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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Biovail Corporation International
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
09067k106
(CUSIP Number)
Associated Capital, L.P. Margery K. Neale, Esq.
A Cap, Inc. Shereff, Friedman, Hoffman & Goodman, LLP
Jay H. Zises 919 Third Avenue
Selig A. Zises New York, New York 10022
Nancy J. Frankel-Zises (212) 758-9500
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
May 17, 1996
(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 Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with the 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.)
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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 on the remainder of this cover page shall not be deemed
to be "filed" 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).
<PAGE>
SCHEDULE 13D
CUSIP No. 09067k106 Page 2 of 12 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ASSOCIATED CAPITAL, L.P.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /x/
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
7 SOLE VOTING POWER
NUMBER OF 517,000
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 517,000
WITH
10 SHARED DISPOSITIVE POWER
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
517,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0%
14 TYPE OF REPORTING PERSON*
PN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 09067k106 Page 3 of 12 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
A CAP, INC.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /x/
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
7 SOLE VOTING POWER
NUMBER OF 517,000
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 517,000
WITH
10 SHARED DISPOSITIVE POWER
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
517,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0%
14 TYPE OF REPORTING PERSON*
CO
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 09067k106 Page 4 of 12 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JAY H. ZISES
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /x/
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
WC, PF, 00
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
7 SOLE VOTING POWER
NUMBER OF 821,543
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 116,949
EACH
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 821,543
WITH
10 SHARED DISPOSITIVE POWER
116,949
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
938,492
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.7%
14 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 09067k106 Page 5 of 12 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SELIG A. ZISES
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /x/
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
PF, OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
7 SOLE VOTING POWER
NUMBER OF 295,492
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 150,929
EACH
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 295,492
WITH
10 SHARED DISPOSITIVE POWER
150,929
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
446,421
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8%
14 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 09067k106 Page 6 of 12 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NANCY J. FRANKEL-ZISES
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /x/
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
PF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
7 SOLE VOTING POWER
NUMBER OF 74,379
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 74,379
WITH
10 SHARED DISPOSITIVE POWER
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
74,379
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
14 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D - Amendment No. 1
Item 1. Security and Issuer
Securities acquired: Common Stock, no par value ("Common Stock")
Issuer: Biovail Corporation International
460 Comstock Road
Scarborough, Ontario M1L 4S4
CANADA
(416) 285-6000
Item 2. Identity and Background
(a), (b), (c) and (f) This Schedule 13D is being filed jointly by
Associated Capital, L.P., a Delaware limited partnership ("Associated"), its
general partner, A Cap, Inc., a New York corporation ("A Cap"), Jay H. Zises,
the President and a Director of A Cap, Selig A. Zises, Vice President,
Treasurer, and a Director of A Cap, and Nancy J. Frankel-Zises, a Director, Vice
President and Secretary and the sole stockholder of A Cap. Associated, A Cap,
Jay H. Zises, Selig A. Zises and Nancy J. Frankel-Zises are hereinafter
sometimes referred to collectively as the "Reporting Persons." The business
address of each Reporting Person is 477 Madison Avenue, 14th Floor, New York, NY
10022.
The principal business of Associated is investments.
The principal business of A Cap is investment management.
Jay H. Zises's principal occupation is investment management. Mr. Zises
is a United States citizen.
Selig A. Zises's principal occupation is investment management. Mr.
Zises is a United States citizen. Jay H. Zises and Selig A. Zises are brothers.
Nancy J. Frankel-Zises's principal occupation is investment management.
Ms. Frankel-Zises is a United States citizen. Ms. Frankel-Zises is married to
Jay H. Zises.
See Item 5 for information regarding ownership of Common Stock.
(d) and (e). During the past five years, none of the Reporting Persons
has been convicted in any criminal proceeding (excluding traffic violations or
similar misdemeanors) or been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order
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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.
Item 3. Source and Amount of Funds
The information contained in Item 3 to the Schedule is hereby amended
and supplemented as follows:
Associated Capital purchased an aggregate of 517,000 shares at an
aggregate cost of $1,557,129.14, using its own funds. Jay H. Zises purchased an
aggregate of 295,186 shares of Common Stock for his personal and retirement
accounts at an aggregate cost of $1,621,878.00, using his own funds. The 23,391
shares of Common Stock acquired by Justin Zises were acquired at an aggregate
cost of $198,349.00, using his own funds. The 9,357 shares of Common Stock
acquired in the Uniform Gift to Minors Act ("UGMA") account for Meryl Zises were
acquired at an aggregate cost of $30,700.50, using funds from the UGMA account.
