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FORM 3 OMB APPROVAL
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OMB Number: 3235-0104
Expires: September 30, 1998
Estimated average burden
. hours per response .... 0.5
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Hilal Capital Partners LLC
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(Last) (First) (Middle)
c/o Hilal Capital Management LLC
60 East 42nd Street, Suite 1946
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(Street)
New York New York 10165
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
07/15/99
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
Visible Genetics Inc. (VGIN)
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<PAGE>
FORM 3 (continued)
5. Relationship of Reporting Person to Issuer (Check all applicable)
[ ] Director
[ ] 10% Owner
[ ] Officer (give title below)
[X] Other (Specify below)
May be deemed a member of a group owning more than 10% of Issuer's Common
Stock
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group Filing (Check applicable line)
[x] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
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<TABLE>
<CAPTION>
TABLE I--NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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1. Title of Security 2. Amount of 3. Ownership 4. Nature of Indirect
(Instr. 4) Securities Form: Beneficial
Beneficially Direct (D) Ownership
Owned or Indirect (Instr. 5)
(Instr. 4) (I) (Instr. 5)
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<S> <C> <C> <C>
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Common Stock 14,458 I See Note 1
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Common Stock 47,979 I See Note 1
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</TABLE>
* If the Form is filed by more than one Reporting Person,
SEE instruction 5(b)(v).
Reminder: Report on a separate line for each class of
securities beneficially owned directly or indirectly.
(Print or Type Responses)
(Over)
SEC 1473 (7-96)
<PAGE>
FORM 3 (continued)
<TABLE>
<CAPTION>
TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security 2. Date Exercisable and 3. Title and Amount
(Instr. 4) Expiration Date of Securities
(Month/Day/Year) Underlying
----------------------- Derivative
Date Expiration Security
Exercisable Date (Instr. 4)
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Title Amount or
Number of
Shares
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<S> <C> <C> <C> <C>
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Warrants Anytime 07/08/2003 Common Stock 21,285
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Warrants Anytime 07/08/2003 Common Stock 54,088
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Warrants Anytime 04/30/2003 Common Stock 28,813
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Warrants Anytime 09/29/2003 Common Stock 17,400
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Warrants Anytime 04/29/2006 Common Stock 11,784
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Warrants Anytime 04/30/2003 Common Stock 72,728
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Warrants Anytime 09/29/2003 Common Stock 42,960
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Warrants Anytime 04/29/2006 Common Stock 28,683
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Class A Convertible
Preferred Stock Anytime N/A Common Stock 51,919
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Class A Convertible
Preferred Stock Anytime N/A Common Stock 131,970
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<PAGE>
FORM 3 (continued)
4. Conversion or 5. Ownership Form of 6. Nature of Indirect
Exercise Price Derivative Security: Beneficial Ownership
of Derivative Direct (D) or (Instr. 5)
Security Indirect (I) (Instr. 5)
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<C> <C> <C>
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$12.60 I See Note 2
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$12.60 I See Note 2
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$10.00 I See Note 2
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$10.00 I See Note 2
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$17.00 I See Note 2
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$10.00 I See Note 2
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$10.00 I See Note 2
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$17.00 I See Note 2
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$11.00 I See Note 3
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$11.00 I See Note 3
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</TABLE>
**Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Explanation of Responses:
Note 1 The Shares to which this note relates are held by Hilal Capital, L.P.
("HCLP") (14,458 shares) or Hilal Capital QP, LP ("HCQP") (47,979 shares). The
undersigned is the sole general partner of HCLP and HCQP. In accordance with
Instruction 5(b)(iv) the entire amount of the Issuer's securities held by HCLP
and HCQP is reported herein. The undersigned disclaims any beneficial
ownership of any of the Issuer's securities to which this Form relates for
purposes of Section 16 of the Securities Exchange Act of 1934, as amended,
except as to securities representing the undersigned's pro-rata partnership
interest in, and interest in the profits of, HCLP and HCQP.
<PAGE>
FORM 3 (continued)
Note 2 The warrants to which this note relates are held by HCLP (78,782
warrants) or HCQP (198,459 warrants). The undersigned is the sole general
partner of HCLP and HCQP. In accordance with Instruction 5(b)(iv) the entire
amount of the issuer's warrants held by HCLP and HCQP is reported herein. The
undersigned disclaims any beneficial ownership of any of the Issuer's warrants
to which this Form relates for purposes of Section 16 of the Securities
Exchange Act of 1934, as amended, except as to warrants representing the
undersigned's pro rata partnership interest in, and interest in the profit of
HCLP and HCQP.
Note 3 The preferred stock to which this note relates is held by HCLP (571
shares, convertible into 51,919 shares of Common Stock) or HCQP (1452 shares,
convertible into 131,970 shares of Common Stock). The undersigned is the sole
general partner of HCLP and HCQP. In accordance with Instruction 5(b)(iv) the
entire amount of the issuer's warrants held by HCLP and HCQP is reported
herein. The undersigned disclaims any beneficial ownership of any of the
Issuer's preferred stock to which this Form relates for purposes of Section 16
of the Securities Exchange Act of 1934, as amended, except as to preferred
stock representing the undersigned's pro rata partnership interest in, and
interest in the profit of HCLP and HCQP.
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, SEE Instruction 6 for procedure.
DATED: 07/26/99
Hilal Capital Partners LLC
/s/Peter K. Hilal
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Peter K. Hilal, MD
Managing Member
Date: July 26, 1999
