SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 6)*
Genta Incorporated
------------------
(Name of Issuer)
Common Stock, par value $.001 per share
(Title of Class of Securities)
372 45 M 20 7
-------------
(CUSIP Number)
Paramount Capital Asset Management, Inc.
c/o Lindsay A. Rosenwald, M.D.
787 Seventh Avenue
New York, NY 10019
(212) 554-4300
with a copy to:
David R. Walner, Esq. Monica C. Lord, Esq.
Paramount Capital Asset Kramer, Levin,
Management, Inc. Naftalis & Frankel
787 Seventh Avenue 919 Third Avenue
New York, NY 10019 New York, NY 10022
(212) 554-4372 (212) 715-9100
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
September 24, 1998
(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:
[_]
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 1 of 10 Pages
<PAGE>
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CUSIP No. 372 45 M 20 7 13D Page 2 of 10 Pages
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1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Paramount Capital Asset Management, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3)
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
|-|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY None
OWNED BY ------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 15,905,896
WITH ------------------------------------------
9 SOLE DISPOSITIVE POWER
None
------------------------------------------
10 SHARED DISPOSITIVE POWER
15,905,896
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,905,896
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
65.5% (42.0% of the outstanding voting power)**
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
** The outstanding shares of Series D Preferred Stock of the Issuer are entitled
to vote together with the holders of Common Stock on all matters submitted to a
vote of stockholders of the Issuer. As of September 24, 1998, Paramount Capital
Asset Management, Inc. may be deemed beneficially to own (within the meaning of
Rule 13d-3 under the Securities Exchange Act of 1934, as amended) 41.8% of the
aggregate voting power of the Common Stock and Series D Preferred Stock
outstanding.
<PAGE>
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CUSIP No. 372 45 M 20 7 13D Page 3 of 10 Pages
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1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Aries Domestic Fund, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
|-|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY None
OWNED BY ------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 5,467,877
WITH ------------------------------------------
9 SOLE DISPOSITIVE POWER
None
------------------------------------------
10 SHARED DISPOSITIVE POWER
5,467,877
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,467,877
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.5% (14.4% of the outstanding voting power)**
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
** The outstanding shares of Series D Preferred Stock of the Issuer are entitled
to vote together with the holders of Common Stock on all matters submitted to a
vote of stockholders of the Issuer. As of September 24, 1998, the Aries Domestic
Fund, L.P. may be deemed beneficially to own (within the meaning of Rule 13d-3
under the Securities Exchange Act of 1934, as amended) 14.4% of the aggregate
voting power of the Common Stock and Series D Preferred Stock outstanding.
<PAGE>
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CUSIP No. 372 45 M 20 7 13D Page 4 of 10 Pages
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1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Aries Trust
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
|-|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY None
OWNED BY ------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 10,445,019
WITH ------------------------------------------
9 SOLE DISPOSITIVE POWER
None
------------------------------------------
10 SHARED DISPOSITIVE POWER
10,445,019
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,445,019
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
43.0% (27.6% of the outstanding voting power)**
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON* OO (see Item 2)
- --------------------------------------------------------------------------------
** The outstanding shares of Series D Preferred Stock of the Issuer are entitled
to vote together with the holders of Common Stock on all matters submitted to a
vote of stockholders of the Issuer. As of September 24, 1998, The Aries Trust
may be deemed beneficially to own (within the meaning of Rule 13d-3 under the
Securities Exchange Act of 1934, as amended) 27.6% of the aggregate voting power
of the Common Stock and Series D Preferred Stock outstanding.
<PAGE>
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CUSIP No. 372 45 M 20 7 13D Page 5 of 10 Pages
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- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lindsay A. Rosenwald, M.D.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e)
|-|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 822,491**
OWNED BY ------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 15,905,896
WITH ------------------------------------
9 SOLE DISPOSITIVE POWER
822,491**
------------------------------------
10 SHARED DISPOSITIVE POWER
15,905,896
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,728,387**
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES*
|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
68.8% (44.2% of the outstanding voting power)***
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
** Does not include approximately 1,951,801 and 92,101 shares of Common Stock
issuable, respectively, upon conversion and exercise of approximately 18,420
shares of Series D Preferred Stock and Class D Warrants issuable upon exercise
of Advisory Warrants, which are not exercisable within 60 days of September 24,
1998.
