SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Amendment No.1)
Under the Securities Exchange Act of 1934
Cypress Bioscience, Inc.
---------------------------------
(Name of Issuer)
Common Stock, par value $.02 per share
--------------------------------------
(Title of Class of Securities)
2 232674 101
----------------------------
(CUSIP Number)
Paramount Capital Asset Management, Inc.
c/o Lindsay A. Rosenwald, M.D.
787 Seventh Avenue
New York, NY 10019
(212) 554-4300
with a copy to:
Michael S. Weiss
Paramount Capital Asset Management, Inc.
787 Seventh Avenue
New York, NY 10019
(212) 554-4372
-------------------
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
December 30, 1998
-----------------------------
(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 Statement because of Rule
13d-1(b)(3) or (4), check the following:
[ ]
Check the following box if a fee is being paid with this Statement:
[ ]
<PAGE>
- ----------------------
CUSIP No. 2 232674 101 13D
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Paramount Capital Asset Management, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3 below)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 8,661,635
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 8,661,635
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,661,635
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
2
<PAGE>
- ----------------------
CUSIP No. 2 232674 101 13D
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Aries Domestic Fund, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3 below)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,548,400
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 2,548,400
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,548,400
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
3
<PAGE>
- ----------------------
CUSIP No. 2 232674 101 13D
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Aries Master Fund
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3 below)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 6,063,235
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 6,063,235
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,063,235
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO (see Item 2)
- --------------------------------------------------------------------------------
4
<PAGE>
- ----------------------
CUSIP No. 2 232674 101 13D
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lindsay A. Rosenwald, M.D.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3 below)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 8,661,635
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 8,661,635
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,661,635
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
5
<PAGE>
Item 1. Security and Issuer.
-------------------
(a) Common Stock, $.001 par value ("Shares")
Cypress Bioscience, Inc. (the "Issuer")
4350 Executive Drive, Suite 325
San Diego, CA 92121
(619) 452-2323
Item 2. Identity and Background.
-----------------------
Names of Persons Filing:
(a) This statement is filed on behalf of Paramount Capital Asset
Management, Inc. ("Paramount Capital"), Aries Domestic Fund, L.P.
("Aries Domestic"), Aries Master Fund, a Cayman Island exempted
company ("Aries Fund") and Lindsay A. Rosenwald, M.D. ("Dr.
Rosenwald" and collectively, "Reporting Parties"). See attached
Exhibit A which is a copy of their agreement in writing to file
this statement on behalf of each of them.
(b) Paramount Capital's, Aries Domestic's and Dr. Rosenwald's
business address is 787 Seventh Avenue, 48th Floor, New York, New
York, 10019. The business address for Aries Fund is c/o
MeesPierson (Cayman) Limited, P.O. Box 2003, British American
Centre, Phase 3, Dr. Roy's Drive, George Town, Grand Cayman.
(c) Dr. Rosenwald is an investment banker, venture capitalist, fund
manager and sole shareholder of Paramount Capital, /1/ a
Subchapter S corporation incorporated in Delaware. Paramount
Capital is the General Partner of Aries Domestic, /2/ a limited
partnership incorporated in Delaware. Paramount Capital is the
Investment Manager to Aries Fund, /3/ a Cayman Islands exempted
company.
(d) Dr. Rosenwald, Paramount Capital, Aries Domestic and Aries Fund
and their respec tive officers, directors, general partners,
investment managers, or trustees have not, during the five years
prior to the date hereof, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
(e) Dr. Rosenwald, Paramount Capital, Aries Domestic and Aries Fund
and their respective officers, directors, general partners,
investment managers, or trustees have not been, during the five
years prior to the date hereof, parties to a civil proceeding of
a judicial or administrative body of competent jurisdiction, as a
result of which such person was or is subject to a judgment,
decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, Federal or State
securities laws or finding any violation with respect to such
laws.
(f) Dr. Rosenwald is a citizen of the United States.
- ------------------------
1 Please see attached Exhibit B indicating the executive
officers and directors of Paramount Capital and providing
information called for by Items 2-6 of this statement as to
said officers and directors. Exhibit B is herein
incorporated by reference.
