SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDED SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 16)*
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 M. Tanen Monica C. Lord, Esq.
Paramount Capital Asset Kramer Levin
Management, Inc. Naftalis & Frankel LLP
787 Seventh Avenue 919 Third Avenue
New York, NY 10019 New York, NY 10022
(212) 554-4356 (212) 715-9100
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
August 30, 1999
(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 14 Pages
<PAGE>
- -------------------------------------- --------------------------
CUSIP No. 372 45 M 20 7 13D Page 2 of 14 Pages
- -------------------------------------- --------------------------
- --------------------------------------------------------------------------------
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)
- --------------------------------------------------------------------------------
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 24,057,609
WITH --------------------------------------------
9 SOLE DISPOSITIVE POWER
None
--------------------------------------------
10 SHARED DISPOSITIVE POWER
24,057,609
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,057,609
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES*
|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
64.5% (57.0% 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 14, 1999, 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) 57.0% of the
aggregate voting power of the Common Stock and Series D Preferred Stock
outstanding.
<PAGE>
- -------------------------------------- -------------------------
CUSIP No. 372 45 M 20 7 13D Page 3 of 14 Pages
- -------------------------------------- -------------------------
- --------------------------------------------------------------------------------
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 7,858,219
WITH --------------------------------------------
9 SOLE DISPOSITIVE POWER
None
--------------------------------------------
10 SHARED DISPOSITIVE POWER
7,858,219
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,858,219
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES*
|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.7% (21.5% 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 14, 1999, 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) 21.5% of the aggregate
voting power of the Common Stock and Series D Preferred Stock outstanding.
<PAGE>
- -------------------------------------- -------------------------
CUSIP No. 372 45 M 20 7 13D Page 4 of 14 Pages
- -------------------------------------- -------------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Aries Domestic Fund II, 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 139,258
WITH
-------------------------------------------
9 SOLE DISPOSITIVE POWER
None
-------------------------------------------
10 SHARED DISPOSITIVE POWER
139,258
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
139,258
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES*
|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.7% (0.4% 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 14, 1999, the Aries Domestic
Fund II, L.P. may be deemed beneficially to own (within the meaning of Rule
13d-3 under the Securities Exchange Act of 1934, as amended) 0.4% of the
aggregate voting power of the Common Stock and Series D Preferred Stock
outstanding.
<PAGE>
- -------------------------------------- -------------------------
CUSIP No. 372 45 M 20 7 13D Page 5 of 14 Pages
- -------------------------------------- -------------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Aries Master Fund
- --------------------------------------------------------------------------------
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
Cayman Islands
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY None
OWNED BY --------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 16,060,131
WITH
--------------------------------------------
9 SOLE DISPOSITIVE POWER
None
--------------------------------------------
10 SHARED DISPOSITIVE POWER
16,060,131
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,060,131
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES*
|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
50.78% (40.8% 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 14, 1999, The Aries Master
Fund may be deemed beneficially to own (within the meaning of Rule 13d-3 under
the Securities Exchange Act of 1934, as amended) 40.8% of the aggregate voting
power of the Common Stock and Series D Preferred Stock outstanding.
<PAGE>
- -------------------------------------- -------------------------
CUSIP No. 372 45 M 20 7 13D Page 6 of 14 Pages
- -------------------------------------- -------------------------
- --------------------------------------------------------------------------------
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)
|-|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,866,393**
OWNED BY --------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 26,784,481
WITH --------------------------------------------
9 SOLE DISPOSITIVE POWER
2,866,393**
--------------------------------------------
10 SHARED DISPOSITIVE POWER
26,784,481
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
26,784,481**
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES*
|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
67.1% (59.6% of the outstanding voting power)**
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
** 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 14, 1999, 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) 59.6% of the
aggregate voting power of the Common Stock and Series D Preferred Stock
outstanding.
<PAGE>
SCHEDULE 13D
This Amendment No. 16 amends and supplements the following items
of the Reporting Persons' Amended and Restated Schedule 13D, dated November 1,
1998, as amended to date (the "Schedule").
Item 2. Identity and Background
Item 2 is hereby amended and restated to read in its entirety as
follows:
(a) This statement is filed on behalf of Paramount Capital Asset
Management, Inc. ("Paramount Capital"), Aries Domestic Fund, L.P.