The 23,391 shares of Common Stock acquired by Lara Zises were acquired at an
aggregate cost of $198,349.00, using her own funds. The 23,391 shares of Common
Stock acquired by Samantha Zises were acquired at an aggregate cost of
$198,349.00, using her own funds. The 23,388 shares of Common Stock acquired by
Susan Zises were acquired at an aggregate cost of $113,844.50, using her own
funds. The 23,388 shares of Common Stock acquired by Inge Frankel were acquired
at an aggregate cost of $157,682.00, using her own funds. Selig A. Zises
purchased an aggregate of 200,492 shares of Common Stock, and options to
purchase 95,000 shares of Common Stock, for his personal and retirement accounts
at an aggregate cost of $253,589.75 and $1,009,152, respectively, using his own
funds. The 95,929 shares of Common Stock, and options to purchase 55,000 shares
of Common Stock, acquired by Lynn Zises were acquired at an aggregate cost of
($467,686.50) and $626,150, respectively, using her own funds. Nancy J.
Frankel-Zises purchased an aggregate of 74,379 shares of Common Stock for her
retirement account at an aggregate cost of $442,683.50, using her own funds.
All of the amounts reported herein are net of commissions and reflect a
3 for 1 stock split as of January 17, 1996. See Item 5 and Exhibit B for more
information.
Item 4. Purpose of the Transaction
The information contained in Item 4 to the Schedule is hereby amended
and supplemented as follows:
All of the shares of Common Stock reported herein were acquired for
investment purposes. Each of the Reporting Persons may acquire or dispose of
securities of the Issuer, including shares of Common Stock, directly or
indirectly, in open-market or privately negotiated transactions, depending upon
the evaluation of the performance and prospects of the Issuer by the Reporting
Persons, and upon other developments and
2
<PAGE>
circumstances, including, but not limited to, general economic and business
conditions and stock market conditions.
Except for the foregoing, no Reporting Person has any present plans or
proposals which relate to or would result in any of the actions or events
described in paragraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer
The information contained in Item 5 to the Schedule is hereby amended
and supplemented as follows:
(a) and (b) Associated is the beneficial and record owner of 517,000
shares of Common Stock, or 2.0% of the outstanding shares of Common Stock.
As the general partner of Associated, A Cap has the sole power to vote
and to direct the voting of and the sole power to dispose and direct the
disposition of the 517,000 shares of Common Stock owned by Associated.
Accordingly, A Cap may be deemed to be the beneficial owner of such 517,000
shares of Common Stock or 2.0% of the outstanding shares of Common Stock.
Jay Zises, as President of A Cap, has the sole power to vote and to
direct the voting of, and to dispose and to direct the disposition of, the
shares of Common Stock deemed to be beneficially owned by A Cap. Accordingly,
Mr. Zises may be deemed to be the beneficial owner of such 517,000 shares of
Common Stock or 2.0% of the outstanding shares of Common Stock.
Jay Zises is the beneficial and record owner of an aggregate of 295,186
shares of Common Stock or 1.2% of the outstanding in his personal account,
individual retirement account ("IRA") and Keogh account. As hereinafter
described, Mr. Zises also may be deemed to own beneficially an additional
126,306 shares of Common Stock or 0.5% of the outstanding. Such shares are owned
of record as follows: (i) 23,391 shares of Common Stock (less than 0.1%) in the
account of his son, Justin Zises, (ii) 9,357 shares of Common Stock (less than
0.1%) held in an UGMA account for the benefit of his daughter, Meryl Zises,
(iii) 23,391 shares of Common Stock (less than 0.1%) in the account of his
daughter, Lara Zises, (iv) 23,391 shares of Common Stock (less than 0.1%) in the
account of his daughter, Samantha Zises, (v) 23,388 shares of Common Stock (less
than 0.1%) in the account of his ex-wife, Susan Zises, and (vi) 23,388 shares of
Common Stock (less than 0.1%) in the account of his mother-in-law, Inge Frankel.
