UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
GLIATECH, INC.
---------------------------------
(Name of Issuer)
Common Stock, $0.01 Par Value
---------------------------------
(Title of Class of Securities)
37929C103
---------------
(CUSIP Number)
July 28, 1999
---------------------------------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X ] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 disclosure
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).
Continued on following page(s)
Page 1 of 7 Pages
<PAGE>
SCHEDULE 13G
CUSIP No. 37929C103 Page 2 of 7 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
SHAKER INVESTMENTS MANAGEMENT, L.P.
2 Check the Appropriate Box If a Member of a Group*
a. [_]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
OHIO
5 Sole Voting Power
Number of 88,022
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 88,022
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
88,022
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[ ]
11 Percent of Class Represented By Amount in Row (9)
.91%
12 Type of Reporting Person*
IA; PN
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. 37929C103 Page 3 of 7 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
SHAKER INVESTMENTS, INC.
2 Check the Appropriate Box If a Member of a Group*
a. [_]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
OHIO
5 Sole Voting Power
Number of 88,022
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 476,406
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
476,406
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[ ]
11 Percent of Class Represented By Amount in Row (9)
4.93%
12 Type of Reporting Person*
IA; CO
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Page 4 of 7 Pages
Item 1(a) Name of Issuer:
Gliatech, Inc. (the "Issuer").
Item 1(b) Address of the Issuer's Principal Executive Offices:
23420 Commerce Park Road, Cleveland, Ohio 44122.
Item 2(a) Name of Person Filing:
This statement is filed on behalf of each of
the following persons (collectively the
"Reporting Person"):
(i) Shaker Investments Management, L.P. ("Shaker
Management") and
(ii) Shaker Investments, Inc. ("Shaker Investments")
Item 2(b) Address of Principal Business Office or, if None, Residence:
(1) The address and principal business
office of Shaker Management is 801 Tower
East, 20600 Chagrin Boulevard,
Cleveland, Ohio 44127.
(2) The address and principal business
office of Shaker Investments is 801
Tower East, 20600 Chagrin Boulevard,
Cleveland, Ohio 44127.
Item 2(c) Citizenship:
(1) Shaker Management is an Ohio limited
partnership.
(2) Shaker Investments is an Ohio
corporation.
<PAGE>
Page 5 of 7 Pages
Item 2(d) Title of Class of Securities:
Common Stock, $0.01 par value (the
"Shares").
Item 2(e) CUSIP Number:
37929C103
Item 3. If this statement is filed pursuant to
Rule 13d-1(b), or 13d-2(b), check whether the
person filing is a:
This Item 3 is not applicable.
Item 4. Ownership:
Item 4(a) Amount Beneficially Owned:
(i) As of December 31, 1998, Shaker
Management may be deemed to be the
beneficial owner of 88,022 Shares held
for the account of 3 private investment
funds for which Shaker Management acts
as the investment advisor.
(ii) As of December 31, 1998, Shaker
Investments may be deemed to be the
beneficial owner of 476,406 Shares held
for the account of 3 private investment
funds and various managed accounts for
which Shaker Investments acts as the
investment advisor.
Item 4(b) Percent of Class:
(i) The number of Shares of which Shaker
Management may be deemed to be the
beneficial owner constitutes
approximately .91% of the total number
of shares outstanding.
(ii) The number of Shares of which Shaker
Investments may be deemed to be the
beneficial owner constitutes
approximately 4.93% of the total number
of shares outstanding.
<PAGE>
Page 6 of 7 Pages
Item 4(c) Number of shares as to which such person has:
Shaker Management Shaker Investments
----------------- ------------------
(i) Sole power to vote or to direct the vote: 88,022 88,022
(ii) Shared power to vote or to direct the vote: 0 0
(iii) Sole power to dispose or to direct the
disposition of: 88,022 476,406
(iv) Shared power to dispose or to direct the
disposition of: 0 0
Item 5. Ownership of Five Percent or Less of a Class:
If this statement is being filed to report
the fact that as of the date hereof the reporting persons have
ceased to be the beneficial owners of more than five percent of
the class of securities, check the following [x].
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
(i) The shareholders or partners of each of
the two funds for which Shaker
Management acts as investment advisor,
have the right to participate in the
receipt of dividends from, or proceeds
from the sale of, the Shares, held by
the respective funds or managed accounts
in accordance with their ownership
interests in the funds.
(ii) The shareholders, partners or principals
of each of the two funds, and the
managed accounts for which Shaker
Investments acts as investment advisor,
have the right to participate in the
receipt of dividends from, or proceeds
from the sale of, the Shares, held by
the respective funds or managed accounts
in accordance with their ownership
interests in the funds or managed
accounts.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company:
This Item 7 is not applicable.
Item 8. Identification and Classification of Members of the Group:
This Item 8 is not applicable.
<PAGE>
Page 7 of 7 Pages
Item 9. Notice of Dissolution of Group:
This Item 9 is not applicable.
Item 10. Certification:
By signing below each signatory certifies that, to the best of his/its knowledge
and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the Issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Date: August 10, 1999 SHAKER INVESTMENTS MANAGEMENT, L.P.
By: Shaker Investments Management, LLC
Its General Partner
By: /S/ David Webb
------------------------------
Managing Member
Date: August 10, 1999 SHAKER INVESTMENTS, INC.
By: /S/ David Webb
------------------------------
