SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Amendment No. 6)
Under the Securities Exchange Act of 1934
Endorex Corporation (f/k/a ImmunoTherapeutics, Inc.)
----------------------------------------------------
(Name of Issuer)
Common Stock, par value $.001 per share
---------------------------------------
(Title of Class of Securities)
452916 40 6
-----------
(CUSIP Number)
Paramount Capital Asset Management, Inc.
c/o Lindsay A. Rosenwald, M.D.
787 Seventh Avenue
New York, NY 10019
(212) 554-4300
-----------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
July 31, 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 Statement because of Rule
13d-1(b)(3) or (4), check the following:
[ ]
Check the following box if a fee is being paid with this Statement:
[ ]
1
<PAGE>
CUSIP No. [452916406] 13D Page 2 of 19 Pages
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
NUMBER OF ---------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 3,117,585
OWNED BY ---------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
PERSON ---------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
3,117,585
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,117,585
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
30.65%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. [452916406] 13D Page 3 of 19 Pages
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
NUMBER OF ---------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 973,398
OWNED BY ---------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
PERSON ---------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
973,398
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
973,398
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.72%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. [452916406] 13D Page 4 of 19 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Aries Domestic Fund II, 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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
NUMBER OF -------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 10,504
OWNED BY -------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
PERSON -------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
10,504
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,504
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. [452916406] 13D Page 5 of 19 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Aries Master Fund, A Cayman Island Exempted Company
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
NUMBER OF -------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 2,133,683
OWNED BY -------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
PERSON -------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
2,133,683
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,133,683
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.14%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON* OO (see Item 2)
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. [452916406] 13D Page 6 of 19 Pages
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,434,033
NUMBER OF --------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 3,117,505
OWNED BY --------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,434,033
PERSON --------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
3,117,505
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,551,538
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39.22%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
<PAGE>
Item 1. Security and Issuer.
(a) Common Stock, $.001 par value ("Shares")
Endorex Corporation (f/k/a ImmunoTherapeutics, Inc.) (the
"Issuer") 900 North Shore Blvd. Lake Bluff, IL 60044 (847)
604-7555
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 Domestic Fund II, L.P. ("Aries II"),
Aries Master Fund, a Cayman Island exempted company ("Aries
Fund") and Lindsay A. Rosenwald, M.D. ("Dr. Rosenwald" and
collectively, "Reporting Parties"). The Reporting Parties have
made, and will continue to make, their own investment decisions.
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, Aries II'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,(1) a
Subchapter S corporation incorporated in Delaware. Paramount
Capital is the General Partner of Aries Domestic, and Aries II(2)
a limited partnership incorporated in Delaware. Paramount Capital
is the Investment Manager to Aries Fund,(3) a Cayman Islands
exempted company.
(d) Dr. Rosenwald, Paramount Capital, Aries Domestic, Aries II 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, Aries II 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 mandat ing 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.
Page 7 of 19
- ---------------
1 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.
2 Please see attached Exhibit C indicating the general partner of Aries
Domestic and Aries II 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.
3 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.
<PAGE>
Item 3. Source and Amount of Funds or Other Consideration.
Since the date of Amendment No. 5 to the Original Statement on Schedule
13-D ("Amendment No. 5"), filed on April 22, 1999, Aries Domestic used
its general funds to purchase an aggregate of 104,109 shares of Common
Stock of the Issuer in the open market, Aries II used its general funds
to purchase an aggregate of 10,382 shares of Common Stock of the Issuer
in the open market and the Aries Fund used its general funds to purchase
an aggregate of 246,964 shares of Common Stock of the Issuer in the open
market. In addition, on April 15, 1999, pursuant to the contractual
provisions of its investment in a private placement of the Issuer on
October 16, 1997 (the "Private Placement"), Aries Domestic received an
additional issuance 28,276 Shares of Issuer common stock and the Aries
Fund received an additional issuance of 56,080 Shares of Issuer common
Stock.
