<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.5)
NOVAVAX, INC.
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(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
----------------------------------------------------------------
(Title of Class of Securities)
670002 10 4
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(CUSIP Number)
Check the following box if a fee is being paid with this statement.
[ ] (A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
(CONTINUED ON FOLLOWING PAGES)
Page 1 of 12 Pages
The Exhibit Appears on Page 10
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CUSIP NO. 670002 10 4
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Charles B. Ganz
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(2) Check the Appropriate Row if a Member of a Group
(a)
----------------------------------------------------------
(b)
----------------------------------------------------------
(3) SEC Use Only
---------------------------------------------------------
(4) Citizenship or Place of Organization U.S.A.
---------------------------------
Number of (5) Sole Voting Power 340,915*
----------------------------------
Shares Bene-
ficially (6) Shared Voting Power 0
--------------------------------
Owned by Each
Reporting (7) Sole Dispositive Power 340,915*
------------------------------
Person With
(8) Shared Dispositive Power 0
----------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
340,915*
- -------------------------------------------------------------------------------
- -
(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares
----------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9) 3.43%
--------------------
(12) Type of Reporting Person IN
---------------------------------------------
* The Reporting Person disclaims beneficial ownership of these shares.
See Item 4.
Page 2 of 12 Pages
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CUSIP NO. 670002 10 4
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Ganz Capital Management, Inc.
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(2) Check the Appropriate Row if a Member of a Group
(a)
----------------------------------------------------------
(b)
----------------------------------------------------------
(3) SEC Use Only
---------------------------------------------------------
(4) Citizenship or Place of Organization Delaware
---------------------------------
Number of (5) Sole Voting Power 340,915
-----------------------------------
Shares Bene-
ficially (6) Shared Voting Power 0
--------------------------------
Owned by Each
Reporting (7) Sole Dispositive Power 340,915
------------------------------
Person With
(8) Shared Dispositive Power 0
----------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
340,915
----------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares *
---------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9) 3.43%
--------------------
(12) Type of Reporting Person IA
---------------------------------------------
*See Item 4, and the notes thereto.
Page 3 of 12 Pages
<PAGE> 4
CUSIP NO. 670002 10 4
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Probitas Fund, L.P.
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(2) Check the Appropriate Row if a Member of a Group
(a)
----------------------------------------------------------
(b)
----------------------------------------------------------
(3) SEC Use Only
----------------------------------------------------------
(4) Citizenship or Place of Organization Delaware
---------------------------------
Number of (5) Sole Voting Power 0
---------------------------------------
Shares Bene-
ficially (6) Shared Voting Power 0
--------------------------------
Owned by Each
Reporting (7) Sole Dispositive Power 0
-----------------------------
Person With
(8) Shared Dispositive Power 0
--------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
0
- -------------------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares *
----------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9) 0.00%
-------
(12) Type of Reporting Person PN
---------------------------------------------
*See Item 4, and the notes thereto.
Page 4 of 12 Pages
<PAGE> 5
CUSIP NO. 670002 10 4
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Probitas Offshore Fund, L.P.
----------------------------------------------------------------------
(2) Check the Appropriate Row if a Member of a Group
(a)
----------------------------------------------------------
(b)
----------------------------------------------------------
(3) SEC Use Only
----------------------------------------------------------
(4) Citizenship or Place of Organization Cayman Islands
---------------------------------
Number of (5) Sole Voting Power 0
---------------------------------
Shares Bene-
ficially (6) Shared Voting Power 0
--------------------------------
Owned by Each
Reporting (7) Sole Dispositive Power 0
------------------------------
Person With
(8) Shared Dispositive Power 0
----------------------------
- -------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
0
- -------------------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares *
- -------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9) 0.00%
--------------------
(12) Type of Reporting Person PN
---------------------------------------------
*See Item 4, and the notes thereto.
Page 5 of 12 Pages
<PAGE> 6
CUSIP NO. 670002 10 4
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Probitas Advisors, Inc.
----------------------------------------------------------------------
(2) Check the Appropriate Row if a Member of a Group
(a)
----------------------------------------------------------
(b)
----------------------------------------------------------
(3) SEC Use Only
---------------------------------------------------------
(4) Citizenship or Place of Organization Delaware
---------------------------------
Number of (5) Sole Voting Power 0
---------------------------------
Shares Bene-
ficially (6) Shared Voting Power 0
--------------------------------
Owned by Each
Reporting (7) Sole Dispositive Power 0
------------------------------
Person With
(8) Shared Dispositive Power 0
----------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
0
----------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares *
- -------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9) 0.00%
--------------------
(12) Type of Reporting Person CO
----------------------------------------------
*See Item 4, and the notes thereto.
Page 6 of 12 Pages
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ITEM 1(A). NAME OF ISSUER
The Issuer is NOVAVAX, INC.. ("NOX").
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
The Issuer's principal executive offices are located at
12601 Twinbrook Parkway, Rockville, Maryland 20852.
ITEM 2(A). NAME OF PERSONS FILING
This Schedule 13G is being filed on behalf of Charles
B. Ganz ("Ganz"), Ganz Capital Management, Inc. ("GCM"), The
Probitas Fund, L.P. (the "Fund"),Probitas Advisors, Inc.
("Advisors")and The Probitas Offshore Fund, L.P. ("Offshore
Fund").
