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
04/98
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>
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Common Stock, par value |4/9/98| P | |3,350,000 | A | (1) |17,682,761 | D | |
$.01 per share. | | | | | | | | | |
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Common Stock, par value |4/9/98|J(2)| |5,470,920 | A | (2) |17,682,761 | D | |
$.01 per share | | | | | | | | | |
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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>
Class C Warrants to |$0.50 |4/9/ | P | |3,350,000 | A |4/9/ |4/9/ |Common Stock|3,350, |(1) |8,820,920 | D | |
purchase Common Stock | |98 | | | | |98 |03 | |000 | | | | |
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Class C Warrants to |$0.50 |4/9/ |J(2)| |5,470,920 | A |4/9/ |4/9/ |Common Stock|5,470, |(2) |8,820,920 | D | |
purchase Common Stock | |98 | | | | |98 |03 | |920 | | | | |
| | | | | | | | | | | | | | |
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Series A Preferred |$1.09375|4/9/ |J(2)| |19,539 | D |6/30/|N/A |Common Stock|1,786, |(2) |0 | D | |
Stock | |98 | | | | |97 | | |423 | | | | |
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New Warrants to |$1.09375|4/9/ |J(2)| |2,134,036 | D |6/30/|6/30/|Common Stock|2,134, |(2) |0 | D | |
Purchase Common Stock | |98 | | | | |97 |02 | |036 | | | | |
| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) The Common Stock and Class C Warrants purchased on 4/9/98 were included in
16.5 Units for which the Reporting Person paid a total of $1,457,250.
(2) The Common Stock and Class C Warrants were acquired and the Series A
Preferred Stock and New Warrants were disposed of on April 9, 1998,
pursuant to a Letter Agreement between the Issuer, the Reporting Person and
the Aries Domestic Fund, L.P., dated January 13, 1998.
SIGNATURE OF REPORTING PERSON
/s/ Lindsay A. Rosenwald, M.D.
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Name: Lindsay A. Rosenwald, M.D., President
Paramount Capital Asset Management, Inc., Investment Manager
The Aries Trust
DATE
05/8/98
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Attachment A
Reporting Person: The Aries Trust
Issuer: Procept Inc. (PRCTC)
Statement For: April/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.