Since April 22, 1999, Aries Fund made the following open market acquisitions:
Date No. of Shares Price
---- ------------- -----
04/22/99 850 $2.063
04/23/99 850 $2.000
04/26/99 950 $1.688
04/27/99 850 $1.688
04/28/99 850 $1.688
04/29/99 850 $1.688
04/30/99 650 $1.750
05/03/99 350 $1.688
05/04/99 700 $1.750
05/05/99 700 $1.625
05/06/99 700 $1.813
05/07/99 1,000 $1.938
05/10/99 1,120 $1.938
05/11/99 1,120 $1.793
05/12/99 1,120 $1.938
05/13/99 1,120 $1.938
05/14/99 1,120 $2.000
05/17/99 1,400 $1.875
05/18/99 1,400 $2.000
05/19/99 1,400 $1.906
05/20/99 1,400 $2.000
05/21/99 1,400 $1.938
05/24/99 1,540 $1.938
05/25/99 1,540 $2.000
05/26/99 1,540 $1.875
05/27/99 1,540 $1.938
05/28/99 1,540 $2.125
06/01/99 1,540 $2.000
06/01/99 200 $2.000
06/02/99 1,540 $2.000
06/03/99 1,540 $2.000
06/04/99 1,540 $2.000
06/07/99 1,190 $1.938
06/08/99 1,190 $2.000
06/09/99 1,190 $2.000
06/10/99 1,190 $2.000
06/11/99 1,190 $1.875
06/14/99 1,050 $2.000
06/15/99 1,050 $1.875
06/16/99 1,050 $1.938
06/17/99 1,050 $1.875
06/18/99 1,050 $1.875
06/21/99 1,260 $1.875
06/23/99 1,260 $1.875
06/24/99 1,260 $1.875
06/25/99 1,260 $1.813
06/28/99 1,700 $1.813
06/29/99 1,260 $1.875
06/30/99 1,260 $1.875
Page 8 of 19
<PAGE>
Date No. of Shares Price
---- ------------- -----
07/07/99 1,242 $2.125
07/08/99 1,240 $2.125
07/09/99 1,800 $1.975
07/12/99 1,794 $2.000
07/13/99 1,794 $1.813
07/14/99 1,794 $1.875
07/15/99 1,794 $1.745
07/16/99 1,794 $1.813
07/19/99 1,789 $1.688
07/20/99 1,789 $1.688
07/21/99 1,789 $1.625
07/22/99 1,789 $1.625
07/23/99 1,789 $1.625
07/26/99 2,065 $1.625
07/27/99 2,064 $1.625
07/28/99 2,065 $1.625
07/29/99 2,065 $1.625
07/30/99 2,065 $1.563
08/02/99 2,202 $1.563
08/03/99 1,102 $1.750
08/04/99 2,070 $1.792
08/05/99 2,064 $1.583
08/06/99 2,064 $1.708
08/09/99 2,133 $1.750
08/10/99 2,133 $1.750
08/11/99 2,133 $1.813
08/12/99 2,133 $1.813
08/13/99 2,133 $1.625
08/16/99 2,133 $1.625
08/17/99 1,858 $1.625
08/18/99 1,858 $1.625
08/19/99 3,440 $2.938
08/19/99 6,880 $2.570
08/19/99 3,440 $2.553
08/20/99 3,440 $2.563
08/20/99 6,880 $2.628
08/23/99 3,440 $2.750
08/23/99 3,440 $2.562
08/24/99 6,880 $2.415
08/24/99 6,880 $2.435
08/25/99 3,440 $2.344
08/26/99 6,880 $2.625
08/26/99 6,880 $2.663
08/30/99 3,440 $2.520
08/30/99 6,880 $2.433
08/31/99 13,760 $2.685
09/01/99 1,926 $1.830
09/02/99 1,926 $1.853
09/03/99 1,920 $1.938
09/07/99 1,920 $1.938
09/08/99 1,371 $2.000
09/09/99 1,372 $1.938
