SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Amendment No.3)
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)
April 15, 1999
-----------------------------
(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(e), 13d-1(f) or 13d-1(g), check the following:[ ]
<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 11,994,002 /1/
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 11,994,002 /1/
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,994,002 /1/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
- --------------
/1/ Includes 33,600 shares of Common Stock of the Issuer owned by Aries
Domestic Fund II, L.P., a Delaware limited partnership. Paramount
Capital Asset Management, Inc. serves as the general partner of the
Aries Domestic Fund II, L.P. and has voting and dispositive power of
such shares.
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 3,512,163
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 3,512,163
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,512,163
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.6%
- --------------------------------------------------------------------------------
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 8,448,239
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 8,448,239
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,448,239
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.4%
- --------------------------------------------------------------------------------
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 11,994,002 /2/
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 11,994,002 /2/
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,994,002 /2/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
- --------------------
/2/ Includes 33,600 shares of Common Stock of the Issuer owned by Aries
Domestic Fund II, L.P., a Delaware limited partnership. Dr. Rosenwald
is the Chairman of Paramount Capital Asset Management, Inc., which
serves as the general partner of the Aries Domestic Fund II, L.P. As
such, Dr. Rosenwald may be deemed to have voting and dispositive power
of such shares.
5
<PAGE>
Item 1. Security and Issuer.
-------------------
(a) Common Stock, $0.02 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, /3/ a
Subchapter S corporation incorporated in Delaware. Paramount
Capital is the General Partner of Aries Domestic, /4/ a limited
partnership incorporated in Delaware. Paramount Capital is the
Investment Manager to Aries Fund, /5/ a Cayman Islands exempted
company.
(d) Dr. Rosenwald, Paramount Capital, Aries Domestic and Aries Fund
and their respective 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.
Item 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
Since the date of Amendment No. 2 to Schedule 13D ("Amendment No.
2") which was filed on March 9, 1999, 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
- ---------------------------
/3/ 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.
/4/ 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.
/5/ 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 5. Aries Domestic Fund II, L.P., a Delaware limited
partnership for which Paramount Capital serves as general partner
also used its general funds to make certain open market
acquisitions of the securities of the Issuer as more fully set
forth in Item 5. Further, on April 15, 1999, the Issuer caused
173,333 shares of Series A Preferred Stock held by Aries Domestic
and 493,334 shares of Series A Preferred Stock held by the Aries
Fund to be converted into shares of Common Stock. On the same
date, Aries Domestic exercised warrants to purchase 37,500 shares
of Common Stock at an exercise price equal to $1.00 per share and
the Aries Fund exercised warrants to purchase 87,500 shares of
Common Stock at an exercise price equal to $1.00 per share.
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 June 15, 1999, Dr. Rosenwald and Paramount Capital,
through acquisition of the shares by the Aries Fund and
Aries Domestic, beneficially owned 11,994,002 shares or
