UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G
(Amendment No. 1)
Under the Securities Exchange Act of 1934
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Immucell, Corp.
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(Name of Issuer)
Common Stock, par value $0.1 per share
------------------------------------------
(Title of Class of Securities)
452525306
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(CUSIP Number)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act 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 to Schedule 13G).
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<PAGE>
SCHEDULE 13G
CUSIP No. 452525306 Page 2 of 9
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Paramount Capital Asset Management, Inc.
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP (a) |_| (b) |_|
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5) SOLE VOTING POWER
0
NUMBER ----------------------------------------------------------
OF 6) SHARED VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------------------
OWNED BY 7) SOLE DISPOSITIVE POWER
EACH 0
REPORTING ----------------------------------------------------------
PERSON 8) SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
- --------------------------------------------------------------------------------
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0
- --------------------------------------------------------------------------------
12) TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
2
<PAGE>
SCHEDULE 13G
CUSIP No. 452525306 Page 3 of 9
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Aries Master Fund, a Cayman Islands exempted company
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP (a) |_| (b) |_|
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------------------------------------------------------------------
5) SOLE VOTING POWER
0
NUMBER ----------------------------------------------------------
OF 6) SHARED VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------------------
OWNED BY 7) SOLE DISPOSITIVE POWER
EACH 0
REPORTING ----------------------------------------------------------
PERSON 8) SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
- --------------------------------------------------------------------------------
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0
- --------------------------------------------------------------------------------
12) TYPE OF REPORTING PERSON
OO
- --------------------------------------------------------------------------------
3
<PAGE>
SCHEDULE 13G
CUSIP No. 452525306 Page 4 of 9
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Aries Domestic Fund, L.P.
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP (a) |_| (b) |_|
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5) SOLE VOTING POWER
0
NUMBER ----------------------------------------------------------
OF 6) SHARED VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------------------
OWNED BY 7) SOLE DISPOSITIVE POWER
EACH 0
REPORTING ----------------------------------------------------------
PERSON 8) SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
- --------------------------------------------------------------------------------
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0
- --------------------------------------------------------------------------------
12) TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
4
<PAGE>
SCHEDULE 13G
CUSIP No. 452525306 Page 5 of 9
- --------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lindsay A. Rosenwald, M.D.
- --------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP (a) |_| (b) |_|
- --------------------------------------------------------------------------------
3) SEC USE ONLY
- --------------------------------------------------------------------------------
4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
5) SOLE VOTING POWER
0
NUMBER ----------------------------------------------------------
OF 6) SHARED VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------------------
OWNED BY 7) SOLE DISPOSITIVE POWER
EACH 0
REPORTING ----------------------------------------------------------
PERSON 8) SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
- --------------------------------------------------------------------------------
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0
- --------------------------------------------------------------------------------
12) TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
5
<PAGE>
Item 1.
(a) Name of Issuer:
Immucell, Corp. (the "Company")
(b) Address of Issuer's Principal Executive Offices:
Immucell Corporation
56 Evergreen Drive
Portland, ME 04130
Item 2.
(a) Name of Person Filing:
This statement is filed on behalf of Paramount Capital
Asset Management, Inc. ("Paramount Capital"), Aries
Domestic Fund, L.P. (The "Partnership"), The Aries Master
Fund, a Cayman Island exempted company (the "Master 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) Address of Principal Business Office or, if None,
Residence:
Paramount Capital's, the Partnership's and Dr. Rosenwald's
business address is 787 Seventh Avenue, 48th Floor, New
York, New York, 10019. The business address for the Master
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) Citizenship:
Dr. Rosenwald is a citizen of the United States.
(d) Title of Class of Securities:
Common Stock, $0.1 par value ("shares").
(e) CUSIP#:
6
<PAGE>
452525306
Item 3. Check the box if this statement is filed pursuant to Rule
13d-1(c) [X]
Item 4. Ownership:
For information concerning the ownership of Common Stock
of the Company by the Reporting Persons, see Items 5
through 9 and 11 of the cover pages to this schedule 13G
and footnotes thereto.
Item 5. Ownership of Five Percent or Less of a Class:
As of the date of the filing of this Schedule 13G
Amendment, the Reporting Partes ceased to be the
beneficial owner of more than 5% of the shares
Item 6. Ownership of More than Five Percent on Behalf of Another
Person:
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:
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in any
transaction having that purpose or effect.
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<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.
PARAMOUNT CAPITAL ASSET MANAGEMENT,
INC.
Dated: February 16, 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: February 16, 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: February 16, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
----------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
Dated: February 16, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
----------------------------------
Lindsay A. Rosenwald, M.D.
8
<PAGE>
EXHIBIT A
AGREEMENT
JOINT FILING OF SCHEDULE 13G
The undersigned hereby agrees to jointly prepare and file with
regulatory authorities a Schedule 13G and any future amendments thereto
reporting each of the undersigned's ownership of securities of Immucell, Corp.,
and hereby affirm that such Schedule 13G is being filed on behalf of each of the
undersigned.
PARAMOUNT CAPITAL ASSET MANAGEMENT,
INC.
Dated: February 16, 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: February 16, 1999
New York, NY By /s/ Lindsay A. Rosenwald M.D.
-----------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
THE ARIES TRUST
By Paramount Capital Asset Management, Inc.
Investment Manager
Dated: February 16, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
-----------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
Dated: February 16, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
-----------------------------------
Lindsay A. Rosenwald, M.D.
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