2 Please see attached Exhibit C indicating the general partner
of Aries Domestic and the general partner's executive
officers and directors and providing information called for
by Items 2-6 of this statement as to said general partners,
officers and directors. Exhibit C is herein incorporated by
reference.
3 Please see attached Exhibit D indicating the investment
manager of the Aries Fund and the investment manager's
executive officers and directors and providing information
called for by Items 2-6 of this statement as to said
investment manager and officers and directors. Exhibit D is
herein incorporated by reference.
6
<PAGE>
Item 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
Since October 30, 1998, the date on which the Reporting Parties
were required to file on Schedule 13D in lieu of Schedule 13G,
Aries Domestic used its general funds to make certain open market
acquisitions of the securities of the Issuer and the Aries Fund
used its general funds to make certain open market acquisitions
of the securities of the Issuer as more fully set forth in Item
5.
Item 4. Purpose of Transaction.
----------------------
The Reporting Parties acquired shares of Common Stock of the
Issuer as an investment in the Issuer.
Although the Reporting Parties have not formulated any definitive
plans, they may from time to time acquire, or dispose of, Common
Stock and/or other securities of the Issuer if and when they deem
it appropriate. The Reporting Parties may formulate other
purposes, plans or proposals relating to any of such securities
of the Issuer to the extent deemed advisable in light of market
conditions, investment policies and other factors.
Except as indicated in this Schedule 13D, the Reporting Parties
currently have no plans or proposals that relate to or would
result in any of the matters described in subparagraphs (a)
through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer.
------------------------------------
(a) As of January 8, 1999, Dr. Rosenwald and Paramount
Capital, through acquisition of the shares by the Aries
Fund and Aries Domestic, beneficially owned 8,661,635
shares or 21.3% of the Issuer's securities and Aries
Domestic and the Aries Fund beneficially owned as follows:
Amount Owned
------------
Aries Domestic 2,540,000 Shares
Aries Fund 6,063,235 Shares
(b) Dr. Rosenwald and Paramount Capital share the power to
vote or to direct the vote, to dispose or to direct the
disposition of those shares owned by each of Aries
Domestic and Aries Fund.
(c) The following purchases were made by Aries Domestic in the
open market in the sixty days prior to this filing:
Date Amount Price
---- ------ -------
10/30/98 10,400 $3.029
10/30/98 18,200 3.086
11/03/98 3,900 2.896
11/04/98 1,300 2.875
11/05/98 5,200 2.818
11/06/98 9,100 2.818
11/06/98 3,500 2.750
11/09/98 2,600 2.656
11/24/98 2,600 2.799
11/24/98 2,600 2.834
11/25/98 2,600 2.688
7
<PAGE>
11/25/98 2,600 2.750
11/27/98 2,600 2.750
11/30/98 2,600 2.738
11/30/98 2,600 2.719
11/30/98 7,800 2.716
11/30/98 2,600 2.688
12/01/98 1,300 2.688
12/02/98 2,600 2.944
12/03/98 1,300 2.906
12/03/98 1,300 2.969
12/03/98 2,300 3.000
12/03/98 300 2.969
12/04/98 5,200 2.923
12/04/98 1,300 2.938
12/07/98 1,300 2.969
12/07/98 9,700 2.883
12/08/98 2,600 2.847
12/08/98 500 2.750
12/09/98 1,000 2.875
12/10/98 3,700 2.938
12/10/98 2,600 2.927
12/11/98 2,600 3.063
12/11/98 2,600 3.019
12/14/98 2,600 3.044
12/14/98 2,600 3.063
12/15/98 2,600 3.042
12/16/98 1,300 2.938
12/16/98 2,600 2.979
12/16/98 2,600 2.979
12/17/98 3,900 2.993
12/17/98 1,300 3.000
12/18/98 3,900 2.986
12/18/98 1,300 3.000
12/21/98 1,300 3.000
12/21/98 1,300 2.969
12/22/98 2,600 2.930
12/22/98 1,300 2.938
12/24/98 1,300 3.000
12/28/98 10,400 2.915
12/29/98 2,600 2.923
12/30/98 3,900 2.914
12/30/98 1,300 2.938
12/31/98 7,800 3.013
12/31/98 1,300 3.000
01/04/99 1,300 2.986
