FORM 3
U.S. SECURITIES AND EXCHANGE COMMISSION _____________________
WASHINGTON, D.C. 20549 | OMB APPROVAL |
INITIAL STATEMENT OF |_____________________|
BENEFICIAL OWNERSHIP OF SECURITIES |OMB NUMBER: 3235-0104|
|EXPIRES: |
| SEPTEMBER 30, 1998 |
Filed pursuant to Section 16(a) of the |ESTIMATED AVERAGE |
Securities Exchange Act of 1934, |BURDEN HOURS |
Section 17(a) of the Public Utility |PER RESPONSE 0.5 |
Holding Company Act of 1935 |_____________________|
or Section 30(f) of the Investment
Company Act of 1940
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1. Name and Address of Reporting Person
Paramount Capital Asset Management, Inc.
(f/k/a Aries Financial Services, Inc.)
("Paramount")
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(Last) (First) (Middle)
375 Park Avenue
________________________________________________________________________
(Street)
New York N.Y. 10152
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
August 30, 1996
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3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
____________________________________________________________________________
4. Issuer Name and Ticker or Trading Symbol
Innovir Laboratories, Inc. "INVR"
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5. RELATIONSHIP OF REPORTING PERSON(S) TO ISSUER (CHECK ALL APPLICABLE)
( ) DIRECTOR
(X ) 10% OWNER
( ) OFFICER (GIVE TITLE BELOW)
( ) OTHER (SPECIFY TITLE BELOW)
_____________________________________
____________________________________________________________________________
6. IF AMENDMENT, DATE OF ORIGINAL (MONTH/DAY/YEAR)
N/A
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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 BENEFICIALLY OWNED
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|1. TITLE OF SECURITY|2. AMOUNT OF |3. OWNERSHIP |4. NATURE OF INDIRECT |
| (INSTR. 4) | SECURITIES | FORM DIRECT| BENEFICIAL OWNERSHIP|
|Common Stock, par | BENEFICIALLY| DIRECT (D) | (INSTR. 5) |
|value, $.013 per | OWNED | OR INDIRECT|Paramount is the |
|share | (INSTR. 4) | (I) (INSTR.|Investment Manger of |
| | 4,000,000 | 5) |The Aries Trust ("Aries|
|____________________|_______________|______Indirect|Trust") and the General|
|Partner of the Aries |
|Domestic Fund, L.P. |
|"Aries Domestic") |
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TABLE II.A - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security (Instr. 4)
Class C Warrants
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2. Date Exercisable and Expiration Date (Month/Day/Year)
August 30, 1996 August 30, 2006
Date Exercisable Expiration Date
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3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)
Common Stock, par value $.013 per share 4,000,000
Title Amount of Number of Shares
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4. Conversion or Exercise Price of Derivative Security
$.50 per share, subject to certain anti-dilution adjustments
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5. Ownership Form of Derivative Security: Direct(D) or Indirect(I)(Instr. 5)
Indirect
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6. Nature of Indirect Beneficial Ownership (Instr. 5)
Paramount is the Investment Manager of Aries Trust and the General Partner of
Aries Domestic
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TABLE II.B - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security (Instr. 4)
Unit Purchase Options
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2. Date Exercisable and Expiration Date (Month/Day/Year)
August 30, 1996 March 1, 1998
Date Exercisable Expiration Date
____________________________________________________________________________
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)
Option to Purchase Units, each Unit 2,000,000 shares of Common
consisting of one share of Common Stock, Stock and 2,000,000 Class C
par value $.013 per share and one Class Warrants
C Warrant
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4. Conversion or Exercise Price of Derivative Security
$.50 per Unit, subject to certain anti-dilution adjustments
____________________________________________________________________________
5. Ownership Form of Derivative Security: Direct(D) or Indirect(I)(Instr. 5)
Indirect
____________________________________________________________________________
6. Nature of Indirect Beneficial Ownership (Instr. 5)
Paramount is the Investment Manager of Aries Trust and the General Partner of
Aries Domestic
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EXPLANATION OF RESPONSES:
Excludes: (i) 4,000,000 shares of Common Stock issuable upon exercise of
outstanding Class C Warrants; (ii) 2,000,000 shares of Common Stock
issuable upon exercise of outstanding Unit Purchase Options; and (iii)
2,000,000 shares of Common Stock issuable upon exercise of Class C
Warrants issuable upon exercise of Unit Purchase Options, as Class C
Warrants and Unit Purchase Options are set forth in Table II.
Excludes 2,000,000 Class C Warrants issuable upon exercise of Unit
Purchase Options, as Unit Purchase Options are set forth in this Table II.
Aries Domestic is the direct beneficial owner of the Issuer's: (i)
1,200,000 shares of Common Stock; (ii) 1,200,000 Class C Warrants and
(iii) 600,000 Unit Purchase Options; Aries Trust is the direct beneficial
owner of the Issuer's (i) 2,800,000 shares of Common Stock; (ii) 2,800,000
Class C Warrants and (iii) 1,400,000 Unit Purchase Options.
Paramount Capital Asset Management, Inc.
(f/k/a Aries Financial Services, Inc.)
/s/ Lindsay A. Rosenwald, M.D. September 9, 1996
** SIGNATURE OF REPORTING PERSON DATE
Name: Lindsay A. Rosenwald, M.D.
Title: Chairman of the Board, President
_____________________________
** 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 NOR REQUIRED TO RESPOND UNLESS THE FORM
DISPLAYS A CURRENTLY VALID OMB NUMBER.
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