("Aries Domestic"), The Aries Master Fund(1), a Cayman Island
exempted company ("Aries Fund"), Dr. Lindsay A. Rosenwald
(together with Paramount Capital, Aries Domestic and Aries Fund,
the "Aries Reporting Persons") and Aries Domestic Fund II, L.P.
("Aries Domestic II" and, together with the Aries Reporting
Persons, the "Filing Persons"). See attached Exhibit AF which is
a copy of their agreement in writing to file this statement
jointly on behalf of each of them. The Filing Persons have made,
and will continue to make, their own investment decisions.
(b) The business address of Paramount Capital, Aries Domestic, Aries
Domestic II and Dr. Rosenwald is 787 Seventh Avenue, 48th Floor,
New York, New York 10019. The business address for Aries Fund is
c/o MeesPierson (Cayman) Limited, P.O. Box 2003, British American
Centre, Phase 3, Dr. Roy's Drive, George Town, Grand Cayman.
(c) Dr. Rosenwald is an investment banker, venture capitalist, fund
manager and sole shareholder of Paramount Capital,(2) a
Subchapter S corporation incorporated in the State of Delaware.
Paramount Capital is the General Partner of Aries Domestic,(3) a
limited partnership organized under the laws of Delaware.
- --------------------
(1) In September of 1998 Aries Trust transferred all of its assets to Aries
Fund. All references to "Aries Trust" with respect to events occurring
after September, 1998, should be read as Aries Fund.
(2) Please see Exhibit B, filed herewith, indicating the executive officers
and directors of Paramount Capital and providing information called for
by Items 2-6 of this statement as to said officers and directors.
Exhibit B is herein incorporated by reference.
(3) Please see Exhibit C indicating the general partner of Aries Domestic
and the general partner's executive officers and directors and providing
information called for by Items 2-6 of this statement as to said general
partner, officers and directors. Exhibit C is herein incorporated by
reference.
Page 7 of 14 Pages
<PAGE>
Paramount Capital is the Investment Manager to Aries Fund,(4) a Cayman
Island exempted company. Paramount is the General Partner of Aries
Domestic II,(5) a limited partnership organized under the laws of
Delaware.
(d) Dr. Rosenwald, Paramount Capital, Aries Domestic, Aries Domestic
II and Aries Fund and their respective officers, directors,
general partners, investment managers, and trustees have not,
during the five years prior to the date hereof, been convicted in
a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) Dr. Rosenwald, Paramount Capital, Aries Domestic, Aries Domestic
II and Aries Fund and their respective officers, directors,
general partners, investment managers, and trustees have not
been, during the five years prior to the date hereof, parties to
a civil proceeding of a judicial or administrative body of
competent jurisdiction, as a result of which such person 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 funding any violation with
respect to such laws.
(f) Dr. Rosenwald is a citizen of the United States.
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 July 30, 1999 and September 14, 1999, Aries Fund, Aries
Domestic and Aries Domestic II used their respective general funds to purchase
207,309, 118,956 and 80,855 shares of Common Stock (additional "Purchased Common
Stock"), respectively, on the open market. Further, on August 30, 1999, the
Issuer declared a dividend on the outstanding shares Series D Preferred Stock,
which was paid in shares of Common Stock of the Issuer (the "Series D
Dividend"). Aries Fund received 363,592 shares of Common Stock of the Issuer as
a result of its ownership of 49,020 shares of Series D Preferred Stock and Aries
Domestic received 195,777 shares of Common Stock of the Issuer as a result of
its ownership of 26,395 shares of Series D Preferred Stock. Simultaneously, with
the Series D dividend, the Issuer declared a dividend on its outstanding shares
of Series A Preferred Stock, which was paid in shares of Common Stock of the
Issuer (the "Series A Dividend"). The Aries Fund received 692,334 shares of
Common
- ---------------
(4) Please see Exhibit D indicating the investment manager of the Aries
Trust and the investment manager's executive officers and directors and
providing information called for by Items 2-6 of this statement as to
said investment manager and officers and directors. Exhibit D is herein
incorporated by reference.