09/10/99 1,372 $2.000
09/13/99 1,372 $1.938
09/14/99 1,372 $2.250
09/15/99 1,372 $2.000
09/16/99 1,372 $2.156
09/17/99 1,372 $2.000
09/20/99 2,743 $2.250
09/21/99 2,743 $2.169
09/22/99 2,743 $2.141
09/23/99 2,743 $2.078
09/24/99 2,743 $2.094
09/27/99 2,743 $2.234
09/28/99 2,743 $2.000
09/29/99 2,743 $2.000
09/30/99 2,743 $1.875
10/1/99 4,468 $2.188
10/1/99 2,745 $2.188
10/4/99 3,088 $2.063
10/5/99 3,088 $2.125
Page 9 of 19
<PAGE>
10/6/99 3,088 $2.000
10/7/99 3,088 $2.000
10/8/99 3,088 $2.056
10/11/99 3,088 $2.000
10/12/99 3,088 $2.125
10/13/99 3,088 $2.035
10/14/99 3,088 $1.938
10/15/99 3,088 $1.924
10/18/99 3,088 $1.938
10/19/99 3,088 $1.967
10/20/99 3,075 $1.563
10/21/99 3,075 $1.438
10/22/99 3,075 $1.500
10/25/99 3,827 $1.625
10/26/99 3,827 $1.790
10/27/99 3,827 $1.848
10/28/99 3,827 $1.563
10/29/99 3,827 $1.250
Page 10 of 19
<PAGE>
Since April 22, 1999, Aries Domestic made the following open market
acquisitions:
Date No. of Shares Price
---- ------------- -----
04/22/99 400 $2.063
04/23/99 400 $2.000
04/26/99 300 $1.688
04/27/99 400 $1.688
04/28/99 400 $1.688
04/29/99 400 $1.688
04/30/99 300 $1.750
05/03/99 150 $1.688
05/04/99 290 $1.750
05/05/99 290 $1.625
05/06/99 290 $1.813
05/10/99 470 $1.938
05/11/99 480 $1.793
05/12/99 470 $1.938
05/13/99 475 $1.938
05/17/99 590 $1.875
05/17/99 470 $2.000
05/18/99 590 $2.000
05/19/99 590 $1.906
05/20/99 594 $2.000
05/21/99 590 $1.938
05/24/99 650 $1.938
05/25/99 650 $2.000
05/26/99 650 $1.875
05/27/99 650 $1.938
05/28/99 650 $2.125
05/03/99 500 $1.688
05/04/99 10 $1.750
05/05/99 10 $1.625
05/06/99 10 $1.813
05/10/99 10 $1.938
05/12/99 10 $1.938
05/13/99 5 $1.938
05/17/99 10 $1.875
05/17/99 10 $2.000
05/18/99 10 $2.000
05/19/99 10 $1.906
05/20/99 6 $2.000
05/21/99 10 $1.938
05/24/99 10 $1.938
05/25/99 10 $2.000
05/26/99 10 $1.875
05/27/99 10 $1.875
05/28/99 10 $1.875
06/01/99 650 $2.000
06/02/99 650 $2.000
06/03/99 650 $2.000
06/04/99 650 $2.000
06/07/99 500 $1.938
06/08/99 505 $2.000
06/09/99 500 $2.000
06/10/99 500 $2.000
06/11/99 500 $1.875
06/14/99 440 $2.000
06/15/99 450 $1.875
06/16/99 440 $1.938
06/17/99 446 $1.875
06/18/99 446 $1.875
06/21/99 535 $1.875
06/22/99 540 $1.875
06/23/99 530 $1.875
06/24/99 530 $1.875
06/25/99 530 $1.813
06/29/99 530 $1.875
06/30/99 520 $1.875
07/02/99 1,800 $1.938
07/06/99 1,800 $1.938
07/07/99 540 $2.125
Page 11 of 19
<PAGE>
07/08/99 540 $2.125
07/12/99 780 $2.000
