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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
DUSA Pharmaceuticals, Inc.
(Name of Issuer)
Common Stock
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(Title of Class of Securities)
266898105
(CUSIP Number)
Carolyn S. Reiser
Shartsis Friese & Ginsburg
One Maritime Plaza, 18th Floor
San Francisco, CA 94111
(415) 421-6500
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
July 10, 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 /XX/. (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).
SEC 1746 (12-91)
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SCHEDULE 13D
CUSIP No. 266898105 Page 2 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Bulldog Capital Management Limited Partnership
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /XX/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 121,000
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 460,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 121,000
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
460,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
581,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
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14 TYPE OF REPORTING PERSON*
PN and IA
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*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.
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SCHEDULE 13D
CUSIP No. 266898105 Page 3 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Bulldog Capital Management, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /XX/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Florida
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NUMBER OF 7 SOLE VOTING POWER
SHARES 121,000
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 460,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 121,000
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
460,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
581,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
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14 TYPE OF REPORTING PERSON*
CO
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*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.
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SCHEDULE 13D
CUSIP No. 266898105 Page 4 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Bulldog Capital Partners Limited Partnership
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /XX/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 421,833
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
421,833
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
421,833
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
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14 TYPE OF REPORTING PERSON*
PN
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*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.
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SCHEDULE 13D
CUSIP No. 266898105 Page 5 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Bulldog Investment Partners Limited Partnership
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /XX/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 38,667
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
38,667
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
38,667
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4%
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14 TYPE OF REPORTING PERSON*
PN
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*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.
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SCHEDULE 13D
CUSIP No. 266898105 Page 6 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Ronald J. Pollack
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /XX/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES 121,000
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 460,500
- -0-
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 121,000
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
460,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
581,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
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14 TYPE OF REPORTING PERSON*
IN
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*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.
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SCHEDULE 13D
CUSIP No. 266898105 Page 7 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Brandon L. Marion
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /XX/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES 121,000
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 460,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 121,000
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
460,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
581,500
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
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14 TYPE OF REPORTING PERSON*
IN
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*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.
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SCHEDULE 13D
CUSIP No. 266898105 Page 8 of 13 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of DUSA
Pharmaceuticals, Inc., a New Jersey corporation ("DUSA"). The principal
executive office of DUSA is located at 6870 Goreway Drive, Mississauga,
Ontario L4V 1P1, Canada.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in Instruction
C of Schedule 13D and, where applicable, their respective places of
organization, general partners, directors, executive officers and controlling
persons, and the information regarding them, are as follows:
(a) Bulldog Capital Management Limited Partnership, a Delaware limited
partnership ("BCM"); Bulldog Capital Management, Inc., a Florida corporation
("Inc"); Ronald J. Pollack ("R. Pollack"); Brandon L. Marion ("Marion");
Mireille C. Pollack ("M. Pollack"); Bulldog Capital Partners Limited
Partnership, a Delaware limited partnership ("Capital"); and Bulldog
Investment Partners Limited Partnership, a Delaware limited partnership
("Investment").
(b) The business address of BCM, Inc., R. Pollack, M. Pollack, Marion,
Capital and Investment is 33 Garden Avenue North, Suite 750, Clearwater,
Florida 34615.
(c) BCM is an investment adviser. Inc. is the general partner of BCM.
Marion is designated as "President" of BCM. R. Pollack and M. Pollack are
the executive officers and directors of Inc. BCM is the general partner of
Capital and Investment, which are investment limited partnerships.
(d) During the last five years, none of such persons has been convicted
in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of such persons was 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 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.
(f) R. Pollack and Marion are citizens of the United States of America.
M. Pollack is a citizen of Belgium.
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SCHEDULE 13D
CUSIP No. 266898105 Page 9 of 13 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as follows:
Purchaser Source of Funds Amount
BCM Funds Under Management (1) $3,474,406
Capital Working Capital $2,822,172
Investment Working Capital $ 287,265
(1) Includes funds invested by Capital and Investment in Stock.
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the acquisitions of the Stock reported herein was and is
for investment.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The total ownership of the Stock by the filing group at the date hereof is
581,500 shares, which represents 6.2% of the total shares of Stock
outstanding.
