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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1 )*
PHARMOS CORPORATION
(Name of Issuer)
Common Stock, $.03 Par Value
(Title of Class of Securities)
71713200
(CUSIP Number)
Martin D. Sklar, Esq., Kleinberg, Kaplan, Wolff & Cohen, P.C.,
551 Fifth Avenue, 18th Floor, New York, New York 10176, Tel:
(212) 986-6000
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
August 25, 1997
(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 .
Check the following box if a fee is being paid with the
statement . (A fee is not required only if the reporting
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.)
Note: Six copies of this statement, including all exhibits,
should be filed with the Commission. See Rule 13d-1(a) for
other parties to whom copies are to be sent.
*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 disclosures
provided in a prior cover page.
The information required on 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 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).
Continued on the Following Pages)
Page 1 of 7 Pages<PAGE>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Elliott Associates, L.P., a Delaware Limited
Partnership
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)
3 SEC USE ONLY
4 SOURCE OF FUNDS*
00
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7 SOLE VOTING POWER
1,042,483
8 SHARED VOTING POWER
0
9 SOLE DISPOSITIVE POWER
1,042,483
10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,042,483
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14 TYPE OF REPORTING PERSON*
PN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Westgate International, L.P., a Cayman Islands
Limited Partnership
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)
3 SEC USE ONLY
4 SOURCE OF FUNDS*
00
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
7 SOLE VOTING POWER
0
8 SHARED VOTING POWER
694,990
9 SOLE DISPOSITIVE POWER
0
10 SHARED DISPOSITIVE POWER
694,990
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
694,990
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14 TYPE OF REPORTING PERSON*
PN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Martley International, Inc., a Delaware corporation
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)
3 SEC USE ONLY
4 SOURCE OF FUNDS*
00
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH
REPORTING PERSON WITH
7 SOLE VOTING POWER
0
8 SHARED VOTING POWER
694,990
9 SOLE DISPOSITIVE POWER
0
10 SHARED DISPOSITIVE POWER
694,990
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
694,990
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14 TYPE OF REPORTING PERSON*
CO
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
This statement is filed pursuant to Rule 13d-2(a) with
respect to securities owned by the reporting persons specified
herein as of September 4, 1997 and amends the Schedule 13D
filed on August 6, 1997 (the "Schedule 13D"). Except as set
forth herein, the Schedule 13D is hereby restated in its
entirety.
ITEM 3. Source and Amount of Funds or Other Consideration
The source and amount of funds used by Elliott in making
purchases of the Common Stock beneficially owned by it are set
forth below.
SOURCE OF FUNDS AMOUNT OF FUNDS
Margin accounts maintained at Merrill $2,230,421.90
Lynch, Pierce, Fenner and Smith Inc.
The source and amount of funds used by Westgate in
making purchases of the Common Stock beneficially owned by it
are set forth below.
SOURCE OF FUNDS AMOUNT OF FUNDS
Margin accounts maintained at Merrill $1,486,948.11
Lynch, Pierce, Fenner and Smith Inc.
ITEM 5. Interest in Securities of the Issuer
(a) Elliott beneficially owns 513,188 shares of Common
Stock and 1,440 shares of Preferred Stock, 67% of which are
convertible within 60 days (based on current market prices)
into 529,295 shares of Common Stock, constituting 3.04% of the
outstanding shares of Common Stock.
Elliott also owns 63,600 Warrants to purchase Common
Stock ("Warrants"). The Warrants are not convertible into
Common Stock until March 31, 1998.
Westgate beneficially owns 342,126 shares of Common
Stock and 960 shares of Preferred Stock, 67% of which are
convertible within 60 days (based on current market prices)
into 352,864 shares of Common Stock, constituting 2.03% of the
outstanding shares of Common Stock.
Westgate also owns 42,400 Warrants. The Warrants are
not convertible into Common Stock until March 31, 1998.
Elliott and Westgate together beneficially own 1,737,473
shares of Common Stock, constituting 5.07% of all outstanding
shares of Common Stock. However, the number of shares of
Common Stock into which the Preferred Stock is convertible
fluctuates daily based upon the market price of the Common
Stock, as set forth in the Statement of Designation, Rights,
Preferences and Privileges of Series B Preferred Stock of the
Issuer annexed as Exhibit 4(e) to the Issuer's Form S-3 dated
April 30, 1997.
(b) Elliott has the power to vote or direct the vote
of, and to dispose or direct the disposition of, the Common
Stock beneficially owned by it.
Westgate has the shared power with Martley to vote or
direct the vote of, and to dispose or direct the disposition
of, the Common Stock owned by Westgate. Information regarding
each of Westgate and Martley for the purposes of subparagraph
(b) of this Item 5 is set forth in Item 2 above and expressly
incorporated by reference herein.
(c) The following transactions were effected by Elliott
since August 6, 1997, the date of the filing of the original
Schedule 13D (the "Original Filing Date"):
Approximate
Amount of SharesPrice per Share
Date Security Bought (Sold) (exclusive
of commissions)
8/7/97Common Stock 1,000 $1.75
Common Stock 1,000 $1.7188
8/26/97Common Stock (22,700)$2.416*
Common Stock (12,000)$2.375
Common Stock (18,000)$2.375
8/27/97Common Stock (18,000)$2.2813
Common Stock (10,000)$2.2864*
8/28/97Common Stock (12,000)$2.1719
Common Stock (2,400) $2.1875*
9/2/97Common Stock (12,000)$2.375*
Common Stock (3,000) $2.375
All of the above transactions were effected by Elliott
on NASDAQ in New York, except for those marked with an "*"
which were effected by Elliott on Instinet. In addition to
the above, on August 25, 1997, Elliott converted 960 shares of
Series B Preferred Stock of the Issuer into 623,298 shares of
Common Stock.
The following transactions were effected by Westgate
since the Original Filing Date:
Approximate
Amount of SharesPrice per Share
Date Security Bought (Sold)(exclusive
of commissions)
8/26/97Common Stock (15,100) $2.416*
(8,000) $2.375
(12,000) $2.375
8/27/97Common Stock (12,000) $2.2813
(6,700) $2.2864*
8/28/97Common Stock (8,000) $2.1719
Common Stock (1,600) $2.1875*
9/2/97Common Stock (8,000) $2.375*
Common Stock (2,000) $2.375
All of the above transactions were effected by
Westgate on NASDAQ in New York, except for those marked with
an "*" which were effected by Westgate on Instinet. In
addition to the above, on August 25, 1997, Westgate converted
640 shares of Series B Preferred Stock of the Issuer into
415,526 shares of Common Stock.
No other transactions were effected by Elliott or
Westgate since the Original Filing Date.
(d) No person other than Elliott has the right to
receive or the power to direct the receipt of dividends from,
or the proceeds from the sale of, the shares of Common Stock
beneficially owned by Elliott.
No person other than Westgate has the right to receive
or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the shares of Common Stock
beneficially owned by Westgate and Martley.
(e) Not applicable. <PAGE>
SIGNATURE
After reasonable inquiry and to the best of its
knowledge and belief, the undersigned each certifies that the
information with respect to it set forth in this statement is
true, complete, and correct.
Dated: ELLIOTT ASSOCIATES, L.P.
September 4, 1997
By:/s/ Paul E. Singer
Paul E. Singer
General Partner
WESTGATE INTERNATIONAL, L.P.
By: Martley International, Inc., as
Investment Manager
By:/s/ Paul E. Singer
Paul E. Singer
President
MARTLEY INTERNATIONAL, INC.
By:/s/ Paul E. Singer
Paul E. Singer
President
