U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 to 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*
Rosenwald, Lindsay A.
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(Last) (First) (Middle)
c/o Paramount Capital Asset Management, Inc., 787
Seventh Avenue, 48th Floor
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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 Identification Number of Reporting Person, if an Entity (Voluntary)
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4. Statement for Month/Year
January 2000
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person 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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* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
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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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Common Stock B A I By Aries Domestic
01/03/00 404 2.625 1,228,029(1) Fund, L.P. (2)
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Common Stock B A I By Aries Domestic
01/03/00 2,104 2.625 1,228,029(1) Fund II, L.P. (2)
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</TABLE>
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
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- Form of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
of 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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N/A
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</TABLE>
Explanation of Responses:
(1) See Attachment A
(2) See Attachment B
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Lindsay A. Rosenwald, M.D. February 9, 2000
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** Signature of Reporting Person Date
Lindsay A. Rosenwald, M.D.
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, see Instruction 6 for procedure.
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ATTACHMENT A
Securities beneficially owned by Dr. Rosenwald are presented on an as-converted
basis and consist of the following:
1. Warrants to purchase 68,540 shares of Common Stock and warrants to
purchase 4,054 shares of Series A Convertible Preferred Stock, which
Preferred Stock converts into 83,588 shares of Common Stock owned directly
by Dr. Rosenwald.
2. 358,245 shares of Common Stock owned by RAQ, LLC, of which Dr. Rosenwald
is the sole proprietor.
3. 3,669 shares of Common Stock owned by Aries Domestic Fund II, L.P.
4. 74,946 shares of Common Stock issuable upon conversion of 3,500 shares of
Series A Convertible Preferred Stock; warrants to purchase 350 shares of
Series A Convertible Preferred Stock, which convert into 7,495 shares of
Common Stock; 115,038 shares of Common Stock; and warrants to purchase an
aggregate of 19,587 shares of Common Stock owned by the Aries Domestic
Fund, L.P.
5. 139,186 shares of Common Stock issuable upon conversion of 6,500 shares of
Series A Convertible Preferred Stock; warrants to purchase 650 shares of
Series A Convertible Preferred Stock, which convert into 13,919 shares of
Common Stock; 282,363 shares of Common Stock; and warrants to purchase an
aggregate of 33,417 shares of Common Stock owned by The Aries Master Fund.
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ATTACHMENT B
Paramount Capital Asset Management, Inc. ("Paramount"), the Investment
Manager to The Aries Master Fund, a Cayman Islands exempted company (the
"Fund"), is also the General Partner of the Aries Domestic Fund, L.P. (the
"Partnership") and the Aries Domestic Fund II, L.P., each a Delaware limited
partnership ("Aries II" and collectively with the Fund and the Partnership, the
"Aries Funds") and each of which also owns securities of the Issuer. Lindsay A.
Rosenwald, M.D., is the sole shareholder of Paramount. Dr. Rosenwald may be
deemed to have voting and investment control over the securities of the issuer
owned by the Aries Funds under Rule 16a-(a)(1) of the Securities Exchange Act of
1934. Paramount and Dr. Rosenwald disclaim beneficial ownership of the
securities held by the Aries Fund, except to the extent of their pecuniary
interest therein, if any.
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