26.2% of the Issuer's securities and Aries Domes tic and
the Aries Fund beneficially owned as follows:
Amount Owned
------------
Aries Domestic 3,512,163 Shares
Aries Fund 8,448,239 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 since the filing of Amendment No. 2:
Date Amount Price Per Share
---- ------ ---------------
03/10/1999 6000 $3.250
03/11/1999 6,000 $3.360
03/12/1999 6,000 $3.500
03/15/1999 4,800 $3.580
03/16/1999 4,500 $3.990
03/17/1999 1,500 $5.060
03/17/1999 15,000 $3.820
03/17/1999 9,000 $4.040
03/18/1999 12,000 $3.820
03/19/1999 13,500 $3.940
03/22/1999 3,000 $3.700
03/23/1999 3,000 $3.450
03/23/1999 3,000 $3.450
03/24/1999 3,000 $3.410
03/24/1999 6,000 $3.320
03/25/1999 3,000 $3.340
03/25/1999 6,000 $3.420
03/26/1999 15,000 $3.680
03/29/1999 9,000 $3.870
03/30/1999 12,000 $3.830
7
<PAGE>
03/31/1999 24,000 $3.780
04/05/1999 9,000 $3.610
04/06/1999 9,000 $3.500
04/07/1999 9,000 $3.470
04/08/1999 9,000 $3.550
04/09/1999 15,000 $3.560
04/12/1999 6,000 $3.530
04/13/1999 9,000 $3.500
04/14/1999 6,000 $3.460
04/15/1999 6,000 $3.550
04/16/1999 4,500 $3.690
04/16/1999 9,000 $3.670
04/19/1999 4,500 $3.560
04/20/1999 7,000 $3.380
04/21/1999 4,500 $3.420
04/22/1999 1,500 $3.450
04/22/1999 3,600 $3.440
04/23/1999 6,000 $3.590
04/23/1999 1,500 $3.540
04/26/1999 3,000 $3.630
04/27/1999 3,000 $3.900
04/27/1999 1,500 $3.990
04/28/1999 3,000 $3.840
04/28/1999 7,500 $3.770
04/29/1999 1,500 $3.860
04/30/1999 3,000 $3.780
04/30/1999 3,000 $3.810
04/30/1999 10,500 $3.840
05/04/1999 1,490 $3.810
05/06/1999 2,970 $3.920
05/10/1999 1,480 $4.000
05/11/1999 1,480 $3.870
05/11/1999 1,480 $4.000
05/12/1999 2,970 $3.830
05/13/1999 1,480 $3.840
05/14/1999 14,850 $3.840
05/17/1999 1,480 $3.840
05/18/1999 2,970 $3.780
05/18/1999 1,480 $3.880
05/19/1999 2,700 $3.690
05/20/1999 1,485 $3.790
05/21/1999 7,420 $3.680
05/24/1999 2,970 $3.600
05/24/1999 2,970 $3.560
05/25/1999 1,480 $3.590
05/25/1999 2,970 $3.580
05/26/1999 2,970 $3.440
05/26/1999 4,450 $3.440
05/27/1999 2,970 $3.430
05/27/1999 10,400 $3.510
8
<PAGE>
05/28/1999 2,970 $3.590
05/28/1999 5,940 $3.540
05/28/1999 2,970 $3.590
06/01/1999 1,480 $3.430
06/02/1999 5,940 $3.200
06/02/1999 5,080 $3.160
06/03/1999 5,940 $3.380
06/03/1999 4,460 $3.346
06/04/1999 1,490 $3.406
06/04/1999 5,940 $3.430
06/04/1999 5,940 $3.480
06/07/1999 5,970 $3.422
06/07/1999 1,485 $3.435
06/08/1999 1,770 $3.375
06/09/1999 2,970 $3.500
06/09/1999 1,490 $3.469
06/10/1999 4,460 $3.367
06/10/1999 4,460 $3.393
06/11/1999 4,460 $3.426
06/11/1999 5,940 $3.456
06/11/1999 2,970 $3.438
06/14/1999 4,450 $3.310
06/14/1999 2,970 $3.377
06/15/1999 2,970 $3.188
The following purchases were made by the Aries Fund in the open market since
the filing of Amendment No. 2:
Date Amount Price Per Share
---- ------ ---------------
03/10/1999 14000 $3.248
03/11/1999 14,000 $3.359
03/12/1999 14,000 $3.500
03/15/1999 11,200 $3.583
03/16/1999 10,500 $3.993
03/17/1999 3,500 $5.063
03/17/1999 35,000 $3.815
03/17/1999 21,000 $4.042
03/18/1999 28,000 $3.823
03/19/1999 31,500 $3.935
03/22/1999 7,000 $3.703
03/23/1999 7,000 $3.454
03/23/1999 7,000 $3.454
03/24/1999 7,000 $3.406
03/24/1999 14,000 $3.317
03/25/1999 7,000 $3.344
03/25/1999 14,000 $3.424
03/26/1999 35,000 $3.678
03/29/1999 21,000 $3.868
03/30/1999 28,000 $3.828
03/30/1999 56,000 $3.778
04/05/1999 21,000 $3.613
9
<PAGE>
04/06/1999 21,000 $3.500
04/07/1999 21,000 $3.473
04/08/1999 21,000 $3.548
04/09/1999 35,000 $3.559
04/12/1999 14,000 $3.533
04/13/1999 11,000 $3.503
04/14/1999 14,000 $3.457
04/15/1999 14,000 $3.547
04/16/1999 10,500 $3.692
04/16/1999 21,000 $3.667
04/19/1999 10,500 $3.560
04/20/1999 7,000 $3.378
04/21/1999 10,000 $3.424
04/22/1999 3,500 $3.447
04/22/1999 8,400 $3.438
04/23/1999 14,000 $3.589
04/23/1999 3,500 $3.543
04/26/1999 7,000 $3.626
04/27/1999 7,000 $3.904
04/27/1999 3,500 $3.985
04/28/1999 7,000 $3.835
04/28/1999 17,500 $3.770
04/29/1999 3,500 $3.856
04/30/1999 7,000 $3.781
04/30/1999 7,000 $3.813
04/30/1999 24,500 $3.840
05/04/1999 3,500 $3.810
05/06/1999 7,000 $3.920
05/07/1999 15,000 $3.975