In addition to the 517,000 shares of Common Stock owned by Associated,
Jay Zises has sole power to vote or direct the vote of, and to dispose and to
direct the disposition of, 304,543 shares of Common Stock, consisting of (A) the
295,186 shares held in Mr. Zises's
3
<PAGE>
personal, IRA and Keogh accounts, and (B) the 9,357 shares held in the UGMA
account for Meryl Zises. Jay Zises has shared power to vote or direct the voting
of, and shared power to dispose or direct the disposition of 116,949 shares of
Common Stock, consisting of (A) the 23,391 shares held in Lara Zises's account,
(B) the 23,391 shares held in Samantha Zises's account, (C) the 23,391 shares
held in Justin Zises's account, (D) the 23,388 shares held in Susan Zises's
account, and (E) the 23,388 shares held in Inge Frankel's account.
Selig A. Zises is the beneficial and record owner of an aggregate of
295,492 shares of Common Stock, or 1.2% of the outstanding, in Mr. Zises's
personal account and IRA. In addition, as described below, Mr. Zises also may be
deemed to own beneficially an additional 150,929 shares of Common Stock, or 0.6%
of the outstanding, held in the account of his daughter, Lynn Zises.
Selig A. Zises has sole power to vote or direct the voting of, and sole
power to dispose or direct the disposition of 295,492 shares of Common Stock,
consisting of all of the shares held in Mr. Zises's personal and IRA accounts.
Selig A. Zises has shared power to vote or direct the voting of, and shared
power to dispose or direct the disposition of 150,929 shares of Common Stock,
consisting of the shares held in Lynn Zises's account.
Nancy Frankel-Zises is the beneficial and record owner of an aggregate
of 74,379 shares of Common Stock, or 0.3% of the outstanding, in her IRA
account.
Nancy Frankel-Zises has sole power to vote or direct the voting of, and
sole power to dispose or direct the disposition of 74,379 shares of Common
Stock, consisting of all of the shares held in her personal account.
The number of shares beneficially owned by each of the Reporting
Persons and the percentage of outstanding shares represented thereby, have been
computed in accordance with Rule 13d-3 under the Securities Exchange Act of
1934, as amended (the "Securities Exchange Act"). The percentage of ownership of
the Reporting Persons is based on 25,330,000 outstanding shares of Common Stock
of the issuer as of April 17, 1996 based on the Issuer's press release dated
April 17, 1996.
(c) See Exhibit B attached hereto for information concerning
transactions made.
(d) Notwithstanding the fact that Jay H. Zises and Selig A. Zises may
be deemed to beneficially own the shares of Common Stock held in the accounts of
members of their respective families, each of the accounts established in the
name or for the benefit of Lara Zises, Samantha Zises, Justin Zises, Meryl
Zises, Susan Zises, Inge Frankel and Lynn Zises that holds shares of Common
Stock will have the right to receive dividends payable with respect to such
shares of Common Stock.
4
<PAGE>
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
Each of Jay H. Zises and Selig A. Zises, as the case may be, have
informal understandings with certain of their respective family members pursuant
to which Jay H. Zises or Selig A. Zises exercises investment discretion with
respect to and on behalf of such family members. Pursuant to such arrangements,
Jay Zises may purchase and sell securities of the Issuer for the respective
accounts of Lara Zises, Samantha Zises, Justin Zises, Susan Zises and Inge
Frankel, and Selig Zises may purchase and sell securities of the Issuer for the
account of Lynn Zises. In addition, as trustee of an UGMA account established
for the benefit of Meryl Zises, Jay Zises may exercise investment discretion
with respect to securities of the Issuer held in such account.
Item 7. Material to be Filed as Exhibits
Exhibit B. Purchases of Common Stock and options to purchase Common
Stock of Issuer.
5
<PAGE>
Signature
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.
ASSOCIATED CAPITAL, L.P.
By: A CAP, INC., as General Partner
By: /s/ Jay H. Zises, President
Jay H. Zises, President
A CAP, INC.