(5) Please see Exhibit AG indicating the general partner of Aries Domestic
II and the general partner's executive officers and directors and
providing information called for by Items 2-6 of this statement as to
said general partner, officers and directors. Exhibit AG is herein
incorporated by reference.
Page 8 of 14 Pages
<PAGE>
Stock of the Issuer as a result of its ownership of 180,700 shares of Series A
Preferred Stock and Aries Domestic received 268,581 shares of Common Stock of
the Issuer as a result of its ownership of 70,100 shares of Series A Preferred
Stock.
Aries Fund made the following purchases:
Date No. of Shares Purchase Price
- ---- ------------- --------------
08/02/99 3,440 $ 2.685
08/05/99 2,133 $ 2.750
08/09/99 3,440 $ 2.630
08/09/99 3,440 $ 2.563
08/10/99 3,440 $ 2.613
08/10/99 6,880 $ 2.611
08/11/99 6,880 $ 2.547
08/11/99 6,880 $ 2.500
08/12/99 3,440 $ 2.790
08/12/99 3,440 $ 2.550
08/13/99 3,440 $ 2.664
08/13/99 6,880 $ 2.688
08/16/99 3,440 $ 2.750
08/16/99 3,440 $ 2.763
08/17/99 3,440 $ 2.810
08/18/99 3,440 $ 2.750
08/18/99 3,440 $ 2.710
08/19/99 3,440 $ 2.938
08/19/99 6,880 $ 2.570
08/19/99 3,440 $ 2.553
08/20/99 3,440 $ 2.563
08/20/99 6,880 $ 2.628
08/23/99 3,440 $ 2.750
08/23/99 3,440 $ 2.562
08/24/99 6,880 $ 2.415
08/24/99 6,880 $ 2.435
08/25/99 3,440 $ 2.344
08/26/99 6,880 $ 2.625
08/26/99 6,880 $ 2.663
08/30/99 3,440 $ 2.520
08/30/99 6,880 $ 2.433
08/31/99 13,760 $ 2.685
09/01/99 6,880 $ 2.531
09/02/99 6,880 $ 2.442
09/09/99 11,451 $ 2.375
09/10/99 11,451 $ 2.375
09/13/99 6,857 $ 2.406
Page 9 of 14 Pages
<PAGE>
09/14/99 6,857 $ 2.438
Aries Domestic made the following purchases:
Date No. of Shares Purchase Price
- ---- ------------- --------------
08/02/99 1,480 $ 2.685
08/05/99 917 $ 2.750
08/05/99 1,480 $ 2.746
08/06/99 8,877 $ 2.677
08/06/99 5,918 $ 2.720
08/09/99 1,480 $ 2.630
08/09/99 1,480 $ 2.563
08/10/99 1,480 $ 2.613
08/10/99 2,959 $ 2.611
08/11/99 2,959 $ 2.547
08/11/99 2,959 $ 2.500
08/12/99 1,480 $ 2.790
08/12/99 1,480 $ 2.550
08/13/99 2,959 $ 2.664
08/13/99 1,480 $ 2.688
08/16/99 1,480 $ 2.750
08/16/99 1,480 $ 2.763
08/17/99 1,480 $ 2.810
08/18/99 1,480 $ 2.750
08/18/99 1,480 $ 2.710
08/19/99 1,480 $ 2.938
08/19/99 1,480 $ 2.570
08/19/99 2,959 $ 2.553
08/20/99 2,959 $ 2.563
08/20/99 1,480 $ 2.628
08/23/99 1,480 $ 2.750
08/23/99 1,480 $ 2.562
08/24/99 2,959 $ 2.415
08/24/99 2,959 $ 2.435
08/25/99 1,480 $ 2.344
08/26/99 2,959 $ 2.625
08/26/99 2,959 $ 2.663
08/30/99 1,480 $ 2.520
08/30/99 2,959 $ 2.433
08/31/99 5,918 $ 2.685
09/01/99 2,959 $ 2.531
09/02/99 16,300 $ 2.442
09/09/99 4,978 $ 2.375
Page 10 of 14 Pages
<PAGE>
09/10/99 4,978 $ 2.375
09/13/99 2,981 $ 2.406
09/14/99 2,981 $ 2.438
Aries Domestic II made the following purchases:
Date No. of Shares Purchase Price
- ---- ------------- --------------
08/02/99 81 $ 2.685
08/02/99 5,000 $ 2.813
08/03/99 10,000 $ 2.991
08/04/99 15,000 $ 2.708
08/04/99 5,000 $ 2.688
08/05/99 1,950 $ 2.750
08/05/99 80 $ 2.746
08/06/99 483 $ 2.677
08/06/99 322 $ 2.720
08/09/99 80 $ 2.630
08/09/99 80 $ 2.563
08/10/99 80 $ 2.613
08/10/99 161 $ 2.611
08/11/99 161 $ 2.547
08/11/99 161 $ 2.500
08/12/99 80 $ 2.790
08/12/99 80 $ 2.550
08/13/99 161 $ 2.664
08/13/99 80 $ 2.688
08/16/99 80 $ 2.750
