<PAGE> 1
---------------------------
OMB APPROVAL
---------------------------
- -------- OMB Number: 3235-0104
FORM 3 Expires: September 30, 1998
- -------- Estimated average burden
hours per response .... 0.5
---------------------------
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a)
of the Public Utility Holding Company Act of 1935 or Section 30(f)
of the Investment Company Act of 1940
<TABLE>
<S> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
1. Name and Address of Reporting Person 2. Date of Event Requiring 4. Issuer Name and Ticker or 6. If Amendment, Date
CLEMENS PETER A. Statement Trading Symbol of Original
- ---------------------------------------- (Month/Day/Year) HALSEY DRUG CO, INC. (HDG) (Month/Day/Year)
(Last) (First) (Middle) 2-19-98 ------------------------------
C/O HALSEY DRUG CO., INC. ---------------------------- 5. Relationship of Reporting 7. Individual or Joint/
- ---------------------------------------- 3. IRS or Social Security Person to Issuer Group Filing (Check
(Street) Number of Reporting (Check all applicable) Applicable Line)
1827 PACIFIC STREET Person (Voluntary) __ Director ___ 10% Owner X Form filed by One
BROOKLYN, NEW YORK 11233 ###-##-#### X Officer X Other Reporting Person
- -------------------------------------- ---------------------------- (give title below) (specify below) __ Form filed by More
(City) (State) (Zip) VICE PRESIDENT AND than One Reporting
CHIEF FINANCIAL OFFICER Person
- -----------------------------------------------------------------------------------------------------------------------------------
TABLE 1 -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
- -----------------------------------------------------------------------------------------------------------------------------------
1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Beneficially Owned Direct (D) or Beneficial
(Instr. 4) Indirect (I) Ownership (Instr. 5)
(Instr. 5)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
(Print or Type Responses) SEC 1473 (8/92)
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
FORM 3 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Derivative Security 2. Date 3. Title and Amount of 4. Conver- 5. Owner- 6. Nature of Indirect
(Instr. 4) Exercisable and Securities Underlying sion or ship Beneficial Ownership
Expiration Date Derivative Security Exercise Form of (Instr. 5)
(Month/Day/ (Instr. 4) Price of Deriv-
Year) Deri- ative
vative Security:
Security Direct
------------------------------------------------- (D) or
Date Expira- Amount or Indirect (I)
Exercis- tion Title Number (Instr. 5)
able Date of Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Option * * Common Stock 300,000 $2.38 (D)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Explanation of Responses:
* Date of grant of stock option February 19, 1998. Term of option is ten (10)
years. Stock option shares to vest over three (3) years.
/s/ Peter A. Clemens
**Intentional misstatements or omissions of facts constitute Federal Criminal ------------------------------- -------------
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). **Signature of Reporting Person Date
Note. File three copies of this Form, one of which must be manually signed. Page 2
If space provided is insufficient, See Instruction 6 for procedure. SEC 1473 (8/92)
</TABLE>
