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OMB APPROVAL
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OMB Number 3235-0287
Expires: September 30, 1998
Estimated average burden
hours per response ....... 0.5
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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* (1)
Rosenwald Lindsay A.
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(Last) (First) (Middle)
Paramount Capital, Inc.
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. (PLTND)
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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>
Common Stock 09/01/97 J(2) 21,458(4) D $6.00(4) I by RAQ,
LLC (6)
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Common Stock 09/01/97 J(3) 34,564(4) D (5) 358,245(4) I by RAQ,
LLC (6)
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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
<PAGE>
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>
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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. ("Paramount
Capital"), the investment manager of the Aries Fund, A Cayman Islands Trust (the
"Trust") and the general partner of Aries Domestic Fund, L.P. (the
"Partnership"). The Trust and the Partnership each own shares of the Issuer, as
reported separately on Forms 3, 4 and 5. Dr. Rosenwald and Paramount Capital
disclaim beneficial ownership of the shares held by the Trust and the
Partnership except to the extent of their pecuniary interest therein, if any.
(2) Transaction Code J, "other disposition:" 21,458 shares were transferred by
RAQ, LLC as consideration pursuant to an Asset Purchase Agreement.
(3) Transaction Code J, "other disposition:" 34,564 shares were transferred by
RAQ, LLC in consideration for certain services.
(4) Numbers of shares and per share transaction prices shown on this form
reflect the issuer's one-for-four reverse split of common stock effected on
September 5, 1997. The pre-split transaction numbers on September 1, 1997 were
85,834 shares at $1.50 per share, and 138,255 shares for the consideration
stated in note (5) below.
(5) The consideration for the shares was certain services.
(6) Lindsay A. Rosenwald, M.D. is the sole shareholder of RAQ, LLC.
/s/ Lindsay A. Rosenwald October 10, 1997
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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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