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 Domestic Fund, L.P.
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
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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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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
* If the form is filed by more than one reporting person, see Instructions 4(b)(v). SEC 1474 (3/91)
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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)| |0.825(1) |A |10/9/|4/9/ |Units(1) |0.825 |(2) |0.825(1) |D | |
| |98(2)| | | | |98 |03 | | | | | | |
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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 Trust, a Cayman Islands trust, 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.
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Name: Lindsay A. Rosenwald, M.D., President
Paramount Capital Asset Management, Inc., General Partner
The Aries Domestic Fund, L.P.
DATE
09/10/98
** 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 this form are not required to respond unless the form displays a currently
valid OMB Number.
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Attachment A
Reporting Person: The Aries Domestic Fund, L.P.
Issuer: Procept Inc. (PRCTC)
Statement For: August/1998
Paramount Capital Asset Management, Inc. ("Paramount"), the General
Partner of the Aries Domestic Fund, L.P. (the "Partnership"), also serves as the
Investment Manager to The Aries Trust (the "Trust"), a Cayman Islands trust,
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.
