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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 4)
MEDISCIENCE TECHNOLOGY CORP.
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(Name of Issuer)
Common Stock, par value, $.01 per share
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(Title of Class of Securities)
585901101
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(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ]. (A
fee is not required only if the filing person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the
class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less
of such class.)(See Rule 13d-7).
*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 the purpose of section 18 of the Securities
Exchange Act of 1934 ("Act") or to 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).
90518
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SCHEDULE 13G
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CUSIP No. 585901101 Page 2 of 7 Pages
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1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Allen Holding Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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5 SOLE VOTING POWER
0
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6 SHARED VOTING POWER
0
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7 SOLE DISPOSITIVE POWER
0
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8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* [x]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.5%
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12 TYPE OF REPORTING PERSON*
HC
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*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
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SCHEDULE 13G
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CUSIP No. 585901101 Page 3 of 7 Pages
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==========================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Allen & Company Incorporated
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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5 SOLE VOTING POWER
3,041,500 (Includes 1,041,500 Warrants.)
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6 SHARED VOTING POWER
0
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7 SOLE DISPOSITIVE POWER
3,041,500 (Includes 1,041,500 Warrants.)
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8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,041,500 (Includes 1,041,500 Warrants.)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.5%
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12 TYPE OF REPORTING PERSON*
BD; CO
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*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
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<PAGE> Page 4 of 7 Pages
SCHEDULE 13G
Item 1.
(a) Name of Issuer:
Mediscience Technology Corp.
(b) Address of Issuer's Principal Executive Office:
1235 Folkestone Way
Cherry Hill, New Jersey 08034
Item 2. Name of Person Filing
(a) Name of Person Filing:
Allen & Company Incorporated ("ACI")
Allen Holding Inc.("AHI")
(b) Address of Principal Office:
711 Fifth Avenue
New York, New York 10022
(c) Citizenship/Organization:
ACI - New York
AHI - Delaware
(d) Title Class of Securities:
Common Stock, par value $.01 per share
(e) CUSIP Number: 585901101
Item 3.If Statement is filed pursuant to Rules 13(d)-1(b) or 13d-2(b),
check whether Person Filing is a
(a) [X] ACI is a Broker-Dealer registered under Section 15 of
the Act.
(g) [X] AHI is a parent holding company in accordance with
Rule 13d-1(b)(ii)(G).
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<PAGE> Page 5 of 7 Pages
Item 4. Ownership.
(a) Amount Beneficially Owned:
3,041,500 shares of Common Stock(1)(2)
(b) Percent of Class: 8.5%
(c) Number of Shares to Which Such Person Has:
(i) Sole voting power - 3,041,500 shares
of Common Stock(1)
(ii) Shared voting power - 0
(iii) Sole dispositive power - 3,041,500 shares
of Common Stock(1)
(iv) Shared dispositive power - 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.
Not Applicable.
Item 7. Identification and Classification of Members of the Subsidiary
Which Acquired the Securities Being Reported on by the Parent
Holding Company.
Not Applicable.
Item 8. Identification and Classification of Members of the Group.
Not Applicable.
Item 9. Notice of Dissolution of Group.
Not Applicable.
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(1) Includes Warrants to purchase 1,041,500 shares of the Issuer's Common
Stock.
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<PAGE> Page 6 of 7 Pages
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary
course of business and were not acquired for the purpose of and do not have
the effect of changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a participant in
any transaction having such purposes or effect.
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<PAGE> Page 7 of 7 Pages
Signature: After reasonable inquiry and to the best of our knowledge
and belief, we certify that the information set forth in this statement
is true, complete and correct.
Date: February 11, 1998
ALLEN & COMPANY INCORPORATED
By:---------------------------
Name: Gaetano J. Casillo
Title: Vice President
ALLEN HOLDING INC.
By:---------------------------
Name: Gaetano J. Casillo
Title: Vice President
90518
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<PAGE> Page 7 of 7 Pages
Signature: After reasonable inquiry and to the best of our knowledge
and belief, we certify that the information set forth in this statement
is true, complete and correct.
Date: February 11, 1998
ALLEN & COMPANY INCORPORATED
/x/ Gaetano J. Casillo
By:-----------------------------
Name: Gaetano J. Casillo
Title: Vice President
ALLEN HOLDING INC.
/x/ Gaetano J. Casillo
By:----------------------------
Name: Gaetano J. Casillo
Title: Vice President
90518