05/07/1999 20,000 $3.971
05/10/1999 3,500 $3.998
05/11/1999 3,500 $3.873
05/11/1999 3,500 $4.000
05/12/1999 7,000 $3.826
05/13/1999 3,500 $3.841
05/14/1999 35,000 $3.835
05/17/1999 3,500 $3.844
05/18/1999 7,000 $3.779
05/18/1999 3,500 $3.875
05/19/1999 7,000 $3.693
05/20/1999 3,500 $3.791
05/21/1999 17,500 $3.677
05/24/1999 7,000 $3.597
05/24/1999 7,000 $3.563
05/25/1999 3,500 $3.589
05/25/1999 7,000 $3.580
05/26/1999 7,000 $3.444
05/26/1999 10,500 $3.440
05/26/1999 3,000 $3.440
05/27/1999 7,000 $3.426
10
<PAGE>
05/27/1999 24,500 $3.505
05/28/1999 7,000 $3.590
05/28/1999 14,000 $3.535
05/28/1999 7,000 $3.590
06/01/1999 3,500 $3.430
06/02/1999 14,000 $3.200
06/02/1999 11,970 $3.160
06/03/1999 14,000 $3.380
06/03/1999 10,500 $3.346
06/04/1999 3,500 $3.406
06/04/1999 14,000 $3.430
06/04/1999 14,000 $3.480
06/07/1999 7,000 $3.422
06/07/1999 3,500 $3.435
06/08/1999 4,200 $3.375
06/09/1999 7,000 $3.500
06/09/1999 3,500 $3.469
06/10/1999 10,500 $3.367
06/10/1999 10,500 $3.393
06/11/1999 10,500 $3.426
06/11/1999 14,000 $3.456
06/11/1999 7,000 $3.438
06/14/1999 10,500 $3.310
06/14/1999 7,000 $3.377
06/15/1999 7,000 $3.188
The following purchases were made by the Aries Domestic Fund II, L.P. in the
open market since the filing of Amendment No. 2:
Date Amount Price Per Share
---- ------ ---------------
05/03/1999 31600 $3.94
05/04/1999 10 $3.81
05/06/1999 30 $3.92
05/10/1999 20 $4.00
05/11/1999 20 $3.87
05/11/1999 20 $4.00
05/12/1999 30 $3.83
05/13/1999 20 $3.84
05/14/1999 150 $3.84
05/17/1999 20 $3.84
05/18/1999 30 $3.78
05/18/1999 20 $3.88
05/19/1999 300 $3.69
05/20/1999 15 $3.79
05/21/1999 80 $3.68
05/24/1999 30 $3.60
05/24/1999 30 $3.56
05/25/1999 20 $3.59
05/25/1999 30 $3.58
05/26/1999 30 $3.44
11
<PAGE>
05/26/1999 50 $3.44
05/27/1999 30 $3.43
05/27/1999 100 $3.51
05/28/1999 60 $3.59
05/28/1999 30 $3.54
05/28/1999 30 $3.59
06/01/1999 20 $3.430
06/02/1999 60 $3.200
06/02/1999 50 $3.160
06/03/1999 60 $3.380
06/03/1999 40 $3.346
06/04/1999 10 $3.406
06/04/1999 60 $3.430
06/04/1999 60 $3.480
06/07/1999 30 $3.422
06/07/1999 15 $3.435
06/08/1999 30 $3.375
06/09/1999 30 $3.500
06/09/1999 10 $3.469
06/10/1999 40 $3.367
06/10/1999 40 $3.393
06/11/1999 40 $3.426
06/11/1999 60 $3.456
06/11/1999 30 $3.438
06/14/1999 50 $3.310
06/14/1999 30 $3.377
06/15/1999 30 $3.188
Other than as set forth herein the Reporting Parties have not engaged in any
transactions in the Common Stock of the Issu er 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, under standing 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 directors.
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 directors.
12
<PAGE>
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.
13
<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: June 15, 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: June 15, 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: June 15, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
Dated: June 15, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------
Lindsay A. Rosenwald, M.D.
14
<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: June 15, 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: June 15, 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: June 15, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
-------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
Dated: June 15, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
-------------------------------
Lindsay A. Rosenwald, M.D.
15
<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:
PRINCIPAL OCCUPATION
NAME OR EMPLOYMENT
---- -------------
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
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.
16
<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:
PRINCIPAL OCCUPATION
NAME OR EMPLOYMENT
---- -------------
Paramount Capital Asset Management, Inc. General Partner; Investment Manager
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.
17
<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) Management 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.
18