By: /s/ Jay H. Zises, President
Jay H. Zises, President
/s/ Jay H. Zises
JAY H. ZISES
/s/ Selig A. Zises
SELIG A. ZISES
/s/ Nancy Frankel-Zises
NANCY FRANKEL-ZISES
Dated: May 21, 1996
<PAGE>
<TABLE>
<CAPTION>
Trade Date # of shares Price Net $
---------- ----------- ----- -----
<S> <C> <C> <C> <C>
Associated Capital 3/28/95 14,000 $12.930 $181,020.00
- ------------------ ------- ------ -------- -----------
4/3/95 6,000 $12.560 $75,360.00
------ ----- -------- ----------
4/4/95 5,000 $14.580 $72,900.00
------ ----- -------- ----------
4/5/95 3,200 $14.450 $46,240.00
------ ----- -------- ----------
4/6/95 6,800 $14.840 $118,530.00
------ ----- -------- -----------
4/10/95 5,000 $15.310 $76,550.00
------- ----- -------- ----------
4/17/95 10,000 $16.880 $168,800.00
------- ------ -------- -----------
4/26/95 5,900 $17.100 $100,890.00
------- ----- -------- -----------
4/27/95 4,100 $16.970 $69,577.00
------- ----- -------- ----------
4/28/95 10,000 $16.810 $168,100.00
------- ------ -------- -----------
5/10/95 2,500 $16.060 $40,150.00
------- ----- -------- ----------
5/11/95 5,000 $17.280 $86,400.00
------- ----- -------- ----------
5/12/95 2,500 $16.480 $41,200.00
------- ----- -------- ----------
5/15/95 3,200 $17.060 $54,592.00
------- ----- -------- ----------
5/15/95 10,000 $17.040 $170,400.00
------- ------ -------- -----------
5/16/95 6,800 $17.180 $116,824.00
------- ----- -------- -----------
7/26/95 20,000 $22.810 $456,200.00
------- ------ -------- -----------
7/28/95 2,400 $23.780 $57,072.00
------- ----- -------- ----------
7/31/95 500 $23.810 $11,905.00
------- --- -------- ----------
8/2/95 7,100 $23.610 $167,631.00
------ ----- -------- -----------
8/4/95 8,700 $22.570 $196,359.00
------ ----- -------- -----------
8/7/95 1,300 $22.680 $29,484.00
------ ----- -------- ----------
8/16/95 3,400 $24.130 $82,042.00
------- ----- -------- ----------
8/17/95 2,100 $25.510 $53,571.00
------- ----- -------- ----------
8/23/95 4,500 $24.490 $110,205.00
------- ----- -------- -----------
9/12/95 25,000 $34.380 $859,500.00
------- ------ -------- -----------
9/18/95 500 $34.430 $17,215.00
------- --- -------- ----------
9/18/95 13,500 $33.930 $458,055.00
------- ------ -------- -----------
9/19/95 11,000 $34.810 $382,910.00
------- ------ -------- -----------
9/22/95 15,000 $35.250 $528,750.00
------- ------ -------- -----------
9/27/95 15,000 $33.788 $506,820.00
------- ------ -------- -----------
9/28/95 4,600 $33.818 $155,562.80
------- ----- -------- -----------
10/13/95 5,400 $32.852 $177,400.26
-------- ----- -------- -----------
10/18/95 1,500 $32.000 $48,000.00
-------- ----- -------- ----------
10/19/95 2,500 $34.075 $85,187.50
-------- ----- -------- ----------
10/20/95 6,000 $35.946 $215,674.80
-------- ----- -------- -----------
11/2/95 1,500 $40.250 $60,375.00
------- ----- -------- ----------
11/3/95 10,000 $40.875 $408,750.00
------- ------ -------- -----------
11/10/95 -55,096 $42.000 ($2,314,032.00)
-------- ------- -------- ---------------
11/22/95 -2,000 $49.031 ($98,062.50)
-------- ------ -------- ------------
11/28/95 -4,404 $50.790 ($223,678.72)
-------- ------ -------- -------------
12/22/95 4,000 $67.125 $268,500.00
-------- ----- -------- -----------
1/15/96 -1,500 $85.933 ($128,899.50)
------- ------ -------- -------------
1/15/96 -2,500 $84.480 ($211,200.00)
------- ------ -------- -------------
