $3,678 45,273SH X No. 2 X X
$8,673 106,750SH X No. 1 X X
$39 477SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Schering-Plough Corp. Common 806605101 $8,477 161,465SH X No. 2 X X
$24,527 467,190SH X No. 1 X X
$93 1,775SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Shire Pharmaceuticals Group-ADR Common 82481R106 $236 9,090SH X No. 2 X X
$546 21,000SH X No. 1 X X
$2 90SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Taro Pharmaceuticals Common M8737E108 $511 55,660SH X No. 2 X X
$1,252 136,320SH X No. 1 X X
$6 620SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Titan Pharmaceuticals Common 888314101 $650 131,620SH X No. 2 X X
$1,521 308,000SH X No. 1 X X
$7 1,340SH X X X
- -----------------------------------------------------------------------------------------------------------------------------------
Titan- Warrants Common warrnt 888314101 $27 62,500SH X No. 2 X X
$27 62,500SH X No. 1 X X
N/A 0SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Triangle Pharmaceuticals Inc. Common 89589H104 $886 49,200SH X No. 2 X X
$2,284 126,900SH X No. 1 X X
$8 430SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Transkaryotic Therapies Inc. Common 893735100 $776 23,500SH X No. 2 X X
$2,855 86,500SH X No. 1 X X
$11 330SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Total Renal Care Holdings Common 89151A107 $92 5,940SH X No. 2 X X
$218 14,000SH X No. 1 X X
$1 60SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Universal Display Corporation Common 91347P105 $77 19,800SH X No. 2 X X
$181 46,667SH X No. 1 X X
$1 200SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
US Bioscience Common 911646206 $443 45,390SH X No. 2 X X
$1,043 106,960SH X No. 1 X X
$4 450SH X X X
- -----------------------------------------------------------------------------------------------------------------------------------
Pharmaceutical & Medical Technology Common 4006094 $337 30,000SH X No. 2 X X
Growth Trust
$776 69,148SH X No. 1 X X
N/A 0SH X X X
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
/1/ Investment Discretion of each and every Issuer is shared-defined as
explained in instruction 12.b.vi
<PAGE>
<TABLE>
<CAPTION>
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Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Cusip Fair Market Shrs or SH/ Put/ Investment/1/ Other Voting Authority
Number Value(x$1000) prn amt PRN Call Discretion Managers Sole Shared None
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Vical Common 925602104 $502 41,410SH X No. 2 X X
$1,174 96,800SH X No. 1 X X
$22 1,790SH X X X
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Warner-Lambert Co. Common 934488107 $5,566 80,525SH X No. 2 X X
$13,795 199,560SH X No. 1 X X
$51 735SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Watson Pharma Inc. Common 942683103 $412 11,740SH X No. 2 X X
$982 28,000SH X No. 1 X X
$9 260SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Xenometrix Common 984109108 $3 12,000SH X No. 2 X X
$6 22,000SH X No. 1 X X
N/A 0 SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Xenometrix-Wts Common warrant 984109116 $1 12,000SH X No. 2 X X
$2 18,000SH X No. 1 X X
N/A 0 SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Xoma Corp. Common 983907106 $270 44,500SH X No. 2 X X
$636 104,850SH X No. 1 X X
$3 450SH X X X
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
/1/ Investment Discretion of each and every Issuer is shared-defined as
explained in instruction 12.b.vi
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Cusip Fair Market Shrs or SH/ Put/ Investment/1/ Other Voting Authority
Number Value(x$1000) prn amt PRN Call Discretion Managers Sole Shared None
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Long Options
Agriobiotech Put 7/7.5 Long Put $23 160SH PUT X No. 2 X X
$69 479SH PUT X No. 1 X X
N/A 0SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Amazon.com Put 1/66 Long Put $7 12SH PUT X No. 2 X X
$22 39SH PUT X No. 1 X X
N/A 0SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Amgen Inc. Put 7/45 Long Put $0 28SH PUT X No. 2 X X
$1 82SH PUT X No. 1 X X
N/A 0SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Amgen Inc. Put 7/47.5 Long Put $0 20SH PUT X No. 2 X X
$1 60SH PUT X No. 1 X X
N/A 0SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Boron Lepore & Assoc Call 8/20 Long Call $0 38SH CALL X No. 2 X X
$1 112SH CALL X No. 1 X X
N/A 0SH X X X
- ------------------------------------------------------------------------------------------------------------------------------------
