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| FORM 4 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[X] Check this box if
no longer subject STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
to Section 16.
Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities
obligations may Exchange Act of 1934, Section 17(a) of the
continue. See Public Utility Holding Company Act of 1935 or
Instruction 1(b). Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
The Bay City Capital Fund I, L.P. ("BCC"), c/o Bay City Capital LLC
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(Last) (First) (Middle)
750 Battery Street, Suite 600
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(Street)
San Francisco, CA 94111
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol Medarex, Inc. (MEDX)
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3. IRS or Social Security Number of Reporting Person (Voluntary) --
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4. Statement for Month/Year June 2000
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer (Check all applicable)
[ ] Director [ ] Officer [X] 10% Owner [ ] Other
(give title below) (specify below)
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7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
<TABLE>
<CAPTION>
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1. Title 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
of action action or Disposed of (D) Securities ship of In-
Security Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 3) (Month/ (Instr. 8) Owned at Direct Bene-
Day/ ----------------------------------------------- End of (D) or ficial
Year) Month Indirect Owner-
Code V Amount (A) or Price (Instr. 3 and 4) (I) ship
(D) (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 06/16/00 S 89,561 (D) $80.1875 I See
explanation 1
below.
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Common Stock 06/19/00 S 126,878 (D) $80.0945 I
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Common Stock 06/20/00 S 37,317 (D) $85.125 I
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Common Stock 06/20/00 S 134,341 (D) $82.1424 I
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Common Stock 06/21/00 S 63,439 (D) $83.7353 I
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Common Stock 06/22/00 S 22,390 (D) $84.2083 I
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Common Stock 06/28/00 S 55,976 (D) $80.8271 I
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Common Stock 06/29/00 S 67,171 (D) $80.854 I
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Common Stock 07/03/00 X 339,432 (A) $10.00 2,520,146 I
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
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.
<PAGE>
FORM 4 (continued)
TABLE II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
Security (Instr. 3) sion or action tion Code ative Securities
Exercise Date (Instr. 8) Acquired (A) or
Price of (Month/ Disposed of (D)
Deriv- Day/ (Instr. 3, 4, and 5)
ative Year)
Security
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Code V (A) (D)
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<S> <C> <C> <C> <C> <C> <C>
Common Stock Warrants $10.00 07/03/00 X 339,432
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</TABLE>
TABLE II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)--CONTINUED
<TABLE>
<CAPTION>
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1. Title of Derivative 6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
Security (Instr. 3) cisable and Underlying Securities of of Deriv- ship ture
Expiration (Instr. 3 and 4) Deriv- ative Form of In-
Date ative Secur- of De- direct
(Month/Day/ Secur- ities rivative Bene-
Year) ity Bene- Secu- ficial
(Instr. ficially rity: Owner-
---------------------------------------------- 5) Owned Direct ship
Date Expira- Amount or at End (D) or (Instr.
Exer- tion Title Number of of Indi- 4)
cisable Date Shares Month rect (I)
(Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock Warrants 08/04/98 08/04/02 Common Stock 339,432 See -0- I See
explanation explanation
2, below. 1, below.
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</TABLE>
Explanation of Responses:
1. In a series of open market transactions, BCC Acquisition I LLC ("BCC
Acquisition") sold 800,000 shares of the Issuer's Common Stock and exercised
a Warrant to purchase 454,796 shares of the Issuer's Common Stock (the
"Shares"). BCC has approximately a 74.634% proportional interest in the
profits and capital account of BCC Acquisition I LLC. The Reporting Person
disclaims beneficial ownership of the Shares except to the extent of its
pecuniary interest therein.
2. Pursuant to the Rights Exchange Agreement ("REA"), dated as of June 10, 1998,
the price for each warrant was based on the Face Value (as defined in the
REA) of rights acquired, where $6.75 of Face Value was exchanged for 1 share
of the Issuer's Common Stock and a warrant to purchase 0.1222 shares of
Issuer's Common Stock (the "Warrant").
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Fred B. Craves 7/7/2000
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**Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
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