01/05/99 1,300 2.890
01/06/99 2,600 2.812
01/07/99 2,600 2.825
The following purchases were made by Aries Fund in the
open market in the sixty days prior to the date of this
filing:
Date Amount Price
---- ------ -----
10/30/98 29,600 3.029
10/30/98 51,800 3.086
11/03/98 11,100 2.896
11/04/98 3,700 2.875
11/05/98 14,800 2.818
11/06/98 25,900 2.818
11/06/98 10,000 2.750
11/09/98 7,400 2.656
11/24/98 7,400 2.799
11/24/98 7,400 2.834
11/25/98 7,400 2.688
11/25/98 7,400 2.750
11/27/98 7,400 2.750
11/30/98 7,400 2.738
11/30/98 7,400 2.719
11/30/98 22,200 2.716
11/30/98 7,400 2.688
12/01/98 3,700 2.688
12/02/98 7,400 2.944
12/03/98 3,700 2.906
12/03/98 3,700 2.969
12/03/98 6,700 3.000
12/03/98 700 2.969
12/04/98 14,800 2.923
12/04/98 3,700 2.938
12/07/98 3,700 2.969
12/07/98 27,800 2.883
12/08/98 1,500 2.847
12/08/98 7,400 2.750
8
<PAGE>
12/09/98 10,800 2.875
12/10/98 7,400 2.938
12/10/98 7,400 2.927
12/11/98 7,400 3.063
12/11/98 7,400 3.019
12/14/98 7,400 3.044
12/14/98 7,400 3.063
12/15/98 7,400 3.042
12/16/98 3,700 2.938
12/16/98 7,400 2.979
12/16/98 7,400 2.979
12/17/98 3,700 2.993
12/17/98 11,100 3.000
12/18/98 3,700 2.986
12/18/98 11,100 3.000
12/21/98 3,700 3.000
12/21/98 3,700 2.969
12/22/98 3,700 2.930
12/22/98 7,400 2.938
12/24/98 3,700 3.000
12/28/98 29,600 2.915
12/29/98 7,400 2.923
12/30/98 11,100 2.914
12/30/98 3,700 2.938
12/31/98 3,700 3.000
12/31/98 22,200 3.013
01/04/99 1,300 2.986
01/05/99 1,300 2.890
01/06/99 2,600 2.812
01/07/99 2,600 2.825
Other than as set forth herein the Reporting Parties have not
engaged in any transactions in the Common Stock of the Issuer
since the last filing.
(d) & (e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships
with respect to Securities of the Issuer
--------------------------------------------------------
Paramount Capital is the investment manager of the Aries Fund and
the General Partner of Aries Domestic and in such capacities has
the authority to make certain investment decisions on behalf of
such entities, including decisions relating to the securities of
the Issuer. In connection with its investment management duties,
Paramount Capital receives certain management fees and
performance allocations from the Aries Fund and Aries Domestic.
Dr. Rosenwald is the sole shareholder of Paramount Capital.
Except as indicated in this 13D and exhibits, there is no
contract, arrangement, understanding or relationship between the
Reporting Parties and any other person, with respect to any
securities of the Issuer.
Item 7. Material to be Filed as Exhibits:
--------------------------------
Exhibit A - Copy of an Agreement between Dr. Rosenwald, Paramount
Capital, Aries Domestic and Aries Fund to file this Statement on
Schedule 13D on behalf of each of them.
Exhibit B - List of executive officers and directors of Paramount Capital
and information called for by Items 2-6 of this statement
relating to said officers and direc tors.
Exhibit C - List of executive officers and directors of Aries Domestic
and information called for by Items 2-6 of this statement
relating to said officers and direc tors.
Exhibit D - List of executive officers and directors of Aries Fund and
information called for by Items 2-6 of this statement relating to
said officers and directors.
9
<PAGE>
SIGNATURES
----------
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
PARAMOUNT CAPITAL ASSET MANAGEMENT, INC.
Dated: January 11, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND
By Paramount Capital Asset Management, Inc.
General Partner
Dated: January 11, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
THE ARIES MASTER FUND
By Paramount Capital Asset Management, Inc.
Investment Manager
Dated: January 11, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
Dated: January 11, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------
Lindsay A. Rosenwald, M.D.