07/13/99 780 $1.813
07/14/99 780 $1.875
07/15/99 780 $1.745
07/16/99 780 $1.813
07/19/99 776 $1.688
07/20/99 776 $1.688
07/21/99 776 $1.625
07/22/99 776 $1.625
07/23/99 776 $1.625
07/26/99 895 $1.625
07/27/99 896 $1.625
07/28/99 895 $1.625
07/29/99 895 $1.625
08/02/99 946 $1.563
08/03/99 474 $1.750
08/04/99 900 $1.792
08/05/99 888 $1.583
08/06/99 888 $1.708
08/09/99 917 $1.750
08/10/99 917 $1.750
08/11/99 917 $1.813
08/12/99 917 $1.813
08/13/99 917 $1.625
08/16/99 917 $1.625
08/17/99 799 $1.625
08/18/99 799 $1.625
08/19/99 1,480 $2.938
08/19/99 1,480 $2.570
08/19/99 2,959 $2.553
08/20/99 2,959 $2.563
08/20/99 1,480 $2.628
08/23/99 1,480 $2.750
08/23/99 1,480 $2.562
8/24/99 2,959 $2.415
8/24/99 2,959 $2.435
8/25/99 1,480 $2.344
8/26/99 2,959 $2.625
8/26/99 2,959 $2.663
8/30/99 1,480 $2.520
8/30/99 2,959 $2.433
8/31/99 5,918 $2.685
9/1/99 829 $1.830
9/2/99 835 $1.853
9/3/99 835 $1.938
9/7/99 597 $1.938
9/8/99 596 $2.000
9/9/99 596 $1.938
9/10/99 596 $2.000
9/13/99 596 $1.938
9/14/99 596 $2.250
9/15/99 596 $2.000
9/16/99 596 $2.156
9/17/99 596 $2.000
9/20/99 1,192 $2.250
9/21/99 1,192 $2.169
9/22/99 1,192 $2.141
9/23/99 1,192 $2.078
9/24/99 1,192 $2.094
9/27/99 1,192 $2.234
9/28/99 1,192 $2.000
9/29/99 1,192 $2.000
9/30/99 1,192 $1.875
10/01/99 1,173 $2.188
10/04/99 1,320 $2.063
10/05/99 1,320 $2.125
10/06/99 1,320 $2.000
10/07/99 1,320 $2.000
10/08/99 1,320 $2.056
10/11/99 1,320 $2.000
10/12/99 1,320 $2.125
10/13/99 1,320 $2.035
10/14/99 1,320 $1.938
10/15/99 1,320 $1.924
Page 12 of 19
<PAGE>
10/18/99 1,320 $1.938
10/19/99 1,320 $1.967
10/20/99 1,327 $1.563
10/21/99 1,327 $1.438
10/22/99 1,327 $1.500
10/25/99 1,651 $1.625
10/26/99 1,651 $1.790
10/27/99 1,651 $1.848
10/28/99 1,651 $1.563
Page 13 of 19
<PAGE>
Since April 22, 1999, Aries II made the following open market purchases:
Date No. of Shares Price
---- ------------- -----
05/03/99 500 $1.688
05/04/99 10 $1.750
05/05/99 10 $1.625
05/06/99 10 $1.813
05/10/99 10 $1.938
05/12/99 10 $1.938
05/13/99 5 $1.938
05/17/99 10 $1.875
05/17/99 10 $2.000
05/18/99 10 $2.000
05/19/99 10 $1.906
05/20/99 6 $2.000
05/21/99 10 $1.938
05/24/99 10 $1.938
05/25/99 10 $2.000
05/26/99 10 $1.875
05/27/99 10 $1.875
05/28/99 10 $1.875
06/01/99 10 $2.000
06/02/99 10 $2.000
06/03/99 10 $2.000
06/04/99 10 $2.000
06/07/99 10 $1.938
06/08/99 5 $2.000
06/09/99 10 $2.000
06/10/99 10 $2.000
06/11/99 10 $1.875