1/15/96 -4,500 $83.178 ($374,301.00)
------- ------ -------- -------------
1/16/96 -3,000 $77.750 ($233,250.00)
------- ------ -------- -------------
3 for 1 split 1/17/96 192,500 $0.000 $0.00
- ------------- ------- ------- ------- -----
3 for 1 split 1/17/96 192,500 $0.000 $0.00
- ------------- ------- ------- ------- -----
1/17/96 -20,500 $25.741 ($527,690.50)
------- ------- -------- -------------
1/18/96 -10,000 $25.500 ($255,000.00)
------- ------- -------- -------------
2/9/96 -12,000 $28.777 ($345,324.00)
------ ------- -------- -------------
2/21/96 -3,000 $32.745 ($98,235.00)
------- ------ -------- ------------
2/24/96 10,000 $28.460 $284,600.00
------- ------ -------- -----------
5/17/96 -15,000 $33.000 ($495,000.00)
------- ------- -------- -------------
5/17/96 -5,000 $33.500 ($167,500.00)
------- ------ -------- -------------
5/20/96 -5,000 $36.000 ($180,000.00)
------- ------ -------- -------------
SUB TOTAL 517,000 $3.012 $1,557,129.14
---------- ------- ------- -------------
Justin Zises 4/27/95 1,500 $16.875 $25,312.50
- ------------ ------- ----- -------- ----------
5/11/95 500 $16.875 $8,437.50
------- --- -------- ---------
7/5/95 1,000 $20.000 $20,000.00
------ ----- -------- ----------
9/13/95 2,000 $33.875 $67,750.00
------- ----- -------- ----------
9/18/95 3,000 $33.625 $100,875.00
------- ----- -------- -----------
9/18/95 2,000 $34.250 $68,500.00
------- ----- -------- ----------
11/10/95 -2,203 $42.000 ($92,526.00)
-------- ------ -------- ------------
3 for 1 split 1/17/96 7,797 $0.000 $0.00
- ------------- ------- ----- ------- -----
3 for 1 split 1/17/96 7,797 $0.000 $0.00
- ------------- ------- ----- ------- -----
SUB TOTAL 23,391 $8.480 $198,349.00
--------- ------ ------- -----------
Lara Zises 4/27/95 1,500 $16.875 $25,312.50
- ---------- ------- ----- -------- ----------
5/11/95 500 $16.875 $8,437.50
------- --- -------- ---------
7/5/95 1,000 $20.000 $20,000.00
------ ----- -------- ----------
9/13/95 2,000 $33.875 $67,750.00
------- ----- -------- ----------
9/18/95 3,000 $33.625 $100,875.00
------- ----- -------- -----------
9/18/95 2,000 $34.250 $68,500.00
------- ----- -------- ----------
11/10/95 -2,203 $42.000 ($92,526.00)
-------- ------ -------- ------------
3 for 1 split 1/17/96 7,797 $0.000 $0.00
- ------------- ------- ----- ------- -----
3 for 1 split 1/17/96 7,797 $0.000 $0.00
- ------------- ------- ----- ------- -----
SUB TOTAL 23,391 $8.480 $198,349.00
--------- ------ ------- -----------
Meryl Zises 4/27/95 1,500 $16.875 $25,312.50
- ----------- ------- ----- -------- ----------
5/11/95 500 $16.780 $8,390.00
------- --- -------- ---------
5/12/95 2,000 $17.000 $34,000.00
------- ----- -------- ----------
11/10/95 -881 $42.000 ($37,002.00)
-------- ---- -------- ------------
3 for 1 split 1/17/96 3,119 $0.000 $0.00
- ------------- ------- ----- ------- -----
3 for 1 split 1/17/96 3,119 $0.000 $0.00
- ------------- ------- ----- ------- -----
SUB TOTAL 9,357 $3.281 $30,700.50
--------- ----- ------- ----------
Samantha Zises 4/27/95 1,500 $16.875 $25,312.50
- -------------- ------- ----- -------- ----------
5/11/95 500 $16.875 $8,437.50
------- --- -------- ---------
7/5/95 1,000 $20.000 $20,000.00
------ ----- -------- ----------
9/13/95 2,000 $33.875 $67,750.00
------- ----- -------- ----------
9/18/95 3,000 $33.625 $100,875.00
------- ----- -------- -----------
9/18/95 2,000 $34.250 $68,500.00
