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FORM 4 OMB APPROVAL
___ Check this box if no longer subject OMB Number: 3235-0287
to Section 16. Form 4 or Form 5 Expires: April 30, 1997
obligations may continue. Estimated average burden
hours per response...0.5
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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 1949
_______________________________________________________________________________
1. Name and Address of Reporting Person
The Aries Fund, A Cayman Island Trust*
c/o Paramount Capital Asset Management, Inc
- -----------------------------------------------------
(Last) (First) (Middle)
787 Seventh Avenue
- -----------------------------------------------------
(Street)
New York, NY 10019
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(City) (State) (Zip)
_______________________________________________________________________________
2. Issuer Name and Ticker or Trading Symbol
Bioject Medical Technologies, Inc. (BJCT)
_______________________________________________________________________________
3. IRS or Social Security Number of Reporting Person (Voluntary)
_______________________________________________________________________________
4. Statement for Month/Year
June 1997
_______________________________________________________________________________
5. If Amendment, Date of Original (Month/Year)
_______________________________________________________________________________
6. Relationship of Reporting Person to Issuer
(Check all applicable)
___ Director
___ Officer (give title below)
_X_ 10% Owner
___ Other (specify below)
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_______________________________________________________________________________
<TABLE>
<CAPTION>
TABLE I--Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
- ------------------------------------------------------------------------------------------------------------------------
1. 2. 3. 4. 5. 6. 7.
- --------------------- -------- ---------- ------------------------------ ----------- ---------- ----------
Amount of Owner-
Securities ship
Trans- Trans- Securities Acquired (A) Beneficially Form:
action action or Disposed of (D) Owned at Direct Nature of
Date Code (Instr. 3, 4 and 5) End of (D) or Indirect
Title of (Month/ (Instr. 8) ---------------------------- Month Indirect Beneficial
Security Day/ ---------- Amount (A) or Price (Instr. (I) Ownership
(Instr. 3) Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
- --------------------- -------- ---- ---- ----------- ------ --------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 6/2/97 S 13,500 D $.828 771,000 D
Common Stock 6/3/97 S 14,000 D $.765 771,000 D
Common Stock 6/4/97 S 23,900 D $.711 771,000 D
Common Stock 6/10/97 S 10,000 D $.625 771,000 D
Common Stock 6/11/97 S 1,600 D $.625 771,000 D
Common Stock 6/11/97 S 6,500 D $.625 771,000 D
Common Stock 6/12/97 S 10,000 D $.625 771,000 D
Common Stock 6/17/97 S 33,000 D $.625 771,000 D
Common Stock 6/19/97 S 6,500 D $.625 771,000 D
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Common Stock 6/20/97 S 27,000 D $.625 771,000 D
Common Stock 6/20/97 S 35,000 D $.625 771,000 D
Common Stock 6/23/97 S 16,500 D $.625 771,000 D
Common Stock 6/24/97 S 33,000 D $.625 771,000 D
Common Stock 6/26/97 S 33,000 D $.631 771,000 D
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
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<TABLE>
<CAPTION>
TABLE II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g. puts, calls, warrants, options, convertible securities)
- ------------------------------------------------------------------------------------------------------------------------------
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
- ---------- -------- -------- -------- ---------- ------------ -------------- ------ ---------- --------- ----------
Title and Ownership
Number of Date Exer- Amount of Form of
Derivative cisable and Underlying Number of Deriv-
Securities Expiration Securities Price Derivative ative
Conver- Trans- Acquired (A) Date (Month/ (Instr. 3 of Securities Security:
sion or Trans- action or Disposed Day/Year) and 4) Deriv- Benefi- Direct
Exercise action Code of (D) -------------- -------------- ative cially (D) or Nature of
Title of Price of Date (Instr. (Instr. 3, Date Amount Secur- Owned at Indirect Indirect
Derivative Deriv- (Month/ 8) 4 and 5) Exer- Expir- or Num- ity End of (I) Beneficial
Security ative Day/ -------- ---------- cis- ation ber of (Instr. Month (Instr. Ownership
(Instr. 3) Security Year) Code V (A) (D) able Date Title Shares 5) (Instr. 4) 5) (Instr. 5)
- ---------- -------- -------- ---- --- ---- ---- ------- ----- ----- ------ ------ ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
Explanation of Responses:
* The Reporting Person is the investment manager to The Aries Fund, A Cayman
Island Trust, and disclaims beneficial ownership of the securities held
by the Trust except to the extent of his pecuniary interest therein.
The Reporting Person is the President and sole shareholder of Paramount Capital
Asset Management, Inc., a Delaware Corporation, which is the investment manager
to The Aries Fund, A Cayman Island Trust, and disclaims beneficial ownership
of the securities held by the Trust except to the extent of his
pecuniary interest therein.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient. See Instruction 6 for procedure.
/s/ Lindsay A. Rosenwald, M.D. 7/10/97
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** Signature of Reporting Person Date
Lindsay A. Rosenwald, M.D.
President, Paramount Capital Asset Management, Inc.
Investment Manager, The Aries Fund, A Cayman Island Trust
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