UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D/A
(Amendment No. 7
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)
December 30, 1999
-------------------------
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which the 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 filled 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 13D).
<PAGE>
- ------------------- ------------------
CUSIP No. 452916406 13D Page 2 of 10 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 CHECH 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
NUMBER OF None
SHARES ------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 3,428,051
REPORTING ------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
None
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,428,051
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,428,051
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
32.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
<PAGE>
- ------------------- ------------------
CUSIP No. 452916406 13D Page 3 of 10 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 CHECH 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
NUMBER OF None
SHARES ------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1,063,760
REPORTING ------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
None
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,063,760
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,063,760
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
<PAGE>
- ------------------- ------------------
CUSIP No. 452916406 13D Page 4 of 10 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The 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 CHECH 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
NUMBER OF None
SHARES ------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 17,346
REPORTING ------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
None
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
17,346
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,346
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
<PAGE>
- ------------------- ------------------
CUSIP No. 452916406 13D Page 5 of 10 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 CHECH 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
NUMBER OF None
SHARES ------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2,346,945
REPORTING ------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
None
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,346,945
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,346,945
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO (see Item 2)
- --------------------------------------------------------------------------------
<PAGE>
- ------------------- ------------------
CUSIP No. 452916406 13D Page 6 of 10 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 CHECH 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
NUMBER OF 1,434,033
SHARES ------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 3,428,051
REPORTING ------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
1,434,033
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,428,051
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,862,084
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
40.4%
- --------------------------------------------------------------------------------
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"). 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,(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
mandating 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.
Item 3. Source and Amount of Funds or Other Consideration.
Since the date of Amendment No. 6 to the Original Statement on
Schedule 13-D ("Amendment No. 6"), filed on November 5, 1999, Aries
Domestic used its general funds to purchase an aggregate of 60,682
shares of Common Stock of the Issuer in the open market for an
aggregate purchase price equal to $128,829.076, Aries II used its
general funds to purchase an aggregate of 6,842 shares of Common
Stock of the Issuer in the open market for an aggregate purchase
price equal to $15,071.031 and the Aries Fund used its general fund
to purchase an aggregate of 151,386 for an aggregate purchase price
equal to $327,138.266 shares of Common Stock of the Issuer in the
open market. In addition, on November 15, 1999,
- ----------
(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.
7
<PAGE>
pursuant to the contractual provisions of its investment in a
private placement of the Issuer on October 16, 1997 (the "Private
Placement"), Aries Domestic was issued 29,680 Shares of the Issuer
as a common stock dividend (the "Common Stock Dividend") and the
Aries Fund was issued 58,884 Shares of the Issuer as a Common Stock
Dividend.
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 February 5, 2000, Dr. Rosenwald, both personally and
through acquisition of the shares by the Aries Fund, Aries
Domestic and Aries II, beneficially owned 4,862,484 Shares or
40.4% of the Issuer's securities and Paramount Capital
beneficially owned 3,428,051 Shares or 32.4% of the Issuer's
securities. Aries Domestic and the Aries Fund beneficially
owned as follows:
Amount Owned
------------
Aries Domestic 1,063,760 Shares
Aries II 17,346 Shares
Aries Fund 2,346,945 Shares
(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.
(c) The following acquisitions of Shares of the Issuer were made
by Aries Domestic since the filing of Amendment No. 6:
----------------------------------------------
Date Shares Per Share Price
----------------------------------------------
11/01/99 1,750 $ 1.625
----------------------------------------------
11/02/99 1,750 $ 1.605
----------------------------------------------
11/03/99 1,750 $ 1.563
----------------------------------------------
11/05/99 1,750 $ 1.375
----------------------------------------------
11/05/99 1,750 $ 1.547
----------------------------------------------
11/08/99 2,089 $ 1.525
----------------------------------------------
11/09/99 2,089 $ 1.725
----------------------------------------------
11/10/99 2,032 $ 1.793
----------------------------------------------
11/11/99 2,032 $ 1.788
----------------------------------------------
11/12/99 2,032 $ 1.938
----------------------------------------------