------- ----- -------- ----------
11/10/95 -2,203 $42.000 ($92,526.00)
-------- ------ -------- ------------
3 for 1 split 1/17/96 7,797 $0.000 $0.00
- ------------- ------- ----- ------- -----
3 for 1 split 1/17/96 7,797 $0.000 $0.00
- ------------- ------- ----- ------- -----
SUB TOTAL 23,391 $8.480 $198,349.00
--------- ------ ------- -----------
Nancy Zises 4/28/95 5,000 $16.875 $84,375.00
- ----------- ------- ----- -------- ----------
5/2/95 10,000 $16.750 $167,500.00
------ ------ -------- -----------
5/15/95 5,000 $17.000 $85,000.00
------- ----- -------- ----------
9/18/95 2,000 $33.625 $67,250.00
------- ----- -------- ----------
9/18/95 5,500 $34.230 $188,265.00
------- ----- -------- -----------
9/18/95 4,300 $33.625 $144,587.50
------- ----- -------- -----------
11/10/95 -7,007 $42.000 ($294,294.00)
-------- ------ -------- -------------
3 for 1 split 1/17/96 24,793 $0.000 $0.00
- ------------- ------- ------ ------- -----
3 for 1 split 1/17/96 24,793 $0.000 $0.00
- ------------- ------- ------ ------- -----
SUB TOTAL 74,379 $5.952 $442,683.50
--------- ------ ------- -----------
Selig Zises 5/19/95 5,000 $16.500 $82,500.00
- ----------- ------- ----- -------- ----------
5/22/95 1,700 $16.750 $28,475.00
------- ----- -------- ----------
5/22/95 3,300 $17.000 $56,100.00
------- ----- -------- ----------
5/31/95 2,500 $16.500 $41,250.00
------- ----- -------- ----------
6/13/95 5,000 $16.625 $83,125.00
------- ----- -------- ----------
6/22/95 5,000 $18.375 $91,875.00
------- ----- -------- ----------
6/23/95 3,000 $18.750 $56,250.00
------- ----- -------- ----------
7/20/95 4,000 $20.625 $82,500.00
------- ----- -------- ----------
7/20/95 1,000 $20.375 $20,375.00
------- ----- -------- ----------
7/20/95 6,900 $21.000 $144,900.00
------- ----- -------- -----------
9/12/95 5,600 $33.500 $187,600.00
------- ----- -------- -----------
9/12/95 5,000 $33.750 $168,750.00
------- ----- -------- -----------
9/18/95 2,500 $33.625 $84,062.50
------- ----- -------- ----------
9/18/95 5,000 $34.000 $170,000.00
------- ----- -------- -----------
9/19/95 5,000 $35.000 $175,000.00
------- ----- -------- -----------
9/19/95 10,000 $35.000 $350,000.00
------- ------ -------- -----------
9/19/95 5,000 $34.750 $173,750.00
------- ----- -------- -----------
9/19/95 10,500 $35.000 $367,500.00
------- ------ -------- -----------
9/19/95 4,500 $35.250 $158,625.00
------- ----- -------- -----------
9/21/95 2,600 $35.500 $92,300.00
------- ----- -------- ----------
9/21/95 1,600 $35.750 $57,200.00
------- ----- -------- ----------
9/29/95 900 $34.000 $30,600.00
------- --- -------- ----------
10/9/95 5,300 $34.000 $180,200.00
------- ----- -------- -----------
10/9/95 1,000 $33.875 $33,875.00
------- ----- -------- ----------
10/13/95 1,000 $32.500 $32,500.00
-------- ----- -------- ----------
10/13/95 4,500 $32.660 $146,970.00
-------- ----- -------- -----------
10/13/95 1,000 $32.625 $32,625.00
-------- ----- -------- ----------
10/13/95 3,500 $32.750 $114,625.00
-------- ----- -------- -----------
10/13/95 500 $32.750 $16,375.00
-------- --- -------- ----------
10/18/95 3,000 $32.000 $96,000.00
-------- ----- -------- ----------
10/17/95 8,000 $32.250 $258,000.00
-------- ----- -------- -----------
10/17/95 1,000 $32.125 $32,125.00
-------- ----- -------- ----------
10/18/95 1,500 $32.375 $48,562.50
-------- ----- -------- ----------
10/19/95 4,000 $33.360 $133,440.00
