U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 4
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 1940
|_| Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
The Aries Master Fund
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(Last) (First) (Middle)
787 Seventh Avenue, 48th Floor
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(Street)
New York NY 10019
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Endorex Corp. (DOR)
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
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4. Statement for Month/Year
January 2000
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
|_| Director |X| 10% Owner
|_| Officer (give title below) |_| Other (specify below)
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7. Individual or Joint/Group Filing (Check Applicable Line)
|X| Form filed by one Reporting Person
|_| Form filed by more than one Reporting Person
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* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ---------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 01/03/00 P 1,323 A $2.625 2,346,945 D
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Common Stock 01/03/00 P 1,395 A $2.938 2,346,945 D
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Common Stock 01/05/00 P 2,000 A $2.688 2,346,945 D
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Common Stock 01/06/00 P 2,000 A $2.875 2,346,945 D
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Common Stock 01/07/00 P 1,374 A $3.500 2,346,945 D
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
Page 1 of 4
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FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- Form of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
of Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
N/A
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</TABLE>
Explanation of Responses:
***See Attachment A.
***See Attachment B.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Lindsay A. Rosenwald February 7, 2000
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** Signature of Reporting Person Date
Lindsay A. Rosenwald, M.D.
Chairman of the Investment Manager
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, see Instruction 6 for procedure.
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ATTACHMENT A
Reporting Person: The Aries Master Fund
Issuer: Endorex (DOR)
Statement For: January 2000
Paramount Capital Asset Management, Inc. ("PCAM"), the Investment Manager to The
Aries Master Fund, a Cayman Islands exempted company (the "Master Fund") is also
the General Partner of each of the Aries Domestic Fund, L.P. ("Aries I"), a
Delaware Limited partnership, and the Aries Domestic Fund II, L.P. ("Aries II"),
a Delaware limited partnership, each of which also own securities of the Issuer.
Lindsay A. Rosenwald, M.D., is the sole shareholder of Paramount. Paramount and
Dr. Rosenwald disclaim beneficial ownership of the securities held by the
Partnership and the Fund, except to the extent of their pecuniary interest
therein, if any.
Page 3 of 4
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Attachment B
Securities beneficially owned by the Master Fund are presented on an
as-converted basis and consist of the following:
1. 2,191,452 shares of common stock of the Issuer, par value $0.01 per share
(the "Common Stock") and warrants to purchase 155,493 shares of Common
Stock owned by Master Fund.
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