UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
13d-2(a)
(Amendment No. 1)
VIRAGEN, INC.
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(Name of Issuer)
Common Stock ($.01 par value)
-----------------------------
(Title of Class of Securities)
9276388106
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(CUSIP Number)
THE ISOSCELES FUND LIMITED
c/o Citco Fund Services Ltd.
Bahamas Financial Center, 3rd Floor
Shirley & Charlotte Streets
P. O. Box Cb 13136
Nassau, Bahamas
Attention: Ruth Beneby
(242) 356 - 5928
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
March 1, 2000
-------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
(Continued on following pages)
(Page 1 of 5 Pages)
<PAGE>
SCHEDULE 13D
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CUSIP No. 9276388106 Page 2 of 5 Pages
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<TABLE>
<CAPTION>
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<S> <C> <C> <C> <C>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
THE ISOSCELES FUND LIMITED
N/A
- --------------- --------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------- ---------- ---------------------------------------------------------------------------------------------
Number of SOLE VOTING POWER
Shares
Beneficially 7 2,343,338 shares
Owned by ---------- ---------------------------------------------------------------------------------------------
Each 8 SHARED VOTING POWER
Reporting 0
Person
With
- -------------------------------------- ---------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,343,338 shares
- -------------------------------------- ---------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,343,338 shares
- --------------- --------------------------------------------------------------------------------------------------------- ----------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------- --------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8% of common stock outstanding as of March 1, 2000
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<PAGE>
CUSIP No. 9276388106 Page 3 of 5 Pages
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14 TYPE OF REPORTING PERSON*
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</TABLE>
Item 1. Security and Issuer
This report relates to the Common Stock (par value $.01 per share) of
Viragen, Inc. (the "Company"), whose principal office is located at 865 S.W.
78th Avenue, Suite 100, Plantation, FL 33324.
Item 2. Identity and Background
Name: The Isosceles Fund Limited
Place of Organization: Nassau, Bahamas
Principal Business: Investor
Address of Principal and
Principal Office: Bahamas Financial Center, 3rd Floor
Shirley & Charlotte Streets
P. O. Box 13136
Nassau, Bahamas C5
(d) During the last five years, The Isosceles Fund Limited has not
been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) During the last five years, The Isosceles Fund Limited was not
a party to a civil proceeding of a judicial or administrative
body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final
order enjoining further violations of, or prohibiting or
mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
The source of funds used to acquire the securities of Viragen, Inc. was
working capital.
Item 4. Purpose of the Transaction
<PAGE>
CUSIP No. 9276388106 Page 4 of 5 Pages
The securities of Viragen, Inc. were initially acquired for investment
and possible subsequent resale.
Item 5. Interest in Securities of the Issuer
As of March 1, 2000, The Isosceles Fund Limited (a) beneficially owned
2,343,338 shares or approximately 2.8% of the outstanding shares of Viragen,
Inc. and (b) no longer beneficially owned 5% or more of the outstanding equity
securities of Viragen, Inc. registered under Section 12 of the Securities
Exchange Act of 1934.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
None
Item 7. Material to be Filed as Exhibits
None
<PAGE>
CUSIP No. 9276388106 Page 5 of 5 Pages
SIGNATURE
After reasonable inquiry and to the best of the undersigneds' knowledge
and belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Date: March 10, 2000
THE ISOSCELES FUND LIMITED
By: /s/ Andrew Dipkin
---------------------
Andrew Dipkin, Attorney in Fact for Carl
O'Connell, Director of the Isosceles Fund
Limited