11/15/99 1,693 $ 2.000
----------------------------------------------
11/16/99 1,693 $ 2.049
----------------------------------------------
11/17/99 1,693 $ 2.000
----------------------------------------------
11/18/99 1,693 $ 1.938
----------------------------------------------
11/19/99 1,693 $ 2.052
----------------------------------------------
11/22/99 1,326 $ 2.125
----------------------------------------------
11/23/99 1,326 $ 2.174
----------------------------------------------
11/24/99 1,326 $ 2.223
----------------------------------------------
11/26/99 1,326 $ 2.174
----------------------------------------------
8
<PAGE>
----------------------------------------------
Date Shares Per Share Price
----------------------------------------------
11/29/99 1,129 $ 2.047
----------------------------------------------
11/30/99 1,129 $ 2.063
----------------------------------------------
12/01/99 1,106 $ 2.102
----------------------------------------------
12/02/99 1,107 $ 2.219
----------------------------------------------
12/03/99 1,107 $ 2.375
----------------------------------------------
12/06/99 1,052 $ 2.280
----------------------------------------------
12/07/99 1,052 $ 2.405
----------------------------------------------
12/08/99 1,052 $ 2.421
----------------------------------------------
12/09/99 1,067 $ 2.250
----------------------------------------------
12/10/99 1,067 $ 2.438
----------------------------------------------
12/13/99 1,067 $ 2.342
----------------------------------------------
12/14/99 1,067 $ 2.263
----------------------------------------------
12/15/99 1,067 $ 2.375
----------------------------------------------
12/16/99 1,403 $ 2.413
----------------------------------------------
12/17/99 1,403 $ 2.325
----------------------------------------------
12/20/99 1,544 $ 2.500
----------------------------------------------
12/21/99 1,544 $ 2.477
----------------------------------------------
12/22/99 1,544 $ 2.500
----------------------------------------------
12/27/99 1,796 $ 2.778
----------------------------------------------
12/28/99 1,796 $ 2.951
----------------------------------------------
12/29/99 561 $ 3.000
----------------------------------------------
12/30/99 561 $ 2.938
----------------------------------------------
01/03/00 561 $ 2.938
----------------------------------------------
01/03/00 583 $ 2.625
----------------------------------------------
01/07/00 523 $ 3.500
----------------------------------------------
The following acquisitions of Shares of the Issuer were made by Aries II since
the filing of Amendment No. 6:
----------------------------------------------
Date Shares Per Share
Purchase Price
----------------------------------------------
11/01/99 136 $ 1.625
----------------------------------------------
11/02/99 136 $ 1.605
----------------------------------------------
11/03/99 136 $ 1.563
----------------------------------------------
11/05/99 136 $ 1.375
----------------------------------------------
11/05/99 136 $ 1.547
----------------------------------------------
11/08/99 163 $ 1.525
----------------------------------------------
11/09/99 162 $ 1.725
----------------------------------------------
11/10/99 159 $ 1.793
----------------------------------------------
11/11/99 158 $ 1.788
----------------------------------------------
11/12/99 158 $ 1.938
----------------------------------------------
11/15/99 132 $ 2.000
----------------------------------------------
11/16/99 132 $ 2.049
----------------------------------------------
11/17/99 132 $ 2.000
----------------------------------------------
11/18/99 132 $ 1.938
----------------------------------------------
11/19/99 132 $ 2.052
----------------------------------------------
11/01/99 136 $ 1.625
----------------------------------------------
11/22/99 103 $ 2.125
----------------------------------------------
9
<PAGE>
----------------------------------------------
Date Shares Per Share
Purchase Price
----------------------------------------------
11/23/99 104 $ 2.174
----------------------------------------------
11/24/99 104 $ 2.223
----------------------------------------------
11/26/99 103 $ 2.174
----------------------------------------------
11/29/99 88 $ 2.047
----------------------------------------------
11/30/99 88 $ 2.063
----------------------------------------------
12/01/99 87 $ 2.102
----------------------------------------------
12/02/99 87 $ 2.219
----------------------------------------------
12/03/99 87 $ 2.375
----------------------------------------------
12/06/99 83 $ 2.280
----------------------------------------------
12/07/99 83 $ 2.405
----------------------------------------------
12/08/99 83 $ 2.421
----------------------------------------------
12/09/99 83 $ 2.250
----------------------------------------------
12/10/99 83 $ 2.438
----------------------------------------------
12/13/99 83 $ 2.342
----------------------------------------------
12/14/99 83 $ 2.263
----------------------------------------------
12/15/99 83 $ 2.375
----------------------------------------------
12/16/99 109 $ 2.413
----------------------------------------------
12/17/99 109 $ 2.325
----------------------------------------------
12/20/99 120 $ 2.500
----------------------------------------------
12/21/99 120 $ 2.477
----------------------------------------------
12/22/99 120 $ 2.500
----------------------------------------------
12/27/99 140 $ 2.778
----------------------------------------------
12/28/99 140 $ 2.951
----------------------------------------------
12/29/99 44 $ 3.000
----------------------------------------------
12/30/99 44 $ 3.000
----------------------------------------------
01/03/00 94 $ 2.625
----------------------------------------------
01/03/00 44 $ 2.938
----------------------------------------------
01/04/00 2,000 $ 2.688
----------------------------------------------
01/07/00 103 $ 3.500
----------------------------------------------
The following a cquisitions of Shares of the Issuer were made by Aries Fund
since the filing of Amendment No. 6:
----------------------------------------------
Date Shares Per Share
Purchase Price
----------------------------------------------
11/01/99 4,314 $ 1.61
----------------------------------------------