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
The principal business office of Ganz, GCM, the Fund
and Advisors is 2875 N.E. 191st Street, Penthouse I, North
Miami Beach, Florida 33180. The principal business office of
Offshore Fund is British American Centre, P.O. Box 513 GT, Dr.
Roy's Drive, George Town, Grand Cayman, Cayman Islands, British
West Indies.
ITEM 2(C). CITIZENSHIP
Ganz is a United States citizen. GCM and Advisors are
Delaware corporations. The Fund is a Delaware limited
partnership. Offshore Fund is a Cayman Islands limited
partnership.
ITEM 2(D). TITLE OF CLASS OF SECURITIES
This Statement relates to the Common Stock, par value $
.01 per share (the "Common Stock"), of NOX.
ITEM 2(E). CUSIP NO.
NOX's CUSIP No. is 670002 10 4.
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR
13D-2(B), CHECK WHETHER THE PERSON FILING IS A
Page 7 of 12 Pages
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(a) [ ] Broker or Dealer registered under
Section 15 of the Act (b) [ ] Bank as defined in
Section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in Section
3(a)(19) of the Act
(d) [ ] Investment Company registered under
Section 8 of the Investment Company Act
(e) [X] Investment Adviser registered under
Section 203 of the Investment Adviser Act of 1940
(f) [ ] Employee Benefit Plan, Pension Fund
which is subject to the provisions of the Employee
Retirement Income Security Act of 1974 or an Endowment
Fund; see Rule 13d-1(b)(1)(ii)(F)
(g) [ ] Parent Holding Company, in accordance
with Rule 13d-1(b)(1)(ii)(G) (Note: See Item 7)
(h) [ ] Group, in accordance with Rule
13d-1(b)(1)(ii)(H)
ITEM 4. OWNERSHIP
SEE ATTACHED SPREADSHEET, LABELED EXHIBIT A (PAGE 11 OF 13), FOR A
LISTING OF OWNERSHIP.
(1) The Reporting Person disclaims beneficial ownership with respect
to these shares.
(2) Due to the fact that GCM, Advisors, the Fund and Offshore Fund are
under common control, GCM may be deemed to beneficially own the 52,900 shares
owned of record by the Fund and the 38,300 owned by Offshore Fund. The
Reporting Person disclaims beneficial ownership with respect to these shares.
(3) Due to the fact that GCM, Advisors and the Fund are under common
control, Advisors, the Fund and Offshore Fund may be deemed to beneficially own
the 630,768 shares owned of record by GCM. The Reporting Persons disclaim
beneficial ownership with respect to these shares.
Page 8 of 12 Pages
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ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this Statement is being filed to report the fact that as of
the date hereof the Reporting Person has ceased to be the beneficial
owner of more than five percent of the class of securities, check the
following [X].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
GCM, Ganz, Advisors, the Fund and Offshore Fund hereby report
that they collectively hold less than 5% of the class of securities
reported hereunder.
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 acquired in the
ordinary course of business and were not acquired for the purpose of
and do not have the effect of changing or influencing the control of
the issuer of such securities and were not acquired in connection with
or as a participant in any transaction having such purposes or effect.
Page 9 of 12 Pages
<PAGE> 10
EXHIBIT A
<TABLE>
<CAPTION>
Amount Power to Vote Power to Dispose
Beneficially Percent of -------------------------------------------------
Reporting Person Owned Class Sole Shared Sole Shared
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Charles B. Ganz 340,915(1) 3.43% (2) 340,915 0 340,915 0
Ganz Capital Management 340,915(1) 3.43% (2) 340,915 0 340,915 0
======= =======
</TABLE>
(1) The reporting person disclaims beneficial ownership of these shares.
(2) Calculated on the basis of 11,888,000 shares outstanding as of 03/13/97.
Page 10 of 12 Pages
<PAGE> 11
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
April 23, 1997
/s/ Charles B. Ganz
----------------------------------------
CHARLES B. GANZ
GANZ CAPITAL MANAGEMENT, INC.
By: /s/ Charles B. Ganz
----------------------------------------
Charles B. Ganz, President
THE PROBITAS FUND, L.P.
By: Probitas Advisors, Inc., General
Partner
By: /s/ Charles B. Ganz
----------------------------------------
Charles B. Ganz, President
PROBITAS ADVISORS, INC.
By: /s/ Charles B. Ganz
----------------------------------------
Charles B. Ganz, President
Page 11 of 12 Pages
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EXHIBIT A
AGREEMENT TO FILE JOINT SCHEDULE 13G
Pursuant to Rule 13d-1(f)(i), the undersigned hereby consent to the
joint filing of a single statement on their behalf.
April 23, 1997
/s/ Charles B. Ganz
----------------------------------------
CHARLES B. GANZ
GANZ CAPITAL MANAGEMENT, INC.
By: /s/ Charles B. Ganz
----------------------------------------
Charles B. Ganz, President
THE PROBITAS FUND, L.P.
By: Probitas Advisors, Inc., General
Partner
By: /s/ Charles B. Ganz
----------------------------------------
Charles B. Ganz, President
PROBITAS ADVISORS, INC.
By: /s/ Charles B. Ganz
----------------------------------------
Charles B. Ganz, President
Page 12 of 12 Pages