*** The outstanding shares of Series D Preferred Stock of the Issuer are
entitled to vote together with the holders of Common Stock on all matters
submitted to a vote of stockholders of the Issuer. As of September 24, 1998,
Lindsay A. Rosenwald, M.D. may be deemed beneficially to own (within the meaning
of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) 44.2% of
the aggregate voting power of the Common Stock and Series D Preferred Stock
outstanding.
<PAGE>
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CUSIP No. 372 45 M 20 7 13D Page 6 of 10 Pages
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1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mr. Michael S. Weiss
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF (see Item 3)
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e)
|-|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 148,354
OWNED BY ----------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON None**
WITH ----------------------------------------
9 SOLE DISPOSITIVE POWER
148,354
----------------------------------------
10 SHARED DISPOSITIVE POWER
None**
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
148,354**
- --------------------------------------------------------------------------------
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% (0.5% of the outstanding voting power)***
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
** Does not include approximately 502,993 and 23,735 shares of Common Stock
issuable, respectively, upon conversion and exercise of approximately 4,747
shares of Series D Preferred Stock and Class D Warrants issuable upon exercise
of Advisory Warrants, which are not exercisable within 60 days of September 24,
1998, that are held by an entity of which Mr. Weiss is the managing member.
*** The outstanding shares of Series D Preferred Stock of the Issuer are
entitled to vote together with the holders of Common Stock on all matters
submitted to a vote of stockholders of the Issuer. As of September 24, 1998, Mr.
Michael S. Weiss may be deemed beneficially to own (within the meaning of Rule
13d-3 under the Securities Exchange Act of 1934, as amended) 0.5% of the
aggregate voting power of the Common Stock and Series D Preferred Stock
outstanding.
<PAGE>
SCHEDULE 13D
This Amendment No. 6 amends and supplements the following Items of the
Reporting Persons' Statement on Schedule 13D, dated February 24, 1997, as
amended to date, (the "Schedule").
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The information contained in Item 3 to the Schedule is hereby amended
by adding the following:
Between August 19 and September 24, Aries Trust and Aries Domestic
purchased 431,490 and 141,460 shares of Common Stock (additional "Purchased
Common Stock"), respectively, on the open market. Aries Trust and Aries Domestic
used their respective general funds for such purchases.
Aries Trust made the following purchases:
Date No. of Shares Sales Price
- ---- ------------- -----------
08/19/98 17,800 $0.625
08/20/98 17,800 $0.625
08/21/98 2,000 $0.688
08/24/98 12,000 $0.719
08/25/98 11,100 $0.730
08/27/98 11,800 $0.791
08/28/98 11,900 $0.813
08/31/98 12,800 $0.875
09/01/98 12,800 $0.939
09/02/98 12,750 $1.039
09/03/98 12,770 $1.000
09/04/98 12,770 $0.956
09/08/98 18,900 $1.017
09/09/98 18,900 $1.031
09/10/98 18,900 $0.957
09/11/98 18,900 $0.969
09/14/98 21,100 $0.969
09/15/98 28,500 $0.969
09/16/98 20,000 $0.969
09/17/98 21,100 $0.969
09/18/98 21,100 $0.991
09/21/98 23,900 $1.000
09/22/98 24,000 $1.000
09/23/98 23,900 $0.969
09/24/98 24,000 $0.969
Page 7 of 10 Pages
<PAGE>
Aries Domestic made the following purchases:
Date No. of Shares Sales Price
- ---- ------------- -----------
08/19/98 6,200 $0.625
08/20/98 6,200 $0.625
08/24/98 4,000 $0.719
08/25/98 3,900 $0.730
08/27/98 4,200 $0.791
08/28/98 4,100 $0.813
08/31/98 4,450 $0.875
09/01/98 4,450 $0.939
09/02/98 4,500 $1.039
09/03/98 4,480 $1.000
09/04/98 4,480 $0.956
09/08/98 6,600 $1.017
09/09/98 6,600 $1.031
09/10/98 6,600 $0.957
09/11/98 6,600 $0.969
09/14/98 7,400 $0.969
09/16/98 8,500 $0.969
09/17/98 7,400 $0.969
09/18/98 7,400 $0.991
09/21/98 8,400 $1.000
09/22/98 8,300 $1.000
09/23/98 8,400 $0.969
09/24/98 8,300 $0.969
ITEM 5. INTEREST IN SECURITIES OF ISSUER.