06/14/99 10 $2.000
06/16/99 10 $1.938
06/17/99 4 $1.875
06/18/99 4 $1.875
06/21/99 5 $1.875
06/23/99 10 $1.875
06/24/99 10 $1.875
06/25/99 10 $1.813
06/29/99 10 $1.875
06/30/99 20 $1.875
07/01/99 1,800 $1.938
07/07/99 18 $2.125
07/08/99 20 $2.125
07/12/99 26 $2.000
07/13/99 26 $1.813
07/14/99 26 $1.875
07/15/99 26 $1.745
07/16/99 26 $1.813
07/16/99 35 $1.625
07/19/99 35 $1.688
07/20/99 35 $1.688
07/21/99 35 $1.625
07/22/99 35 $1.625
07/23/99 35 $1.625
07/26/99 40 $1.625
07/27/99 40 $1.625
08/19/99 161 $ 2.938
08/19/99 80 $ 2.570
08/19/99 80 $ 2.553
08/20/99 80 $ 2.563
08/20/99 161 $ 2.628
08/23/99 80 $ 2.750
08/23/99 80 $ 2.562
08/24/99 161 $ 2.415
08/24/99 161 $ 2.435
08/25/99 80 $ 2.344
08/26/99 161 $ 2.625
08/26/99 161 $ 2.663
08/30/99 80 $ 2.520
08/30/99 161 $ 2.433
08/31/99 322 $ 2.685
09/01/99 45 $ 1.830
Page 14 of 19
<PAGE>
09/02/99 45 $ 1.853
09/03/99 45 $ 1.938
09/07/99 32 $ 1.938
09/08/99 32 $ 2.000
09/09/99 32 $ 1.938
09/10/99 32 $ 2.000
09/13/99 32 $ 1.938
09/14/99 32 $ 2.250
09/15/99 32 $ 2.000
09/16/99 32 $ 2.156
09/17/99 32 $ 2.000
09/20/99 65 $ 2.250
09/21/99 65 $ 2.169
09/22/99 65 $ 2.141
09/23/99 65 $ 2.078
09/24/99 65 $ 2.094
09/27/99 65 $ 2.234
09/28/99 65 $ 2.000
09/29/99 65 $ 2.000
09/30/99 65 $ 1.875
10/1/99 1,860 $ 2.188
10/1/99 82 $ 2.188
10/4/99 92 $ 2.063
10/5/99 92 $ 2.125
10/6/99 92 $ 2.000
10/7/99 92 $ 2.000
10/8/99 92 $ 2.056
10/11/99 92 $ 2.000
10/12/99 92 $ 2.125
10/13/99 92 $ 2.035
10/14/99 92 $ 1.938
10/15/99 92 $ 1.924
10/18/99 92 $ 1.938
10/19/99 92 $ 1.967
10/20/99 98 $ 1.563
10/21/99 98 $ 1.438
10/22/99 98 $ 1.500
10/25/99 122 $ 1.625
10/26/99 122 $ 1.790
10/27/99 122 $ 1.848
10/28/99 122 $ 1.563
Page 15 of 19
<PAGE>
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 Nov 1, 1999, Dr. Rosenwald, both personally and
through acquisition of the shares by the Aries Fund, Aries
Domestic and Aries II, beneficially owned 4,551,538 Shares or
39.22% of the Issuer's securities and Paramount Capital
beneficially owned 3,117,585 Shares or 30.2% of the Issuer's
securities. Aries Domestic and the Aries Fund beneficially
owned as fol-lows:
Amount Owned
------------
Aries Domestic 973,398 Shares
Aries II 10,504 Shares
Aries Fund 2,133,638 Shares
Pursuant to Rule 13d-4 promulgated under the Securities Exchange Act of 1934, as
amended, the Reporting Person's each disclaim beneficial ownership of the
securities held by each other.