The beneficial ownership of the Stock of the persons named in Item 2 of this
statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
BCM 581,500 6.2 121,000 460,500 121,000 460,500
Inc 581,500 6.2 121,000 460,500 121,000 460,500
Capital 421,833 4.5 -0- 421,833 -0- 421,833
Investment 38,667 0.4 -0- 38,667 -0- 38,667
R. Pollack 581,500 6.2 121,000 460,500 121,000 460,500
Marion 581,500 6.2 121,000 460,500 121,000 460,500
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SCHEDULE 13D
CUSIP No. 266898105 Page 10 of 13 Pages
The persons filing this statement effected the following transactions in the
Stock on the dates indicated, and such transactions are the only transactions
in the Stock by the persons filing this statement since May 10, 1996:
Purchase Number Price Broker
Name or Sale Date of Shares Per Share Used
Capital P 6/7/96 9,000 $9.81 Bear
Capital S 6/7/96 4,000 $9.87 Herzog
Capital S 6/25/96 10,000 $8.87 Nordberg
Investment S 6/26/96 3,000 $8.87 Baird
BCM S 6/26/96 2,000 $8.87 Baird
Capital P 6/28/96 12,000 $8.83 Rice
BCM P 6/28/96 1,000 $9.08 Rice
Capital S 7/1/96 3,667 $6.87 Furman
Investment P 7/1/96 3,667 $6.87 Furman
Capital P 7/10/96 14,000 $7.13 Meyers
Investment P 7/10/96 8,000 $7.13 Meyers
BCM P 7/10/96 18,000 $7.10 Meyers
BCM P 7/12/96 5,000 $6.25 Herzog
Investment P 7/12/96 5,000 $6.25 Meyers
Capital P 7/12/96 10,000 $6.25 Herzog
Capital P 7/23/96 5,000 $5.55 ITGI
BCM P 7/23/96 5,000 $5.55 ITGI
Capital P 7/25/96 5,000 $5.38 Rice
Capital P 7/26/96 35,000 $6.00 Shaw
Capital S 7/26/96 7,000 $5.75 Rice
Capital P 7/30/96 2,000 $6.07 Banyan
BCM P 7/31/96 5,000 $5.89 Balis
Capital P 7/31/96 15,000 $5.74 Balis/Sunrise
BCM S 8/1/96 2,000 $5.62 Banyan
Baird - Patrick Baird
Balis - Balis, Firestone Lewittes & Coleman
Banyan - Banyan Securities
Bear - Bear, Stearns
Furman - Furman Selz
Herzog - Herzog Securities
ITGI - Investment Technology
Meyers - M. H. Meyerson
Nordberg - Nordberg Capital
Rice - Rice Volker
Shaw - D.E. Shaw
Sunrise - Sunrise Securities
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SCHEDULE 13D
CUSIP No. 266898105 Page 11 of 13 Pages
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
BCM is the general partner of Capital and Investment, pursuant to limited
partnership agreements providing to BCM the authority, among other things, to
invest the funds of Capital and Investment in the Stock, to vote and dispose
of those securities and to file this statement on behalf of Capital and
Investment. Pursuant to those limited partnership agreements, BCM is
entitled to fees based on assets under management and realized and unrealized
gains, if certain conditions are met. Pursuant to investment management
agreements, BCM is authorized, among other things, to invest funds of its
various investment advisory clients, and to vote and dispose of those
securities. Such investment management agreements may be terminated by
either party on thirty days' notice, and provide for fees payable to BCM
based on assets under management and realized and unrealized gains, if
certain conditions are met.
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SCHEDULE 13D
CUSIP No. 266898105 Page 12 of 13 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
(including power of attorney).
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify that
the information set forth in this statement is true, complete and correct.
DATED: September __, 1996.
BULLDOG CAPITAL MANAGEMENT LIMITED PARTNERSHIP
By: Bulldog Capital Management, Inc., General Partner
By: /s/ Ronald J. Pollack
President
BULLDOG CAPITAL PARTNERS LIMITED PARTNERSHIP
By: Bulldog Capital Management Limited Partnership, General Partner
By: Bulldog Capital Management, Inc., General Partner
By: /s/ Ronald J. Pollack
President
BULLDOG INVESTMENT PARTNERS LIMITED PARTNERSHIP
By: Bulldog Capital Management Limited Partnership, General Partner
By: Bulldog Capital Management, Inc., General Partner
By: /s/ Ronald J. Pollack
President
/s/ Ronald J. Pollack
Ronald J. Pollack
/s/ Brandon L. Marion
Brandon L. Marion
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SCHEDULE 13D
CUSIP No. 266898105 Page 13 of 13 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange
Commission (the "SEC") any and all statements on Schedule 13D or Schedule 13G
(and any amendments or supplements thereto) required under section 13(d) of
the Securities Exchange Act of 1934, as amended, in connection with purchases
by the undersigned of securities of DUSA Pharmaceuticals, Inc., a New Jersey
corporation. For that purpose, the undersigned hereby constitute and appoint
Bulldog Capital Management Limited Partnership, a Delaware limited
partnership, as their true and lawful agent and attorney-in-fact, with full
power and authority for and on behalf of the undersigned to prepare or cause
to be prepared, sign, file with the SEC and furnish to any other person all
certificates, instruments, agreements and documents necessary to comply with
section 13(d) and section 16(a) of the Securities Exchange Act of 1934, as
amended, in connection with said purchases, and to do and perform every act
necessary and proper to be done incident to the exercise of the foregoing
power, as fully as the undersigned might or could do if personally present.
DATED: September __, 1996.
BULLDOG CAPITAL MANAGEMENT LIMITED PARTNERSHIP
By: Bulldog Capital Management, Inc., General Partner
By: /s/ Ronald J. Pollack
President
BULLDOG CAPITAL PARTNERS LIMITED PARTNERSHIP
By: Bulldog Capital Management Limited Partnership, General Partner
By: Bulldog Capital Management, Inc., General Partner
By: /s/ Ronald J. Pollack
President
BULLDOG INVESTMENT PARTNERS LIMITED PARTNERSHIP
By: Bulldog Capital Management Limited Partnership, General Partner
By: Bulldog Capital Management, Inc., General Partner
By: /s/ Ronald J. Pollack
President
/s/ Ronald J. Pollack
Ronald J. Pollack
/s/ Brandon L. Marion
Brandon L. Marion
C:\DMS\3646\010\0177216.02
