UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G
Under the Securities Exchange Act of 1934
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LIGHTPATH TECHNOLOGIES, INC.
(Name of Issuer)
Common Stock, par value $0.01 per share
------------------------------------------
(Title of Class of Securities)
532257102
---------
(CUSIP Number)
July 28, 1999
-----------------
(Date of Event Which Requires Filing of the Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes to Schedule 13G).
<PAGE>
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CUSIP No. 532257102 13G Page 2 of 13 Pages
- -------------------------- ----------------------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Paramount Capital Asset Management, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
None
NUMBER OF -------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 498,575
OWNED BY -------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING None
PERSON -------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
498,575
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
498,575
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.9%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
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<PAGE>
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CUSIP No. 532257102 13G Page 3 of 13 Pages
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- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Aries Domestic Fund, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
None
NUMBER OF --------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 152,065
OWNED BY --------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING None
PERSON --------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
152,065
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
152,065
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.9%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP No. 532257102 13G Page 4 of 13 Pages
- -------------------------- ----------------------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Aries Domestic Fund II, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
None
NUMBER OF -------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 4,986
OWNED BY -------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING None
PERSON -------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
4,986
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,986
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP No. 532257102 13G Page 5 of 13 Pages
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1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Aries Master Fund
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
None
NUMBER OF -------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 341,525
OWNED BY -------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING None
PERSON -------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
341,525
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
341,525
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.2%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO (see Item 2)
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<PAGE>
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CUSIP No. 532257102 13G Page 6 of 13 Pages
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- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lindsay A. Rosenwald, M.D.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
None
NUMBER OF -------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 498,575
OWNED BY -------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING None
PERSON -------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
498,575
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
498,575
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.9%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
<PAGE>
Item 1.
(a) Name of Issuer:
LightPath Technologies, Inc.
(b) Address of Issuer's Principal Executive Offices: 6820 Academy
Parkway East, NE Albuquerque, NM 87109 (505) 342-1100
Item 2.
(a) Name of Person Filing:
This statement is filed on behalf of Paramount Capital Asset
Management, Inc. ("Paramount Capital"), Aries Domestic Fund, L.P.
("Aries Domestic"), Aries Domestic Fund II, L.P. ("Aries II"),
The Aries Master Fund, a Cayman Island exempted company ("Aries
Fund") and Lindsay A. Rosenwald, M.D. ("Dr. Rosenwald" and
collectively, "Reporting Parties"). See attached Exhibit A,
which is a copy of their agreement in writing to file this
statement on behalf of each of them.
Dr. Rosenwald is an investment banker, venture capitalist, fund
manager and sole shareholder of Paramount Capital, a Subchapter S
corporation incorporated in Delaware. Paramount Capital is the
General Partner of Aries Domestic, a limited partnership
incorporated in Delaware, the General Partner of Aries II, a
limited partnership incorporated in Delaware, and is the
Investment Manager to Aries Fund.
(b) Address of Principal Business Office or, if None, Residence:
Paramount Capital's, Aries Domestic's, Aries II's and Dr.
Rosenwald's business address is 787 Seventh Avenue, 48th Floor,
New York, New York, 10019. The business address for Aries Fund is
c/o MeesPierson (Cayman) Limited, P.O. Box 2003, British American
Centre, Phase 3, Dr. Roy's Drive, George Town, Grand Cayman.
(c) Citizen:
Dr. Rosenwald is a citizen of the United States.
(d) Title of Class of Securities:
Class A Common Stock, $0.01 par value ("shares").
(e) CUSIP#:
5322570102
<PAGE>
Item 3. Check the box if this statement is filed pursuant to Rule 13d-1(c) [x]
Item 4. Ownership:
For information concerning the ownership of Common Stock of the
Company by the Reporting Persons, see Items 5 through 9 and 11 of the
cover pages to this schedule 13G and footnotes thereto.
Item 5. Ownership of Five Percent or Less of a Class:
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
Not applicable.
Item 7. Identification and Classification of the Subsidiary 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.
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 not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in any
transaction having that purpose or effect.
Material to be Filed as Exhibits:
Exhibit A - Copy of an Agreement between Dr. Rosenwald, Paramount Capital,
Aries Domestic, Aries II and Aries Fund to file this Statement on
Schedule 13G on behalf of each of them.
Exhibit B - List of executive officers and directors of Paramount Capital and
information called for by Items 2-6 of this statement relating to
said officers and directors.
Exhibit C - List of executive officers and directors of Aries Domestic and
Aries II and information called for by Items 2-6 of this
statement relating to said officers and directors.
Exhibit D - List of executive officers and directors of Aries Fund and
information called for by Items 2-6 of this statement relating to
said officers and directors.