The information contained in Item 5 to the Schedule is hereby amended
and supplemented to read in its entirety as follows:
(a) As of September 24, 1998: Dr. Rosenwald, as the sole shareholder
of Paramount Capital and as the holder of Placement Warrants and
Advisory Warrants, may be deemed beneficially to own 16,728,387
shares or 68.8% of the Issuer's Common Stock; Paramount Capital,
through the acquisitions of securities by Aries Trust and Aries
Domestic, may be deemed beneficially to own 15,905,896 shares or
65.5% of the Issuer's Common Stock; and Aries Domestic, Aries
Trust and Mr. Weiss may be deemed beneficially to own the
following numbers of shares of Common Stock:
Aries Domestic 5,467,877
Aries Trust 10,445,019
Mr. Weiss 148,354
Pursuant to Rule 13d-4 promulgated under the Securities Exchange
Act of 1934, as amended, the Filing Persons disclaim beneficial
ownership of all the Common Stock except the Purchased Common
Stock. Pursuant to
Page 8 of 10 Pages
<PAGE>
Rule 13d-4 promulgated under the Securities Exchange Act of 1934,
as amended, the Aries Reporting Persons and Mr. Weiss each
disclaim beneficial ownership of all securities held by the
other.
The outstanding shares of Series D Preferred Stock of the Issuer
are entitled to vote together with the holders of Common Stock on
all matters submitted to a vote of stockholders of the Issuer. As
of September 24, 1998, Dr. Rosenwald and Paramount Capital may be
deemed beneficially to own (within the meaning of Rule 13d-3
under the Securities Exchange Act of 1934, as amended) 44.2% and
42.0%, respectively, of the aggregate voting power of the Common
Stock and Series D Preferred Stock outstanding.
(b) Dr. Rosenwald and Paramount Capital share the power to vote or to
direct the vote, to dispose or to direct the disposition of those
shares owned by each of Aries Domestic and Aries Trust. Dr.
Rosenwald has the sole power to vote or to direct the vote and to
dispose or to direct the disposition of the shares underlying the
Placement Warrants and Advisory Warrants held by him. Mr. Weiss
has the sole power to vote or to direct the vote and to dispose
or to direct the disposition of the shares that he owns.
(c) Other than the purchase of Series A Preferred Stock on July 27,
1998 and the open market purchases of Common Stock reported in
Item 3, the Reporting Persons have not engaged in any
transactions in the Common Stock of the Issuer in the past 60
days.
(d)&(e) Not applicable.
Page 9 of 10 Pages
<PAGE>
SIGNATURES
After reasonable inquiry and to the best knowledge and belief
of the undersigned, the undersigned certify that the information set forth in
this statement is true, complete and correct.
PARAMOUNT CAPITAL ASSET MANAGEMENT, INC.
Dated: September 24, 1998
New York, NY By: /s/ Lindsay A. Rosenwald
---------------------------------------
Lindsay A. Rosenwald, M.D.
President
ARIES DOMESTIC FUND, L.P.
By: Paramount Capital Asset Management, Inc.
General Partner
Dated: September 24, 1998
New York, NY By: /s/ Lindsay A. Rosenwald
---------------------------------------
Lindsay A. Rosenwald, M.D.
President
THE ARIES TRUST
By: Paramount Capital Asset Management, Inc.
General Partner
Dated: September 24, 1998
New York, NY By: /s/ Lindsay A. Rosenwald
---------------------------------------
Lindsay A. Rosenwald, M.D.
President
Dated: September 24, 1998
New York, NY By: /s/ Lindsay A. Rosenwald
---------------------------------------
Lindsay A. Rosenwald, M.D.
Dated: September 24, 1998
New York, NY By: /s/ Michael S. Weiss
---------------------------------------
Mr. Michael S. Weiss
Page 10 of 10 Pages
