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<CAPTION>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
X Check this box if no FORM 4
- ---- longer subject to
Section 16. Form 4 or STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Form 5 obligations may
continue. See Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Instruction 1(b). Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
<S> <C> <C> <C>
1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person
KA Investments LDC(1) Ecogen Inc. (EECN) to Issuer (Check all applicable)
__________________________________________ _____________________________________________ ___ Director X 10% Owner
---
(Last) (First) (Middle) 3. IRS Identification 4. Statement for ___ Officer (give ___ Other (Specify
Number of Reporting Month/Year title below) below)
c/o Deephaven Capital Management LLC Person, if an entity
1712 Hopkins Crossroads (voluntary) 1/99
__________________________________________ ______________________________________________________________
(Street)
5. If Amendment, Date of 7. Individual or Joint/Group Filing
Minnetonka Minnesota 55305 Original (Month/Year) (Check applicable line)
__________________________________________ X Form Filed by one Reporting Person
(City) (State) (Zip) ___ Form Filed by more than one
Reporting Person
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<TABLE>
<CAPTION>
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
5. Amount of
3. Trans- 4. Securities Acquired (A) Securities
2. Trans- action or Disposed of (D) Beneficially 6. Ownership
action Code (Instr. 3, 4 and 5) Owned at Form: 7. Nature of
Date (Instr. --------------------------- End of Direct(D) Indirect
Month/ 8) (A) Month or Beneficial
1. Title of Security Day/ ----- --- Amount or Price (Instr. Indirect(I) Ownership
(Instr.3) Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
- ----------------------------- --------- ---------- -------- --- -------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock, $.01 par value 1/5/99 S 10,000 D $1.75 D
("Common Stock")
Common Stock 1/6/99 S 22,500 D $1.78 D
Common Stock 1/7/99 S 10,000 D $1.75 D
Common Stock 1/8/99 C 74,493 A $1.4062 D
Common Stock 1/13/99 S 14,000 D $1 5/8 D
Common Stock 1/15/99 S 36,700 D $1.98 D
Common Stock 1/19/99 S 40,000 D $2.08 D
Common Stock 1/20/99 S 30,000 D $2.13 D
Common Stock 1/21/99 S 47,400 D $2.18 D
Common Stock 1/22/99 S 41,000 D $2.25 D
Common Stock 1/25/99 C 302,976 A $1.5625 D
Common Stock 1/25/99 S 119,100 D $2.20 D
Common Stock 1/25/99 P 500 A $2.00 D
Common Stock 1/27/99 S 10,900 D $2.00 D
Common Stock 1/28/99 S 19,000 D $2.01 D
Common Stock 1/29/99 C 60,165 A $1.75 D
Common Stock 1/29/99 S 1,500 D $2.25 18,844 D
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If this form is filed by more than one reporting person, see Instruction 4(b)(v).
(1) See Schedule A for a listing of control persons of the Reporting Person which may have been deemed to be indirect beneficial
owners of the securities reported herein.
/TABLE
<PAGE>
<TABLE>
<CAPTION> Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
2. Conver- 5. Number of Deriv- 6. Date Exercisable
sion or 3. Trans- 4. Trans- ative Securities and Expiration Date
Exercise action action Acquired (A) or (Month/Day/Year)
Price of Date Code Disposed of (D) -----------------------
Deriv- (Month/ (Instr. 8) (Instr. 3, 4, and 5) Date
1. Title of Derivative Security ative Day/ ----- ---- ----------------------- Exercis- Expiration
(Instr. 3) Security Year) Code V A D able Date
- ---------------------------------- ----------- ---------- ------------ ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Series 1998-A Convertible Preferred $1.4062(2) 1/8/99 C 1,000 10/3/98
Stock ("Preferred Stock") shares of
Preferred
Stock
Preferred Stock $1.5625(2) 1/25/99 C 4,500 10/3/98
shares of
Preferred
Stock
Preferred Stock $1.75(2) 1/29/99 C 1,000 10/3/98
shares of
Preferred
Stock
<CAPTION>
9. Number of 10. Ownership
Derivative of Deriv-
Securities ative
7. Title and Amount of Underlying Benefi- Security:
Securities (Instr. 3 and 4) cially Direct
--------------------------------- 8. Price of Owned (D) or
Amount or Derivative at End Indirect
1. Title of Derivative Title Number of Security of Month (I)
Security (Instr. 3) Shares (Instr. 5) (Instr. 4) (Instr. 4)
- ---------------------- -------------------- --------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
Series 1998-A Common Stock 74,493(3) 11,000 shares D
Convertible Preferred of Preferred
Stock ("Preferred Stock
Stock")
Preferred Stock Common Stock 302,976(3) 11,000 shares D
of Preferred
Stock
Preferred Stock Common Stock 60,165(3) 11,000 shares D
of Preferred
Stock
Explanation of Responses
(2) Calculated as of the respective conversion date.
(3) Includes shares of Common Stock issued on account of dividends on the Preferred Stock.
KA Investments LDC
/s/ Gary Sobczak February 17, 1999
**Intentional misstatements or omissions of facts constitute ------------------------------- -----------------
Federal Criminal Violations. See 18 U.S.C. 1001 and **Signature of Reporting Person Date
15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
<PAGE>
Schedule A
Control Persons of KA Investment LDC:
1. Deephaven Market Neutral Trading L.P. (an Illinois limited partnership)
Address: 1712 Hopkins Crossroads
Minnetonka, MN 55305.
2. Deephaven Market Neutral Fund Limited (a British Virgin Islands
corporation)
Registered Office: c/o International Fund Administration
48 Par-La-Ville Road, Suite 464
Hamilton, HM11 Bermuda.
Mailing Address: 1712 Hopkins Crossroads
Minnetonka, MN 55305.
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