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
PARAMOUNT CAPITAL ASSET MANAGEMENT, INC.
Dated: September 23, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND, L.P.
By Paramount Capital Asset Management, Inc.,
its General Partner
Dated: September 23, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND II, L.P.
By Paramount Capital Asset Management, Inc.,
its General Partner
Dated: September 23, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
THE ARIES MASTER FUND
By Paramount Capital Asset Management, Inc.,
its Investment Manager
Dated: September 23, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
Dated: September 23, 1999
New York, NY /s/ Lindsay A. Rosenwald, M.D.
------------------------------------
Lindsay A. Rosenwald, M.D.
<PAGE>
EXHIBIT A
AGREEMENT
JOINT FILING OF SCHEDULE 13G
The undersigned hereby agrees to jointly prepare and file with
regulatory authorities a Schedule 13G and any future amendments thereto
reporting each of the undersigned's ownership of securities of LightPath
Technologies, Inc., and hereby affirm that such Schedule 13G is being filed on
behalf of each of the undersigned.
PARAMOUNT CAPITAL ASSET MANAGEMENT, INC.
Dated: September 23, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND, L.P.
By Paramount Capital Asset Management, Inc.
General Partner
Dated: September 23, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND II, L.P.
By Paramount Capital Asset Management, Inc.,
its General Partner
Dated: September 23, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
THE ARIES MASTER FUND
By Paramount Capital Asset Management, Inc.
Investment Manager
Dated: September 23, 1999
New York, NY By /s/ Lindsay A. Rosenwald, M.D.
------------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
Dated: September 23, 1999
New York, NY /s/ Lindsay A. Rosenwald, M.D.
------------------------------------
Lindsay A. Rosenwald, M.D.
<PAGE>
EXHIBIT B
The name and principal occupation or employment, which in each instance
is with Paramount Capital Asset Management, Inc. ("Paramount Capital") located
at 787 Seventh Avenue, 48th Floor, New York, New York, 10019, of each executive
officer and director of Paramount Capital is as follows:
PRINCIPAL OCCUPATION
NAME OR EMPLOYMENT
---- -------------
Lindsay A. Rosenwald, M.D. Chairman of the Board, President of Paramount
Capital Asset Management, Inc.,
Paramount Capital Investments LLC and
Paramount Capital, Inc.
Mark C. Rogers, M.D. President of Paramount Capital Asset
Management, Inc., Paramount Capital
Investments, LLC
Peter Morgan Kash Director of Paramount Capital Asset
Management, Inc., Senior Managing Director,
Paramount Capital, Inc.
Dr. Yuichi Iwaki Director of Paramount Capital Asset Management,
Inc., Professor, University of Southern
California School of Medicine
Item 2.
During the five years prior to the date hereof, none of the above
persons (to the best of Paramount Capital's knowledge) was convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
was a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction, as a result of which such person was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, Federal or State securities laws or finding
any violation with respect to such laws.
Items 3-6.
Please refer to Items 3-6 herein reporting the beneficial ownership.
<PAGE>
EXHIBIT C
The name and principal occupation or employment of the General Partner
of Aries Domestic and Aries II, which are located at 787 Seventh Avenue, 48th
Floor, New York, New York, 10019, is as follows:
PRINCIPAL OCCUPATION
NAME OR EMPLOYMENT
Paramount Capital Asset Management, Inc. General Partner; Investment Manager
Exhibit B is hereby incorporated by reference.
Item 2.
During the five years prior to the date hereof, the above person (to
the best of Aries Domestic's knowledge) has not been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) or was a party
to a civil proceeding of a judicial or administrative body of competent
jurisdiction, as a result of which such person was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, Federal or State securities laws or finding any
violation with respect to such laws.
Items 3-6.
Please refer to Items 3-6 herein reporting the beneficial ownership.
<PAGE>
EXHIBIT D
The name and principal occupation or employment, which in the case of
Paramount Capital Asset Management, Inc. is located at 787 Seventh Avenue, 48th
Floor, New York, New York, 10019, of each executive officer and director of
Aries Trust is as follows:
PRINCIPAL OCCUPATION
NAME OR EMPLOYMENT
---- -------------
Paramount Capital Asset Management, Inc. Investment Manager
MeesPierson (Cayman) Limited Administrator
P.O. Box 2003
British American Centre
Phase 3, Dr. Roy's Drive
George Town, Grand Cayman
Exhibit B is hereby incorporated by reference.
Item 2.
During the five years prior to the date hereof, neither of the above
persons (to the best of Aries Trust's knowledge) have been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
was a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction, as a result of which such person was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, Federal or State securities laws or finding
any violation with respect to such laws.
Items 3-6.
Please refer to Items 3-6 herein reporting the beneficial ownership.
