UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the
Investment Company Act of 1940
( ) 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
Rosenwald, Lindsay A.
c/o Paramount Capital Asset Management, Inc.
787 Seventh Avenue
48th Floor
New York, NY 10019
2. Issuer Name and Ticker or Trading Symbol
PROCEPT
PRCT
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
AUGUST/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
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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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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>
Placement Option (1) |$110,000|8/10/|J(2)| |2.5 (1) |A |10/9/|4/9/ |Units(1) |2.5 |(2) |2.5(1) |I |(3) |
| |98(2)| | | | |98 |03 | | | | | | |
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Placement Option (1) |$110,000|8/10/|J(2)| |2.967(1) |A |10/9/|4/9/ |Units(1) |2.967 |(2) |2.967(1) |D | |
| |98(2)| | | | |98 |03 | | | | | | |
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Advisory Option (1) |$110,000|8/10/|J(4)| |10.975(1) |A |10/9/|4/9/ |Units(1) |10.975 |(2) |10.975(1) |D | |
| |98(4)| | | | |98 |03 | | | | | | |
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Explanation of Responses:
(1) The Placement Options and Advisory Options are options 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) The Reporting Person is the President and sole shareholder of Paramount
Capital Asset Management, Inc. ("Paramount"). Paramount is the General
Partner of the Aries Domestic Fund, L.P. (the "Partnership") and also
serves as the Investment Manager to The Aries Trust (the "Trust" and with
the Partnership, the "Aries Funds"), a Cayman Islands trust. The Aries
Funds each owns securities of the Issuer. Dr. Rosenwald disclaims
beneficial ownership of the securities held by the Aries Funds, except to
the extent of his pecuniary interest therein, if any. Furthermore, pursuant
to certain agreements, the Aries Funds have the right to designate a
majority of the members of the Issuer's Board of Directors, however, Dr.
Rosenwald disclaims any status as a Director of the Issuer himself.
(4) Pursuant to a Financial Advisory Agreement between the Issuer and Paramount
Capital, Inc., Paramount Capital, Inc. designated recipients (the
"Paramount Advisory Option Designees") of the Advisory Options. The
Reporting Person was among the Paramount Advisory Option Designees and
received such Advisory Options in connection with a private placement of
securities of the Issuer. The Advisory Options become exerciseable within
60 days of August 10, 1998.
**SIGNATURE OF REPORTING PERSON
/s/Lindsay A. Rosenwald, M.D.
- ---------------------------------
Lindsay A. Rosenwald, M.D.
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.
Potential persons who are to respond to the collection of information contained
in SEC 1474 (7-96) this form are not required to respond unless the form
displays a currently valid OMB Number.
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