Boron Lepore & Assoc Call 8/17.5 Long Call $1 51SH CALL X No. 2 X X
$3 149SH CALL X No. 1 X X
N/A 0SH X X X
- -----------------------------------------------------------------------------------------------------------------------------------
Cephalon Inc. Call 7/15 Long Call $17 75SH CALL X No. 2 X X
$40 175SH CALL X No. 1 X X
$0 0SH X X X
- -----------------------------------------------------------------------------------------------------------------------------------
Cephalon Inc. Call 8/15 Long Call $24 75SH CALL X No. 2 X X
$56 175SH CALL X No. 1 X X
$0 0SH X X X
- -----------------------------------------------------------------------------------------------------------------------------------
Coulter Pharm Call 7/22.5 Long Call $13 75SH CALL X No. 2 X X
$33 189SH CALL X No. 1 X X
$1 6SH CALL X X X
- -----------------------------------------------------------------------------------------------------------------------------------
Guilford Pharma. Call 12/15 Long Call $61 265SH CALL X No. 2 X X
$149 644SH CALL X No. 1 X X
$3 11SH CALL X X X
- -----------------------------------------------------------------------------------------------------------------------------------
Human Genome Sciences Call 7/40 Long Call $6 36SH CALL X No. 2 X X
$18 104SH CALL X No. 1 X X
N/A 0SH X X X
- -----------------------------------------------------------------------------------------------------------------------------------
Imclone 11/25 Call Long Call $113 244SH CALL X No. 2 X X
$271 585SH CALL X No. 1 X X
$3 6SH CALL X X X
- ----------------------------------------------------------------------------------------------------------------------------------
Merck Put 7/70 Long Put $2 44SH PUT X No. 2 X X
$7 126SH PUT X No. 1 X X
N/A 0SH X X X
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
/1/ Investment Discretion of each and every Issuer is shared-defined as
explained in instruction 12.b.vi
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Cusip Fair Market Shrs or SH/ Put/ Investment/1/ Other Voting Authority
Number Value(x$1000) prn amt PRN Call Discretion Managers Sole Shared None
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Monsanto Call 1/55 Long Call $1 4SH CALL X No. 2 X X
$2 9SH CALL X No. 1 X X
N/A 0SH X X X
- ----------------------------------------------------------------------------------------------------------------------------------
Novoste Corp. Call 10/30 Long Call $42 288SH CALL X No. 2 X X
$103 700SH CALL X No. 1 X X
$2 12SH CALL X X X
- ----------------------------------------------------------------------------------------------------------------------------------
Organogenesis Put 7/10 Long Put $4 40SH PUT X No. 2 X X
$12 115SH PUT X No. 1 X X
$0 0SH X X X
- ----------------------------------------------------------------------------------------------------------------------------------
Sepracor Inc Call Jan 0/85 Long Call $299 164SH CALL X No. 2 X X
$701 384SH CALL X No. 1 X X
$4 2SH CALL X X X
- ----------------------------------------------------------------------------------------------------------------------------------
Sepracor Inc Call Jan 0/90 Long Call $485 296SH CALL X No. 2 X X
$1,150 702SH CALL X No. 1 X X
$3 2SH CALL X X X
- ----------------------------------------------------------------------------------------------------------------------------------
Sugen Put 11/15 Long Put $13 533SH PUT X No. 2 X X
$32 1,281SH PUT X No. 1 X X
$1 21SH PUT X X X
- ----------------------------------------------------------------------------------------------------------------------------------
Sunrise Call 8/15 Long Call $79 435SH CALL X No. 2 X X
$187 1,033SH CALL X No. 1 X X
$1 7SH CALL X X X
- ----------------------------------------------------------------------------------------------------------------------------------
Sunrise Call 8/12.5 Long Call $118 430SH CALL X No. 2 X X
$284 1,033SH CALL X No. 1 X X
$3 12SH CALL X X X
- ----------------------------------------------------------------------------------------------------------------------------------
Yahoo Inc. Put 7/180 Long Put $0 16SH PUT X No. 2 X X
$1 44SH PUT X No. 1 X X
$0 0SH X X X
- ----------------------------------------------------------------------------------------------------------------------------------
Zonagen Inc. Call 11/17.5 Long Call $10 148SH CALL X No. 2 X X
$19 282SH CALL X No. 1 X X
$0 0SH X X X
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
/1/ Investment Discretion of each and every Issuer is shared-defined as
explained in instruction 12.b.vi
