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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*
The Aries Trust, a Cayman Islands trust (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. (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>
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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>
Placement Agent $110 9/30/97 J(2) 650 11/22/97 11/22/02 Series A 650 $.001 650 D
Warrant (right Convert-
to buy) ible
Preferred
Stock (3)
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</TABLE>
Explanation of Responses:
(1) Reporting person, The Aries Trust: Paramount Capital Asset Management, Inc.
("PCAMI") is the investment manager for The Aries Trust and is the general
partner of Aries Domestic Fund L.P., a Delaware limited partnership, which also
owns securities of the Issuer. Lindsay A. Rosenwald, M.D., is the President and
sole shareholder of PCAMI. PCAMI and Dr. Rosenwald disclaim beneficial ownership
of the securities held by The Aries Trust and Aries Domestic Fund L.P., 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. The assigned securities represent the
portion of the placement agent's warrants attributable to the reporting person's
investment in that offering. 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.
The Aries Trust
by: /s/ Lindsay A. Rosenwald October 10, 1997
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Lindsay A. Rosenwald, M.D., President of Paramount Date
Capital Asset Management, Inc., investment manager
of The Aries Trust
**Signature of Reporting Person
** 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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