<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13D-1(a) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13D-2(a)
(AMENDMENT NO. 1)(1)
VIRUS RESEARCH INSTITUTE INC.
-----------------------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
92792 0 108
-----------
(CUSIP Number)
Hope Flack
BVF Partners L.P.
333 West Wacker Drive, Suite 1600
Chicago, Illinois 60606
(312) 263-7777
---------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 29, 1998
--------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box / /.
NOTE: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. SEE Rule 13d-7
for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 7 Pages)
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(1) 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 on 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 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).
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CUSIP NO. 92792 0 108 13D Page 2 of 7 Pages
- ------------------------------------ -----------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
BIOTECHNOLOGY VALUE FUND, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
NUMBER ----------------------------------------------
OF 8 SHARED VOTING POWER
SHARES 556,849
BENEFICIALLY ----------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
REPORTING -0-
PERSON ----------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
556,849
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
556,849
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
6.2%
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14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 92792 0 108 13D Page 3 of 7 Pages
- ------------------------------------ -----------------------------------
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
BVF PARTNERS L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
NUMBER ----------------------------------------------
OF 8 SHARED VOTING POWER
SHARES 1,143,099
BENEFICIALLY ----------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
REPORTING -0-
PERSON ----------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
1,143,099
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,143,099
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
12.8%
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14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 92792 0 108 13D Page 4 of 7 Pages
- ------------------------------------ -----------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
BVF INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
NUMBER ----------------------------------------------
OF 8 SHARED VOTING POWER
SHARES 1,143,099
BENEFICIALLY ----------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
REPORTING -0-
PERSON ----------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
1,143,099
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,143,099
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
12.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 92792 0 108 13D Page 5 of 7 Pages
- ------------------------------------ -----------------------------------
This Amendment No. 1 (this "Amendment") relates to the Statement on
Schedule 13D, dated November 18, 1997 (as so amended, the "Statement"), filed
with the Securities and Exchange Commission on behalf of Biotechnology Value
Fund, L.P., a Delaware limited partnership ("BVF"), BVF Partners L.P., a
Delaware limited partnership ("Partners"), and BVF Inc., a Delaware corporation
("BVF Inc." and, together with BVF and Partners, the "Reporting Persons") with
respect to the Common Stock, par value $0.001 per share (the "Stock"), of Virus
Research Institute Inc. ("VRI"). The principal executive office of VRI is
located at 61 Moulton Street, Cambridge MA 02139.
ITEM 3 is hereby amended to read in its entirety as follows:
ITEM 3: SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since February 28, 1998, Partners, in its capacity as general partner of
BVF, has purchased on behalf of such limited partnership an aggregate number of
123,999 shares of the Stock for an aggregate consideration of $459,106.30,
utilizing funds provided by BVF from its working capital pursuant to the terms
of its limited partnership agreement with Partners. In addition, Partners, in
its capacity as investment manager with respect to certain managed accounts, has
purchased on behalf of such managed accounts an aggregate number of 175,000
shares of the Stock for an aggregate consideration of $647,967.50, utilizing
funds under management by Partners pursuant to investment management agreements
between Partners and such managed accounts.
Item 5 is hereby amended to read in its entirety as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 556,849 shares of the Stock, Partners
beneficially owns 1,143,099 shares of the Stock, and BVF Inc. beneficially owns
1,143,099 shares of the Stock, approximately 6.2%, 12.8% and 12.8%,
respectively, of the aggregate number of shares outstanding.
(b) BVF shares voting and dispositive power over the 556,849 shares of
the Stock it beneficially owns with Partners. Partners and BVF Inc. share
voting and dispositive power over the 1,143,099 shares of the Stock they
beneficially own with, in addition to BVF, the managed accounts on whose behalf
Partners, as investment manager, purchased such shares. The managed accounts on
whose behalf Partners owns shares of the Stock are Investment 10 L.L.C., an
Illinois limited liability company ("ILL10") and Biotechnology Value Fund, Ltd.,
a Cayman Islands Corporation ("BVF Ltd."). ILL10 and BVF Ltd. are collectively
referred to herein as the "Accounts." The Accounts specialize in holding
biotechnology stocks for investment purposes and the business address of each is
BVF Partners L.P., 333 West Wacker Drive, Suite 1600, Chicago, Illinois 60606.
<PAGE>
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CUSIP NO. 92792 0 108 13D Page 6 of 7 Pages
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(c) Exhibit B attached hereto contains information as to all
transactions in the Stock by the Reporting Persons during the past sixty days.
All such transactions were made for cash in open market, over-the-counter
transactions. No other transactions in the Stock have been effected by the
Reporting Persons during the past sixty days.
(d) The Accounts are entitled to receive dividends and any sale proceeds
with respect to the Stock in proportion to their respective ownership interests
therein.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A - Agreement Regarding Joint Filing
Exhibit B - Transactions in the Stock by the Reporting Persons during
the last 60 days.
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CUSIP NO. 92792 0 108 13D Page 7 of 7 Pages
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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.
Dated: May 8, 1998
BIOTECHNOLOGY VALUE FUND, L.P.
By: BVF Partners L.P., its general partner
By: BVF Inc., its general partner
By: /s/ Mark N. Lampert
-----------------------
Mark N. Lampert
President
BVF PARTNERS L.P.
By: BVF Inc., its general partner
By: /s/ Mark N. Lampert
----------------------------
Mark N. Lampert
President
BVF INC.
By: /s/ Mark N. Lampert
---------------------------------
Mark N. Lampert
President
<PAGE>
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
The undersigned, Biotechnology Value Fund, L.P., a Delaware limited
partnership, and BVF Partners L.P., a Delaware limited partnership, and BVF
Inc., a Delaware corporation, hereby agree and acknowledge that the Amendment
containing the information required by Schedule 13D, to which this Agreement is
attached as an exhibit, is filed on behalf of each of them. The undersigned
further agree that any further amendments or supplements thereto shall also be
filed on behalf of each of them.
Dated: May 8, 1998
BIOTECHNOLOGY VALUE FUND, L.P.
By: BVF Partners L.P., its general partner
By: BVF Inc., its general partner
By: /s/ Mark N. Lampert
-----------------------
Mark N. Lampert
President
BVF PARTNERS L.P.
By: BVF Inc., its general partner
By: /s/ Mark N. Lampert
----------------------------
Mark N. Lampert
President
BVF INC.
By: /s/ Mark N. Lampert
---------------------------------
Mark N. Lampert
President
<PAGE>
EXHIBIT B
TRANSACTIONS IN THE STOCK BY THE REPORTING PERSONS
DURING THE PAST SIXTY DAYS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
SETTLEMENT BY FOR THE QUANTITY PRICE PER TYPE OF TRADE BROKER
DATE ACCOUNT OF SHARE
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
04/29/98 Partners BVF 123,999 $3.6875 Purchase INET
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04/29/98 Partners ILL10 11,000 $3.6875 Purchase INET
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04/29/98 Partners PAL 9,000 $3.6875 Purchase INET
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04/29/98 Partners ZPG 5,000 $3.6875 Purchase INET
- -----------------------------------------------------------------------------------------------------
04/29/98 Partners BVF Ltd. 150,000 $3.6875 Purchase INET
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</TABLE>
INET = Instinet
