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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities and Exchange Act of 1934
(Amendment No. 2)*
GLIATECH INC
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
37929C 10 3
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(CUSIP Number)
Check the following box if a fee is being paid with this statement ( ).
(Continued on following page (s) )
(Page 1 of 6 Pages)
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CUSIP NO. 37929C 10 3 13G PAGE 2 OF 6 PAGES
1 NAME OF REPORTING PERSON Deltec Asset Management Corporation
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
I.R.S. NO. 13-5133790
2 CHECK APPROPRIATE BOX IF A MEMBER OF GROUP * (A)___
(B) (X)
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION State of New York
5. SOLE VOTING POWER NOT APPLICABLE
6. SHARED VOTING POWER NOT APPLICABLE
7. SOLE DISPOSITIVE POWER NOT APPLICABLE
8. SHARED DISPOSITIVE POWER NOT APPLICABLE
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON NOT APPLICABLE
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES *
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 NOT APPLICABLE
12. TYPE OF REPORTING PERSON* BD, IA, CO
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 10549
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SCHEDULE 13G UNDER THE SECURITIES
EXCHANGE ACT OF 1934
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Item 1. (a) Name of Issuer: Gliatech Inc
(b) Address of Issuer's Principal Executive Offices:
23420 Commerce Park Road
Cleveland, OH 44122
Item 2. (a) Name of Person Filing: Deltec Asset Management Corporation
(b) Address of Principal Business Office:
535 Madison Avenue
New York, NY 10022
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Item 2. (c) Citizenship: State of New York
(d) Title of Class of Securities: Common Stock
(e) CUSIP Number: 37929C 10 3
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
check whether the person filing is a:
(a) Broker Dealer registered under Section 15 of the Act (X)
(b) Bank as defined in Section 3(a)(6) of the Act,
(c) Insurance Company as defined in Section 3(a)(19) of the Act,
(d) Investment Company registered under Section 8 of the Investment
Company Act
(e) Investment Adviser registered under Section 203 of the Investment
Advisers Act of 1940 (X)
(f) Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of 1974
or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F),
(g) Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G)
(h) Group, in accordance with Rule 13d-1(b)(1)(ii)(H)
Item 4. Ownership
(a) Amount Beneficially Owned: NOT APPLICABLE.
(b) Percent of Class: NOT APPLICABLE.
(c) Number of shares to which such person has:
(i) sole power to vote or to direct to vote: NOT
APPLICABLE.
(ii) shared power to vote or to direct the vote: NOT
APPLICABLE.
(iii) sole power to dispose or to direct the disposition
of: NOT APPLICABLE.
(iv) shared power to dispose or to direct the disposition
of: NOT APPLICABLE.
Page 4 of 6 Pages
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Item 5. Ownership of Five Percent or Less of a Class:
This Amendment No. 2 to the Reporting Person's Statement of Schedule 13G
is being filed to report that, as of December 31, 1997, and as of the date
hereof, the Reporting Person owned no shares of Gliatech, Inc.
Item 6. Ownership of More Than Five Percent on Behalf of Another Person:
NOT APPLICABLE.
Item 7: Identification and Classification of Subsidiaries which Acquired the
Security Being Reported on by the Parent Holding Company:
NOT APPLICABLE.
Item 8. Identification and Classification of Members of the Group:
NOT APPLICABLE.
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Item 9. Notice of Dissolution of Group:
NOT APPLICABLE.
Item 10. Certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary course
of business and were not acquired for the purpose of and do not have the effect
of changing or influencing the control of the issuer of such securities and
were not acquired in connection with or as a participant in any transaction
having such purpose or effect.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement concerning the
undersigned is true, complete and correct.
Dated: January 26, 1998
DELTEC ASSET MANAGEMENT CORPORATION
By /s/ Stephen Zuppello
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Stephen Zuppello
Chief Operating Officer
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