(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, Aries II and
Aries Fund.
Page 16 of 19
<PAGE>
Other than as set forth herein the Report-ing Parties have not engaged
in any transactions in the Common Stock of the Issu-er during the past
60 days.
(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 each of Aries Domestic and Aries II 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, Aries Domestic and Aries II.
Dr. Rosenwald is the Chairman and sole stockholder of Paramount
Capital. Mr. Steve Kanzer, formerly a Senior Managing Director of the
Placement Agent (as defined below), joined the Board of Directors of
the Issuer in connection with the initial investment by Aries Domestic
and the predecessor in interest to the Aries Fund, the Aries Trust, a
Cayman Island trust in June 1996 and receives compensation for such
services.
Pursuant to Article 6 of the Subscription Agreement executed by the
Issuer and each investor in the Private Placement, the Aries Fund and
Aries Domestic are entitled to the contractual rights (the "Article VI
Rights") attached to the shares of Common Stock acquired in the Private
Placement as set forth in Exhibit A to Amendment No. 4.
Paramount Capital, Inc., (the "Placement Agent") an NASD member broker
dealer and an affiliate of Aries Domestic and the Aries Fund has acted
as Placement Agent for the Issuer and has received certain fees for
such services including warrants (the "Placement Warrants") to purchase
864,865 shares of Common Stock with attached contractual rights at an
exercise price equal to $2.54375. On October 16, 1997, the Issuer and
the Placement Agent
Page 17 of 19
<PAGE>
entered into a twenty-four (24) month engagement agreement, pursuant to
which the Placement Agent received a cash retainer and standard success
fees. In addition the Placement Agent and/or its designees received
warrants (the "Advisory Warrants") to purchase 1,297,297 shares of
Common Stock with attached contractual rights at an exercise price
equal to $2.54375. The engagement agreement expired by its terms on
October 16, 1999. The Placement and Advisory Warrants became
exercisable on April 16, 1998.
Except as indicated in this 13D and exhibits, there is no contract,
arrangement, understanding 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 Aries II 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
Aries II and information called for by Items 2-6 of this statement
relating to said officers and directors.
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.
Page 18 of 19
<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: November 5, 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: November 5, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND II, L.P.
By: Paramount Capital Asset Management,
Inc.
General Partner
Dated: November 5, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
THE ARIES FUND
By: Paramount Capital Asset Management,
Inc.
Investment Manager
Dated: November 5, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
Dated: November 5, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------------
Lindsay A. Rosenwald, M.D.
Page 19 of 19
<PAGE>
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 undersigned's ownership of securities of Endorex Corp.,
and hereby affirm that such Schedule 13D is being filed on behalf of each of the
undersigned.
PARAMOUNT CAPITAL ASSET MANAGEMENT, INC.
Dated: November 1, 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: November 1, 1999
New York, NY By /s/ Lindsay A. Rosenwald. M.D.
-------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND II, L.P.
By: Paramount Capital Asset Management,
Inc.
General Partner
Dated: November 1, 1999
New York, NY By /s/ Lindsay A. Rosenwald. M.D.
-------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
THE ARIES FUND
By: Paramount Capital Asset Management,
Inc.
Investment Manager
Dated: November 1, 1999
New York, NY By /s/ Lindsay A. Rosenwald. M.D.
-------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
Dated: November 1, 1999
New York, NY By /s/ Lindsay A. Rosenwald. M.D.
-------------------------------------
Lindsay A. Rosenwald, M.D.
<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, Uni versity 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.
<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 and Aries II 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.
<PAGE>
EXHIBIT D
The name and principal occupation or employment, which in each instance
is with The Aries Master Fund ("Aries Fund") located at c/o MeesPierson (Cayman)
Limited, P.O. Box 2003, British American Centre, Phase 3, Dr. Roy's Drive,
George Town, Grand Cayman, 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.
