UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
The, Aries Trust
c/o Paramount Capital Asset Management. inc.
787 Seventh Avenue, 48th Floor
New York, NY 10019
2. Issuer Name and Ticker or Trading Symbol
Genta Incorporated
GNTA
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
AUGUST / 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock, par value |8/19/9| P | | 17,800 | A | $0.625 | | D |
$0.01 per share |8 | | | | | | | |
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Common Stock |8/20/9| P | | 17,800 | A | $0.625 | | D |
|8 | | | | | | | |
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Common Stock |8/21/9| P | | 2,000 | A | $0.688 | | D |
|8 | | | | | | | |
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Common Stock |8/24/9| P | | 12,000 | A | $0.719 | | D |
|8 | | | | | | | | |
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Common Stock |8/25/9| P | | 11,100 | A | $0.730 | | D |
|8 | | | | | | | | |
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Common Stock |8/27/9| P | | 11,800 | A | $0.791 | | D |
|8 | | | | | | | | |
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Common Stock |8/28/9| P | | 11,900 | A | $0.813 | | D |
|8 | | | | | | | | |
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Common Stock |8/31/9| P | | 12,800 | A | $0.875 | 10,130,573 | D |
|8 | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Series A Convertible |$8.27 |8/24/|P | | 3,700 |A |N/A |N/A |Common Stock|26,844 |$6.80 |69,700 |D | |
Preferred Stock, par v| |98 | | | | | | | | | | | | |
alue $.001 per share | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
See Attachment A
SIGNATURE OF REPORTING PERSON
/s/Lindsay A. Rosenwald, M.D.
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Lindsay A. Rosenwald, M.D., President
Paramount Capital Asset Management, Inc.,
Investment Manager The Aries Trust
DATE
9/10/98
** Intentional misstatements or omissions of facts constitute Federal 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 provided is insufficient, see Instruction 6 for procedure.
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Attachment A
Reporting Person: The Aries Trust
Issuer: Genta Incorporated (GNTA)
Statement For: August, 1998
Paramount Capital Asset Management, Inc. ("Paramount"), the Investment
Manager to The Aries Trust (the "Trust"), is also the General Partner of the
Aries Domestic Fund (the "Partnership" and, together with the Trust, the "Aries
Funds"), a Delaware limited partnership, which also owns securities of the
Issuer. Lindsay A. Rosenwald, M.D., is the sole shareholder of Paramount.
Paramount and Dr. Rosenwald disclaim beneficial ownership of the securities held
by the Partnership and the Trust, except to the extent of their pecuniary
interest therein. Pursuant to certain agreements, the Aries Funds have the right
to designate a majority of the Issuer's Board of Directors, however, the
Reporting Person disclaims status as a Director of the Issuer.
