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- -------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION -----------------------------
FORM 3 WASHINGTON, D.C. 20549 OMB APPROVAL
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INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES OMB Number: 3235-0104
Expires: September 30, 1998
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Estimated average burden
Section 17(a) of the Public Utility Holding Company Act of 1935 or hours per response .... 0.5
(Print or Type Responses) Section 30(f) of the Investment Company Act of 1940 -----------------------------
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1. Name and Address of Reporting Person* 2. Date of Event Re- 4. Issuer Name AND Ticker or Trading Symbol
The Bay City Capital Fund, I, L.P. ("BCC") quiring Statement Medarex, Inc.
c/o Bay City Capital LLC (Month/Day/Year) Nasdaq Trading Symbol: MEDX
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(Last) (First) (Middle) (08/04/98) 5. Relationship of Reporting Person(s) 6. If Amendment, Date
----------------------- to Issuer (Check all applicable) of Original
3. IRS or Social Se- Director XX 10% Owner (Month/Day/Year)
curity Number of ---- ---- (06/19/98)
750 Battery Street, Suite 600 Reporting Person Officer (give Other (specify ---------------------
- ------------------------------------------------- (Voluntary) title below) below) 7. Individual or
(Street) ---- ---- Joint/Group Filing
(Check Applicable
Line)
--------------------------- Form filed by One
XX Reporting Person
---
Form filed by
More than One
Reporting Person
San Fransisco, California 94111 ---
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(City) (State) (Zip) TABLE I -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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1. Title of Security 2. Amount of Securities 3. Ownership 4. Nature of Indirect Beneficial
(Instr. 4) Beneficially Owned Form: Direct Ownership (Instr. 5)
(Instr. 4) (D) or Indirect
(I) (Instr. 5)
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Common Stock 2,777,777 I BCC has approximately a
74.634% proportional interest
in the profits and capital
account of BCC Acquisition I
LLC. BCC Acquisition I LLC
directly owns 3,721,877
shares of the Issuer's common
stock.
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
* If the form is filed by more than one reporting person, SEE Instruction 5(b)(v). SEC 1473 (7-97)
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM ARE NOT REQUIRED
TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER.
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FORM 3 (CONTINUED) TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE
SECURITIES)
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1. Title of Derivative Security 2. Date Exer- 3. Title and Amount of Securities 4. Conver- 5. Owner- 6. Nature of Indirect
(Instr. 4) cisable and Underlying Derivative Security sion or ship Beneficial
Expiration (Instr. 4) Exercise Form of Ownership
Date Price of Deriv- (Instr. 5)
(Month/Day/ Deri- ative
Year) vative Security:
-------------------------------------------------- Security Direct
Amount (D) or
Date Expir- or Indirect
Exer- ation Title Number (I)
cisable Date of
Shares (Instr. 5)
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Warrant (08/04/98) (08/04/05) Common Stock 339,431 $10.00 per share I BCC has
approximately a
74.634% propor-
tional interest in
the profits and
capital account of
BCC Acquisition I
LLC. BCC
Acquisition I LLC
directly owns a
Warrants to
acquire up to
454,796 shares of
the Issuer's
common stock.
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Explanation of Responses:
ON JUNE 19, 1998, THE REPORTING PERSON FILED ON FORM 3 INDICATING THAT THE REPORTING PERSON HAD ENTERED INTO A RIGHTS EXCHANGE
AGREEMENT PURSUANT TO WHICH IT MIGHT ACQUIRE UP TO 2,777,777 SHARES OF THE ISSUER'S COMMON STOCK AND WARRANTS TO ACQUIRE UP TO
339,431 MORE SUCH SHARES. THE TRANSACTIONS CONTEMPLATED BY THE RIGHTS EXCHANGE AGREEMENT CLOSED ON AUGUST 4, 1998, AT WHICH TIME
THE REPORTING PERSON ACQUIRED THE COMMON STOCK AND WARRANTS REPORTED HEREIN. THE REPORTING PERSON HAS NO RIGHT TO ACQUIRE ANY
ADDITIONAL SECURITIES OF THE ISSUER UNDER THE RIGHTS EXCHANGE AGREEMENT, THOUGH SUCH AGREEMENT IMPOSES NO LIMITATION ON FUTURE
ACQUISITIONS OR DISPOSITIONS OF SUCH SHARES BY THE REPORTING PERSON.
/s/ Fred B. Craves, Manager August 12, 1998
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**Intentional misstatements or omissions of facts constitute Federal **Signature of Reporting Person Date
Criminal Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient,
SEE Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB Number. Page 2
SEC 1473 (7-97)
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