-------- ----- -------- -----------
10/19/95 1,000 $34.000 $34,000.00
-------- ----- -------- ----------
11/8/95 1,500 $44.250 $66,375.00
------- ----- -------- ----------
11/8/95 500 $45.000 $22,500.00
------- --- -------- ----------
11/10/95 -28,849 $42.000 ($1,211,658.00)
-------- ------- -------- ---------------
11/13/95 1,731 $40.750 $70,538.25
-------- ----- -------- ----------
11/17/95 2,100 $43.000 $90,300.00
-------- ----- -------- ----------
12/20/95 1,000 $60.250 $60,250.00
-------- ----- -------- ----------
3 for 1 split 1/17/96 108,882 $0.000 $0.00
- ------------- ------- ------- ------- -----
3 for 1 split 1/17/96 108,882 $0.000 $0.00
- ------------- ------- ------- ------- -----
2/26/96 10,000 $29.875 $298,750.00
------- ------ -------- -----------
4/11/96 -20,000 $27.000 ($540,000.00)
------- ------- -------- -------------
4/22/96 -30,000 $30.250 ($907,500.00)
------- ------- -------- -------------
4/30/96 -9,354 $28.250 ($264,250.50)
------- ------ -------- -------------
5/6/96 -45,000 $28.750 ($1,293,750.00)
------ ------- -------- ---------------
adjustment -31,800
SUB TOTAL 200,492 $1.265 $253,589.75
--------- ------- ------- -----------
100 BVF CALLS 4/11/96 10,000 $85,800.00
- ------------- ------- ------ ----------
100 BVF CALLS 4/12/96 10,000 $74,694.00
- ------------- ------- ------ ----------
150 BVF CALLS 4/24/96 15,000 $156,374.00
- ------------- ------- ------ -----------
50 BVF CALLS 4/26/96 5,000 $45,836.00
- ------------ ------- ----- ----------
500 BVF CALLS 5/7/96 50,000 $589,300.00
- ------------- ------ ------ -----------
50 BVF CALLS 5/8/96 5,000 $57,150.00
- ------------ ------ ----- ----------
SUB TOTAL 95,000 $1,009,154.00
--------- ------ -------------
Lynn Zises 5/16/95 5,000 $17.000 $85,000.00
- ---------- ------- ----- -------- ----------
5/31/95 600 $16.375 $9,825.00
------- --- -------- ---------
5/31/95 1,900 $16.500 $31,350.00
------- ----- -------- ----------
6/22/95 3,300 $18.125 $59,812.50
------- ----- -------- ----------
6/22/95 1,000 $18.250 $18,250.00
------- ----- -------- ----------
6/22/95 5,000 $18.000 $90,000.00
------- ----- -------- ----------
6/22/95 5,700 $18.375 $104,737.50
------- ----- -------- -----------
7/20/95 2,500 $20.875 $52,187.50
------- ----- -------- ----------
7/20/95 5,000 $21.000 $105,000.00
------- ----- -------- -----------
9/13/95 5,000 $33.750 $168,750.00
------- ----- -------- -----------
9/18/95 7,500 $33.750 $253,125.00
------- ----- -------- -----------
9/19/95 15,000 $34.500 $517,500.00
------- ------ -------- -----------
10/18/95 2,400 $32.000 $76,800.00
-------- ----- -------- ----------
11/10/95 -13,201 $42.000 ($554,442.00)
-------- ------- -------- -------------
11/13/95 1,944 $40.750 $79,218.00
-------- ----- -------- ----------
3 for 1 split 1/17/96 48,643 $0.000 $0.00
- ------------- ------- ------ ------- -----
3 for 1 split 1/17/96 48,643 $0.000 $0.00
- ------------- ------- ------ ------- -----
1/31/96 2,200 $25.875 $56,925.00
------- ----- -------- ----------
1/31/96 2,800 $25.500 $71,400.00
------- ----- -------- ----------
2/26/96 5,000 $29.875 $149,375.00
------- ----- -------- -----------
4/11/96 -15,000 $27.000 ($405,000.00)
------- ------- -------- -------------
5/6/96 -50,000 $28.750 ($1,437,500.00)
------ ------- -------- ---------------
adjustment 5,000
SUB TOTAL 95,929 ($4.88) ($467,686.50)
--------- ------ ------- -------------
