- -------- -----------------------------
FORM 3 OMB APPROVAL
- -------- -----------------------------
OMB Number: 3235-0104
Expires: September 30, 1998
Estimated average burden
. hours per response .... 0.5
------------------------------
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
- - ----------------------------------------------------------------------------
1. Name and Address of Reporting Person*
Hilal Capital QP, LP
- - ---------------------------------------------------
(Last) (First) (Middle)
c/o Hilal Capital Management LLC
60 East 42nd Street, Suite 1946
- - ----------------------------------------------------
(Street)
New York New York 10165
- - ----------------------------------------------------
(City) (State) (Zip)
- - ----------------------------------------------------------------------------
2. Date of Event Requiring Statement (Month/Day/Year)
07/15/99
- - ----------------------------------------------------------------------------
3. IRS or Social Security Number of Reporting Person (Voluntary)
- - ----------------------------------------------------------------------------
4. Issuer Name and Ticker or Trading Symbol
Visible Genetics Inc. (VGIN)
- - ----------------------------------------------------------------------------
<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
- - ----------------------------------------------------------------------------
6. If Amendment, Date of Original (Month/Day/Year)
- - ----------------------------------------------------------------------------
7. Individual or Joint/Group Filing (Check applicable line)
[x] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
- - ----------------------------------------------------------------------------
<TABLE>
<CAPTION>
TABLE I--NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
- ------------------------------------------------------------------------------
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)
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
- ------------------------------------------------------------------------------
Common Stock 47,979 D
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
</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)
- ------------------------------------------------------------------------------
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)
--------------------
Title Amount or
Number of
Shares
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------
Warrants Anytime 07/08/2003 Common 198,459
Stock
- ------------------------------------------------------------------------------
Warrants Anytime 04/30/2003 Common 72,728
Stock
- ------------------------------------------------------------------------------
Warrants Anytime 09/29/2003 Common 42,960
Stock
- ------------------------------------------------------------------------------
Warrants Anytime 04/29/2006 Common 28,683
Stock
- ------------------------------------------------------------------------------
Preferred Stock Anytime n/a Common 131,970
Stock
- ------------------------------------------------------------------------------
<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)
- ------------------------------------------------------------------------------
<C> <C> <C>
- ------------------------------------------------------------------------------
$12.60 D
- ------------------------------------------------------------------------------
$10.00 D
- ------------------------------------------------------------------------------
$10.00 D
- ------------------------------------------------------------------------------
$17.00 D
- ------------------------------------------------------------------------------
$11.00 D
- ------------------------------------------------------------------------------
</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: 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 QP, LP
/s/Peter K. Hilal
---------------------------
Peter K. Hilal, MD
Managing Member
Date: July 26, 1999