08/16/99 80 $ 2.763
08/17/99 80 $ 2.810
08/18/99 80 $ 2.750
08/18/99 80 $ 2.710
08/19/99 161 $ 2.938
08/19/99 80 $ 2.570
08/19/99 80 $ 2.553
08/20/99 80 $ 2.563
08/20/99 161 $ 2.628
08/23/99 80 $ 2.750
08/23/99 80 $ 2.562
08/24/99 161 $ 2.415
08/24/99 161 $ 2.435
08/25/99 80 $ 2.344
08/26/99 161 $ 2.625
08/26/99 161 $ 2.663
Page 11 of 14 Pages
<PAGE>
08/30/99 80 $ 2.520
08/30/99 161 $ 2.433
08/31/99 322 $ 2.685
09/01/99 161 $ 2.531
09/03/99 10,000 $ 2.438
09/03/99 16,700 $ 2.381
09/07/99 16,700 $ 2.344
09/09/99 271 $ 2.375
09/10/99 271 $ 2.375
09/13/99 162 $ 2.406
09/14/99 162 $ 2.438
Item 5. Interest in Securities of Issuer.
The information contained in Item 5 to the Schedule is hereby amended
and supplemented to read as follows:
(a) As of August 9, 1999: 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 26,784,481 shares or 67.1% of the
Issuer's Common Stock; Paramount Capital, through the
acquisitions of securities by Aries Fund, Aries Domestic
and Aries Domestic II, may be deemed beneficially to own
24,057,609 shares or 64.5% of the Issuer's Common Stock.
Aries Fund, Aries Domestic and Aries Domestic II may be
deemed beneficially to own the following numbers of shares
of Common Stock:
Aries Fund 16,060,131
Aries Domestic 7,858,219
Aries Domestic II 139,258
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 Rule 13d-4
promulgated under the Securities Exchange Act of 1934, as
amended, the Filing Persons each disclaim beneficial
ownership of the securities held by each 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 14, 1999, Dr.
Rosenwald, Paramount Capital and Aries Trust may be deemed
beneficially to own (within the meaning of Rule 13d-3
under the Securities Exchange Act of 1934, as amended)
59.6 %, 57.0 % and 40.8 %,
Page 12 of 14 Pages
<PAGE>
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 and to dispose or to direct the
disposition of those shares owned by each of Aries Fund,
Aries Domestic and Aries Domestic II. 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
(c) Other than certain of the open market purchases of Common
Stock reported in Item 3 and in Item 3 of Amendment No. 15
to Schedule 13D filed on August 9, 1999, the Filing
Persons have not engaged in any transactions in the Common
Stock of the Issuer in the past 60 days.
(d)&(e) Not applicable.
Page 13 of 14 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 14, 1999
New York, NY By: ________________________________
Lindsay A. Rosenwald, M.D.
Chairman
THE ARIES MASTER FUND
By: Paramount Capital Asset Management,
Inc.
Investment Manager
Dated: September 14, 1999
New York, NY By: ________________________________
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND, L.P.
By: Paramount Capital Asset Management,
Inc.
General Partner
Dated: September 14, 1999
New York, NY By: ________________________________
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND II, L.P.
By: Paramount Capital Asset Management,
Inc.
General Partner
Dated: September 14, 1999
New York, NY By: ________________________________
Lindsay A. Rosenwald, M.D.
Chairman
Dated: September 14, 1999
New York, NY ____________________________________
Lindsay A. Rosenwald, M.D.
Page 14 of 14 Pages