50 BVF CALLS 4/12/96 5,000 $34,650.00
- ------------ ------- ----- ----------
500 BVF CALLS 5/6/96 50,000 $591,500.00
- ------------- ------ ------ -----------
SUB TOTAL 55,000 $626,150.00
--------- ------ -----------
Inge Frankel 4/27/95 3,000 $16.625 $49,875.00
- ------------ ------- ----- -------- ----------
5/12/95 2,000 $17.000 $34,000.00
------- ----- -------- ----------
5/18/95 500 $16.750 $8,375.00
------- --- -------- ---------
9/19/95 2,000 $35.250 $70,500.00
------- ----- -------- ----------
9/20/95 2,500 $35.000 $87,500.00
------- ----- -------- ----------
11/10/95 -2,204 $42.000 ($92,568.00)
-------- ------ -------- ------------
3 for 1 split 1/17/96 7,796 $0.000 $0.00
- ------------- ------- ----- ------- -----
3 for 1 split 1/17/96 7,796 $0.000 $0.00
- ------------- ------- ----- ------- -----
SUB TOTAL 23,388 $6.742 $157,682.00
--------- ------ ------- -----------
Jay Zises 4/21/95 15,000 $16.393 $245,899.50
- --------- ------- ------ -------- -----------
4/24/95 5,000 $16.625 $83,125.00
------- ----- -------- ----------
4/25/95 5,000 $16.550 $82,750.00
------- ----- -------- ----------
4/26/95 3,900 $16.875 $65,812.50
------- ----- -------- ----------
4/26/95 6,100 $17.000 $103,700.00
------- ----- -------- -----------
4/28/95 5,000 $16.875 $84,375.00
------- ----- -------- ----------
5/2/95 10,000 $16.875 $168,750.00
------ ------ -------- -----------
5/4/95 10,000 $15.579 $155,787.00
------ ------ -------- -----------
5/8/95 2,500 $15.625 $39,062.50
------ ----- -------- ----------
5/8/95 2,500 $15.875 $39,687.50
------ ----- -------- ----------
5/9/95 5,000 $16.125 $80,625.00
------ ----- -------- ----------
5/9/95 14,300 $16.000 $228,800.00
------ ------ -------- -----------
5/10/95 700 $16.000 $11,200.00
------- --- -------- ----------
5/15/95 5,000 $17.000 $85,000.00
------- ----- -------- ----------
9/13/95 200 $34.375 $6,875.00
------- --- -------- ---------
9/13/95 4,300 $33.750 $145,125.00
------- ----- -------- -----------
9/18/95 10,000 $34.375 $343,750.00
------- ------ -------- -----------
9/19/95 4,000 $35.000 $140,000.00
------- ----- -------- -----------
9/19/95 4,800 $35.250 $169,200.00
------- ----- -------- -----------
9/19/95 10,000 $35.125 $351,250.00
------- ------ -------- -----------
9/20/95 1,200 $35.000 $42,000.00
------- ----- -------- ----------
11/10/95 -27,438 $42.000 ($1,152,396.00)
-------- ------- -------- ---------------
3 for 1 split 1/17/96 97,062 $0.000 $0.00
- ------------- ------- ------ ------- -----
3 for 1 split 1/17/96 97,062 $0.000 $0.00
- ------------- ------- ------ ------- -----
1/31/96 4,000 $25.375 $101,500.00
------- ----- -------- -----------
SUB TOTAL 295,186 $5.494 $1,621,878.00
--------- ------- ------- -------------
Susan Zises 4/28/95 5,000 $16.720 $83,600.00
- ----------- ------- ----- -------- ----------
5/18/95 2,500 $15.250 $38,125.00
------- ----- -------- ----------
9/13/95 2,500 $33.875 $84,687.50
------- ----- -------- ----------
11/10/95 -2,204 $42.000 ($92,568.00)
-------- ------ -------- ------------
3 for 1 split 1/17/96 7,796 $0.000 $0.00
- ------------- ------- ----- ------- -----
3 for 1 split 1/17/96 7,796 $0.000 $0.00
- ------------- ------- ----- ------- -----
SUB TOTAL 23,388 $4.868 $113,844.50
--------- ------ ------- -----------
Current Total 1,459,292
% ownership 5.76%
New Filing Amount high 7.84% $1,985,769
low 5.84% $1,479,228
</TABLE>