11/02/99 4,314 $ 1.56
----------------------------------------------
11/03/99 4,314 $ 1.38
----------------------------------------------
11/05/99 4,314 $ 1.55
----------------------------------------------
11/05/99 5,148 $ 1.53
----------------------------------------------
11/08/99 5,149 $ 1.73
----------------------------------------------
11/09/99 5,009 $ 1.79
----------------------------------------------
11/10/99 5,010 $ 1.79
----------------------------------------------
11/11/99 5,010 $ 1.94
----------------------------------------------
11/12/99 4,175 $ 2.00
----------------------------------------------
11/15/99 4,175 $ 2.05
----------------------------------------------
10
<PAGE>
----------------------------------------------
Date Shares Per Share
Purchase Price
----------------------------------------------
11/16/99 4,175 $ 2.00
----------------------------------------------
11/17/99 4,175 $ 1.94
----------------------------------------------
11/18/99 4,175 $ 2.05
----------------------------------------------
11/19/99 3,271 $ 2.13
----------------------------------------------
11/22/99 3,270 $ 2.17
----------------------------------------------
11/23/99 3,270 $ 2.22
----------------------------------------------
11/24/99 3,271 $ 2.17
----------------------------------------------
11/26/99 2,783 $ 2.05
----------------------------------------------
11/29/99 2,783 $ 2.06
----------------------------------------------
11/30/99 2,807 $ 2.102
----------------------------------------------
12/01/99 2,806 $ 2.219
----------------------------------------------
12/02/99 2,806 $ 2.375
----------------------------------------------
12/03/99 2,665 $ 2.280
----------------------------------------------
12/06/99 2,665 $ 2.405
----------------------------------------------
12/07/99 2,665 $ 2.421
----------------------------------------------
12/08/99 2,650 $ 2.250
----------------------------------------------
12/09/99 2,650 $ 2.438
----------------------------------------------
12/10/99 2,650 $ 2.342
----------------------------------------------
12/13/99 2,650 $ 2.263
----------------------------------------------
12/14/99 2,650 $ 2.375
----------------------------------------------
12/15/99 3,488 $ 2.413
----------------------------------------------
12/16/99 3,488 $ 2.325
----------------------------------------------
12/17/99 3,836 $ 2.500
----------------------------------------------
12/20/99 3,836 $ 2.477
----------------------------------------------
12/21/99 3,836 $ 2.500
----------------------------------------------
12/22/99 4,464 $ 2.778
----------------------------------------------
12/27/99 4,464 $ 2.951
----------------------------------------------
12/28/99 1,395 $ 3.000
----------------------------------------------
12/29/99 1,395 $ 2.938
----------------------------------------------
12/30/99 1,323 $ 2.625
----------------------------------------------
01/03/00 1,323 $ 2.625
----------------------------------------------
01/03/00 1,395 $ 2.938
----------------------------------------------
01/05/00 2,000 $ 2.688
----------------------------------------------
01/06/00 2,000 $ 2.875
----------------------------------------------
01/07/00 1,374 $ 3.500
----------------------------------------------
Other than as set forth herein the Reporting Parties have not
engaged in any transactions in the Common Stock of the Issuer
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
11
<PAGE>
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 Reporting
Parties 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 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 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.
12
<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.
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: February 5, 2000
New York, NY By /s/ Lindsay A. Rosenwald
------------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND, L.P.
By: Paramount Capital Asset Management, Inc.,
General Partner
Dated: February 5, 2000
New York, NY By /s/ Lindsay A. Rosenwald
------------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND, II L.P.
By: Paramount Capital Asset Management, Inc.,
General Partner
Dated: February 5, 2000
New York, NY By /s/ Lindsay A. Rosenwald
------------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
THE ARIES MASTER FUND
By: Paramount Capital Asset Management, Inc.
Investment Manager
Dated: February 5, 2000
New York, NY By /s/ Lindsay A. Rosenwald
------------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
Dated: February 5, 2000
New York, NY By /s/ Lindsay A. Rosenwald
------------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
13
<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 Nexmed, Inc. and hereby affirm that
such Schedule 13G is being filed on behalf of each of the undersigned.
PARAMOUNT CAPITAL ASSET MANAGEMENT, INC.
Dated: February 5, 2000
New York, NY By /s/ Lindsay A. Rosenwald
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Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND, L.P.
By: Paramount Capital Asset Management, Inc.,
General Partner
Dated: February 5, 2000
New York, NY By /s/ Lindsay A. Rosenwald
------------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND, II L.P.
By: Paramount Capital Asset Management, Inc.,
General Partner
Dated: February 5, 2000
New York, NY By /s/ Lindsay A. Rosenwald
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Lindsay A. Rosenwald, M.D.
Chairman
THE ARIES FUND
By: Paramount Capital Asset Management, Inc.
Investment Manager
Dated: February 5, 2000
New York, NY By /s/ Lindsay A. Rosenwald
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Lindsay A. Rosenwald, M.D.
Chairman
Dated: February 5, 2000
New York, NY By /s/ Lindsay A. Rosenwald
------------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
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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, University 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.
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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.
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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.
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