UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1 )*
Glyko Biomedical, Ltd. (the "Issuer")
(Name of Issuer)
Common Stock
(Title of Class of Securities)
379904 10 5
(CUSIP Number)
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.).
*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 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).
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SCHEDULE 13G
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CUSIP No. 379904 10 5
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Page 2 of 6 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
New York Life Insurance Company
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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 5 SOLE VOTING POWER
SHARES 4,528,750 shares as of June 7, 1996, including
2,092,500 shares of Common Stock
BENEFICIALLY issuable upon presently exercisable warrants
OWNED BY (See Item 4(c) herein)
EACH
REPORTING
PERSON
WITH
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6 SHARED VOTING POWER
0 (See Item 4(c) herein)
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7 SOLE DISPOSITIVE POWER
4,528,750 shares as of June 7, 1996, including
2,092,500 shares of Common Stock issuable upon
presently exercisable warrants
(See Item 4(c) herein)
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8 SHARED DISPOSITIVE POWER
0 (See Item 4(c) herein)
----------------- -------- --------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,528,750
shares of Common Stock, including 2,092,500 shares of Common Stock
issuable upon presently exercisable Warrants (See Item 4(c).
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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) 26.5%,
including 2,092,500 shares of Common Stock issuable upon
presently exercisable warrants
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12 TYPE OF REPORTING PERSON*
IC, IA
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<PAGE>
Item 1.
(a) Name of the Issuer: Glyko Biomedical, Ltd. (the "Issuer")
(b) Address of the Issuer: 11 Pimentel Court, Novato, CA 94949
Item 2.
(a) Name of the Person Filing: New York Life Insurance Company
(b) Address of the Principal Office: New York Life Insurance Company
51 Madison Avenue
New York, NY 10010-1603
( c) Citizenship: Not Applicable: The Reporting Person is
a New York Corporation
(d) Title of Class of Securities: Glyko Biomedical Ltd. Common Stock
("Common Stock" or "Shares")
and presently exercisable
Warrants to purchase
such shares ("Warrants")
(e) CUSIP Number: 379904 10 5
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-29b),
check whether the person filing is a:
(a) Broker or Dealer registered under Section 15 of the Act
(b) Bank as defined in Section 3(a)(6) of the Act
( c) X Insurance Company as defined in section 3(a)(19) of the Act
(d) Investment Company registered under section 8 of the Investment
Company Act
(e) X Investment Advisor registered under section 203 of the Investment
Advisors Act of 1940
(f) Employment Benefit Plan, Pension Fund which is subject to
the provisions of the Employee Retirement Income Security Act of
1974 or Endowment Fund; see Sec.240.13d-1-(b)(1)(ii)(F)
(g) Parent Holding Company, in accordance with Sec.240.13d-1(b)(ii)(G)
(h) Group, in accordance with Sec.240.13d-1(b)(1)(ii)(H)
Page 3 of 6
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Item 4. Ownership
a. Amount Beneficially Owned
At June 7, 1996 , the Reporting Person may be deemed to have
beneficially owned an aggregate of 4,528,750 shares of Common Stock,
which consist of (i) 2,436,250 shares of Common Stock, and (ii)
2,092,500 shares of Common Stock issuable upon presently exercisable
warrants (the "Warrants"). All securities as being deemed owned by the
Reporting person were purchased as follows: (a) 1,748,750 shares of
Issuer's Common Stock (No Par Value) and Warrants for another
1,748,750 Common Shares were acquired from the Issuer in the first
private placement investment April 3, 1995, and (b) 687,500 Common
Shares and Warrants for 343,750 additional Shares were acquired from
the Issuer June 7, 1996 in the second private placement investment, as
now reported by this Amendment No. 1 to Schedule 13G of 1995.
b. Percent of class
At June 7, 1996, the Reporting person may be deemed to have
beneficially owned approximately 26.5% of the outstanding shares of
Common Stock (including 2,092,500 shares of Common Stock issuable upon
presently exercisable warrants). This percentage was calculated based
upon 14,567,944 shares of Common Stock outstanding as reported in the
Issuer's Annual Report on Form 10-KSB for the year ended December 31,
1995 as being outstanding as of February 28, 1995, plus (2) 2,500,000
shares of Common Stock sold by the Issuer pursuant to private
placements on June 7, 1996.
c. Power to vote or direct the vote and dispose or direct the
disposition of securities
At June 7, 1996, (i) Reporting Person had the sole power to
vote or direct the vote of, and the sole power to dispose or direct
the disposition of, all 2,436,750 shares of Common Stock reported
herein to be beneficially owned by the Reporting Person, and (ii) the
Reporting Person would also have the sole power to vote or direct the
vote of, and the sole power to dispose or direct the disposition of
all 2,092,500 shares of Common Stock underlying the Warrants, when, as
and if it elected to exercise such Warrants, altogether aggregating
(with its present direct 2,436,750 share holdings) 4,520,750 Common
Shares, or approximately 26.5% as of June 7, 1996, computed as
aforesaid. The Reporting Person has no present intent to exercise its
voting power in a manner which would change or influence the control
of the Issuer. In addition, the Reporting Person has made an
undertaking to The Toronto Stock Exchange not to sell or otherwise
dispose of any of the securities acquired from the Issuer June 7, 1996
reported on herein for a period of six months from June 7, 1996 or
such period as is prescribed by the applicable securities legislation,
whichever is longer, without the prior consent of The Toronto Stock
Exchange or any other regulatory body having jurisdiction.
Note: Reporting Person New York Life Insurance
Company made its first investment in the Issuer April 3, 1995
by the private placement purchase from the Issuer of 1,748,750
Shares of Common Stock of Glyko Biomedical Ltd., representing
approximately 12.0% of the issued and outstanding Shares, and
exercisable Warrants for an additional 1,748,750 Common Shares
( which when, as and if exercised, would increase the 1995
investment to 3,497,500 Common Shares, or approximately
22 1/2% of those outstanding as of April 3, 1995).
Page 4 of 6
<PAGE>
Item 5. Ownership of Five percent or less of a Class
Not Applicable
Item 6. Ownership of Five percent or less of a Class
Not Applicable
Item 7. Identification and Classification of the Subsidiary which Acquired the
Security 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
Item 10. Certification
The following certification shall be included if the statement is
filed pursuant to Rule 13d-1(b):
By signing below I certify that, to the best of 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.
The undersigned hereby further certifies that the Reporting Person
acquired the above described Warrants from the Issuer as private
placement investment and not for any disposition in contravention of
applicable securities laws, with no present intention, plan or
agreement providing for their exercise in reasonably foreseeable
contemporary circumstances, provided that the disposition of its
property remain the responsibility of its Board of Directors in
accordance with Section 1411(b) of the New York Insurance Law, as
amended and in effect from time to time hereafter.
Page 5 of 6
<PAGE>
SIGNATURE
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.
Date: July 25, 1996
New York Life Insurance Company
/s/ John L. Mattana
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John L. Mattana, Investment Vice President
Page 6 of 6
