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, New York 10019
2. Issuer Name and Ticker or Trading Symbol
Procept, Inc. -- PRCTC
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
08/98
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) 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
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
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)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | |
| | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | |
| | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<PAGE>
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
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)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------|
Placement Option(1) |$110,000|8/10/|J(2)| | 1.675(1) |A |10/9/|4/9/0| Units(1) |1.675 | (2) | 1.675(1) | D | |
|.00 |98(2)| | | | |98 |3 | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
See Attachment A
(1) The Placement Option is an option to purchase units each consisting of (i)
20,000 shares of Common Stock and (ii) Class C Warrants to purchase 20,000
shares of Common Stock.
(2) Pursuant to a Placement Agency Agreement between the Issuer and Paramount
Capital, Inc., Paramount Capital, Inc. designated recipients (the
"Paramount Option Designees") of the Placement Options. The Reporting
Person was among the Paramount Option Designees and received such Placement
Options in connection with a private placement of securities of the Issuer
of which Paramount Capital, Inc. acted as placement agent. The Placement
Options become exerciseable within 60 days of August 10, 1998.
(3) Pursuant to certain agreements, the Reporting Person, together with the
Aries Domestic Fund, L.P., 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.
SIGNATURE OF REPORTING PERSON
/s/ Lindsay A. Rosenwald, M.D.
- -----------------------------
Name: Lindsay A. Rosenwald, M.D., President
Paramount Capital Asset Management, Inc., Investment Manager
The Aries Trust
DATE
09/10/98
<PAGE>
Attachment A
Reporting Person: The Aries Trust
Issuer: Procept Inc. (PRCTC)
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"), 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, if any.