11
<PAGE>
EXHIBIT A
AGREEMENT
JOINT FILING OF SCHEDULE 13D
The undersigned hereby agrees to jointly prepare and file with
regulatory authorities a Schedule 13D and any future amendments thereto
reporting each of the undersig ned's ownership of securities of Cypress
Bioscience, Inc., and hereby affirm that such Schedule 13D is being filed on
behalf of each of the undersigned.
PARAMOUNT CAPITAL ASSET MANAGEMENT, INC., INC.
Dated: January 11, 1999
New York, NY By /s/ Lindsay A. Rosenwald. M.D.
-------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND, L.P.
By Paramount Capital Asset Management, Inc.
General Partner
Dated: January 11, 1999
New York, NY By /s/ Lindsay A. Rosenwald M.D.
-------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
THE ARIES MASTER FUND
By Paramount Capital Asset Management, Inc.
Investment Manager
Dated: January 11, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
-------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
Dated: January 11, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
-------------------------------
Lindsay A. Rosenwald, M.D.
12
<PAGE>
EXHIBIT B
The name and principal occupation or employment, which in each instance
is with Paramount Capital Asset Management, Inc. ("Paramount Capital") located
at 787 Seventh Avenue, 48th Floor, New York, New York, 10019, of each executive
officer and director of Paramount Capital is as follows:
<TABLE>
<CAPTION>
PRINCIPAL OCCUPATION
NAME OR EMPLOYMENT
---- -------------
<S> <C>
Lindsay A. Rosenwald, M.D. Chairman of the Board of Paramount Capital
Asset Management, Inc., Paramount Capital
Investments, LLC and Paramount Capital, Inc.
Mark C. Rogers, M.D. President of Paramount Capital Asset
Management, Inc., Paramount Capital
Investments, LLC and Paramount Capital, Inc.
Peter Morgan Kash Director of Paramount Capital Asset
Management, Inc., Senior Managing Director,
Paramount Capital, Inc.
Dr. Yuichi Iwaki Director of Paramount Capital Asset
Management, Inc., Professor, University of
Southern California School of Medicine
</TABLE>
Item 2.
During the five years prior to the date hereof, none of the above
persons (to the best of Paramount Capital's knowledge) was convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
was a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction, as a result of which such person was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, Federal or State securities laws or finding
any violation with respect to such laws.
Items 3-6.
Please refer to Items 3-6 herein reporting the beneficial ownership.
13
<PAGE>
EXHIBIT C
The name and principal occupation or employment, which is located at 787
Seventh Avenue, 48th Floor, New York, New York, 10019, of the General Partner of
Aries Domestic is as follows:
<TABLE>
<CAPTION>
PRINCIPAL OCCUPATION
NAME OR EMPLOYMENT
---- -------------
<S> <C>
Paramount Capital Asset Management, Inc. General Partner; Investment Manager
</TABLE>
Exhibit B is hereby incorporated by reference.
Item 2.
During the five years prior to the date hereof, the above person (to the
best of Aries Domestic's knowledge) has not been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) or was a party
to a civil proceeding of a judicial or administrative body of competent
jurisdiction, as a result of which such person was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, Federal or State securities laws or finding any
violation with respect to such laws.
Items 3-6.
Please refer to Items 3-6 herein reporting the beneficial ownership.
14
<PAGE>
EXHIBIT D
The name and principal occupation or employment, which in each instance
is with The Aries Master Fund ("Aries Fund") located at 787 Seventh Avenue, 48th
Floor, New York, New York, 10019, of each executive officer and director of
Aries Trust is as follows:
PRINCIPAL OCCUPATION
NAME OR EMPLOYMENT
---- -------------
Paramount Capital Asset Management, Inc. Investment Manager
MeesPierson (Cayman) Limited Administrator
Exhibit B is hereby incorporated by reference.
Item 2.
During the five years prior to the date hereof, neither of the above
persons (to the best of Aries Fund's knowledge) have been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
was a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction, as a result of which such person was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, Federal or State securities laws or finding
any violation with respect to such laws.
Items 3-6.
Please refer to Items 3-6 herein reporting the beneficial ownership.
15
