SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
SCHEDULE 13G*
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
Visible Genetics Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
92829S104
(CUSIP Number)
January 6, 1999
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(Page 1 of 11 Pages)
________________
*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 the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes 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. 92829S104 13G Page 2 of 11 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
DCF Partners, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
362,480
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
362,480
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
362,480
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
3.9%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 92829S104 13G Page 3 of 11 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
DCF Advisers, L.L.C.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
362,480
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
362,480
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
362,480
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
3.9%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
OO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 92829S104 13G Page 4 of 11 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
DCF Capital, L.L.C.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
75,000
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
75,000
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
75,000
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.8%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
IA
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 92829S104 13G Page 5 of 11 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Douglas C. Floren
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
101,000
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
437,480
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
118,500
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
437,480
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
555,980
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.1%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 92829S104 13G Page 6 of 11 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Lance Willsey, M.D.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
84,100
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
-0-
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
84,100
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
-0-
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
84,100
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.9%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 92829S104 13G Page 7 of 11 Pages
Item 1(a). Name of Issuer:
The name of the issuer is Visible Genetics Inc.(the "Company").
Item 1(b). Address of Issuer's Principal Executive Offices:
The Company's principal executive offices are located at 700 Bay Street,
Suite 1000, Toronto, Ontario, Canada M5G 126
Item 2(a). Name of Person Filing:
This statement is filed by:
(i) DCF Partners, L.P., a Delaware limited partnership ("DCF
Partners") with respect to the shares of Common Stock directly
owned by it;
(ii) DCF Advisers, L.L.C., a limited liability company
organized under the laws of the State of Delaware ("DCF
Advisers"), with respect to the shares of Common Stock directly
owned by DCF Partners;
(iii) DCF Capital, L.L.C., a limited liability company organized under
the laws of the State of Delaware ("DCF Capital"), which serves
as investment manager to The DCF Life Sciences Fund Limited ("DCF
Life Sciences"), a company organized under the laws of Bermuda;
and
(iv) Mr. Douglas C. Floren ("Mr. Floren") with respect to the
shares of Common Stock directly owned by each of DCF Partners,
DCF Life Sciences and Mr. Floren. The number of shares of Common
Stock beneficially owned by Mr. Floren reflects shares held in
certain trusts for the benefit of family members of Mr. Floren.
Mr. Floren serves as the trustee of such trusts, and as such may
be deemed the beneficial owner of the shares of Common Stock held
by such trusts. Mr. Floren has dispositive power over all shares
of Common Stock held by such trusts, and has voting power over
all but 17,500 shares of Common Stock held by such trusts.
(v) Lance Willsey, M.D. ("Dr. Willsey") with respect to the
shares of Common Stock directly owned by Dr. Willsey. Dr.
Willsey is the non-managing member of DCF Advisers and DCF
Capital.
The foregoing persons are hereinafter collectively
referred to as the "Reporting Persons." Any disclosures
herein with respect to persons other than the Reporting
Persons are made on information and belief after making inquiry
to the appropriate party.
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the business office of each of the Reporting Persons is 660
Steamboat Road, Greenwich, Connecticut 06830.
Item 2(c). Citizenship:
CUSIP No. 92829S104 13G Page 8 of 11 Pages
DCF Partners is a limited partnership organized under the laws of the
State of Delaware. DCF Advisers and DCF Capital are limited liability
companies organized under the laws of the State of Delaware. Mr. Floren and
Dr. Willsey are United States citizens.
Item 2(d). Title of Class of Securities:
Common Stock, without par value (the "Common Stock").
Item 2(e). CUSIP Number:
92829S104
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the
Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) [ ] Investment Adviser in accordance with Rule
13d-1(b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance with
13d-1 (b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in accordance
with Rule 13d-1 (b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Item 4. Ownership.
A. DCF Partners, L.P.
(a) Amount beneficially owned: 362,480
CUSIP No. 92829S104 13G Page 9 of 11 Pages
(b) Percent of class: 3.9% The percentages used herein and in
the rest of Item 4 are calculated based upon the 9,183,289 shares of Common
Stock issued and outstanding as reflected in the Company's form F-3 filed as
of December 15, 1998.
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 362,480
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 362,480
B. DCF Advisers, L.L.C.
(a) Amount beneficially owned: 362,480
(b) Percent of class: 3.9%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 362,480
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 362,480
C. DCF Capital, L.L.C.
(a) Amount beneficially owned: 75,000
(b) Percent of class: 0.8%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 75,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 75,000
D. Mr. Douglas C. Floren
(a) Amount beneficially owned: 555,980
(b) Percent of class: 6.1%
(c)(i) Sole power to vote or direct the vote: 101,000
(ii) Shared power to vote or direct the vote: 437,480
(iii) Sole power to dispose or direct the disposition: 118,500
(iv) Shared power to dispose or direct the disposition: 437,480
E. Dr. Lance Willsey, M.D.
(a) Amount beneficially owned: 84,100
(b) Percent of class: 0.9%
(c)(i) Sole power to vote or direct the vote: 84,100
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: 84,100
(iv) Shared power to dispose or direct the disposition: -0-
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
DCF Advisers, the general partner of DCF Partners, has the power to direct
the affairs of DCF Partners, including decisions respecting the receipt of
dividends from and the proceeds from the sale of Common Stock. Each of the
CUSIP No. 92829S104 13G Page 10 of 11 Pages
clients of DCF Capital, including DCF Life Sciences, has the power to direct
the receipt of dividends from and the proceeds from the sale of Common Stock.
Mr. Floren is the Managing Member of DCF Advisers and DCF Capital, and in that
capacity directs their operations.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Please see item 2(a).
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Each of the Reporting Persons hereby makes the following certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control
of the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.
CUSIP No. 92829S104 13G Page 11 of 11 Pages
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
DATED: December 8, 1999
/s/ Douglas C. Floren
Douglas C. Floren, individually, and as
managing member of
DCF Advisers, L.L.C.,
general partner of
DCF Partners, L.P.,
and as managing member of
DCF Capital, L.L.C.
/s/ Lance Willsey, M.D.
Lance Willsey, M.D., individually
