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OMB APPROVAL
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OMB Number 3235-0287
Expires: September 30, 1998
Estimated average burden
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[ ] Check this box if no longer subject of Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Lindsay A. Rosenwald, M.D. (1)
c/o Paramount Capital, Inc.
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(Last) (First) (Middle)
787 Seventh Avenue
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(Street)
New York NY 10019
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Palatin Technologies, Inc. (PLTN)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
09/97
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ ] Director [ X ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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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 Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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</TABLE>
* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
Page 1 of 2
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FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially
Owned (e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Placement Agent $110 11/20/97 J(2) 4,079.1 02/09/98 02/09/03 Series A 4,079.1 $.001 4,079.1 D
Warrant (right Convert- (4)
to buy) ible
Preferred
Stock (3)
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</TABLE>
Explanation of Responses:
(1) Reporting person, Lindsay A. Rosenwald, M.D.: Dr. Rosenwald is the President
and sole shareholder of Paramount Capital Asset Management, Inc. ("PCAMI"),
which is the general partner of Aries Domestic Fund L.P. and the investment
manager for The Aries Fund, a Cayman Islands trust ("The Aries Trust"), both of
which also own securities of the Issuer, and is the President of RAQ, LLC, which
also owns securities of the Issuer. Dr. Rosenwald and PCAMI disclaim beneficial
ownership of the securities held by Aries Domestic Fund L.P. and The Aries
Trust, except to the extent of their pecuniary interest therein.
(2) Transaction Code J, "other acquisition:" the securities acquired were
assigned to the reporting person by Paramount Capital, Inc., which received them
as placement agent's compensation in connection with an offering of the issuer's
Series A Convertible Preferred Stock. Dr. Rosenwald is the Chairman of the Board
and President of Paramount Capital, Inc.
(3) Each share of the issuer's Series A Convertible Preferred Stock is
convertible into approximately 20.16 shares of the issuer's common stock.
(4) Does not include i) a Placement Agent Warrant held by Aries Domestic Fund
L.P. to purchase 350 shares of Series A Convertible Preferred Stock, ii) 3,500
shares of Series A Convertible Preferred Stock held by Aries Domestic Fund L.P.,
iii) a Placement Agent Warrant held by The Aries Trust to purchase 650 shares of
Series A Convertible Preferred Stock, or iv) 6,500 shares of Series A
Convertible Preferred Stock held by The Aries Trust.
s/ Lindsay A. Rosenwald, M.D. 12/10/97
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**Signature of Reporting Person Date
** 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.
Alternatively, this Form is permitted to be submitted to the Commission
in electronic format at the option of the reporting person pursuant to
rule 101(b)(4) of Regulation S-T.
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