UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1 )
Guilford Pharmaceuticals Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
401829106
(CUSIP Number)
Thomas C. Seoh
Vice President, General Counsel and Secretary
6611 Tributary Street
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Baltimore, Maryland 21224
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
September 22, 1997
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(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: |_|
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Check the following box if a fee is being paid with this statement: |_|
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Page 1 of 11 Pages
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CUSIP No. 401829106 Schedule 13D Page 2 of 11 Pages
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1 NAME OF REPORTING PERSON: The Abell Foundation, Inc.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 52-6036106
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(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 PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
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7 SOLE VOTING POWER
750,000
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NUMBER 8 SHARED VOTING POWER
OF SHARES
BENEFICIALLY
OWNED BY ----- ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 750,000
----- ----------------------------------------------------
10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
750,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.02%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 401829106 Schedule 13D Page 3 of 11 Pages
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1 NAME OF REPORTING PERSON: W. Shepherdson Abell
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A This individual is a Reporting Person solely because he is one of
the three individuals responsible for securities investment decisions
made by The Abell Foundation, Inc.
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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7 SOLE VOTING POWER
750,000 (1)(2) 2,125 T/E with wife (3)
----- ----------------------------------------------------
NUMBER 8 SHARED VOTING POWER
OF SHARES
BENEFICIALLY
OWNED BY ----- ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 750,000 (1)(2) 2,125 T/E with wife (3)
----- ----------------------------------------------------
10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
750,000 (1)(2) 2,125 T/E with wife (3)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.02% (1)(2) 0.01% (3)
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 401829106 Schedule 13D Page 4 of 11 Pages
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1 NAME OF REPORTING PERSON: George L. Bunting, Jr.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A This individual is a Reporting Person solely because he is one of
the three individuals responsible for securities investment decisions
made by The Abell Foundation, Inc.
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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7 SOLE VOTING POWER
750,000 (1)(2) 1,650 (3)
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NUMBER 8 SHARED VOTING POWER
OF SHARES
BENEFICIALLY a 1% interest in an investment
OWNED BY that owns 3,500 Shares
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 750,000 (1)(2) 1,650 (3)
----- ----------------------------------------------------
10 SHARED DISPOSITIVE POWER
a 1% interest in an investment
that owns 3,500 Shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
750,000 (1)(2) 1,650 (3)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.02% (1)(2) 0.01% (3)
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 401829106 Schedule 13D Page 5 of 11 Pages
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1 NAME OF REPORTING PERSON: Robert Garrett
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A This individual is a Reporting Person solely because he is one of
the three individuals responsible for securities investment decisions
made by The Abell Foundation, Inc.
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------- ----- ----------------------------------------------------
7 SOLE VOTING POWER
750,000 (1)(2) None (3)
----- ----------------------------------------------------
NUMBER 8 SHARED VOTING POWER
OF SHARES
BENEFICIALLY
OWNED BY
----- ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 750,000 (1)(2) None (3)
----- ----------------------------------------------------
10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
750,000 (1)(2) None (3)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.02% (1)(2)
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 401829106 Schedule 13D Page 6 of 11 Pages
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Item 1. Security and Issuer
(a) Name of Issuer: Guilford Pharmaceuticals Inc.
(b) Address of Issuer's Principal Executive Offices 6611 Tributary Street,
Baltimore, Maryland
(c) Title and Class of Security: Common Stock, par value $.01 per share
Item 2. Identity and Background
The Abell Foundation, Inc. provides the following information:
(a) Name of Person Filing: The Abell Foundation, Inc.
(b) Citizenship/State of Incorporation: Maryland
(c) Principal Business: Making grants to qualified charitable
organizations
(d) Address of Principal Business Office or, if none, Residence
111 South Calvert Street, Baltimore, Maryland 21202
(e) The Abell Foundation, Inc. (the "Foundation") has not, during the last
five years, (i) been convicted in a criminal proceeding (excluding
traffic violations and similar misdemeanors) nor (ii) been subject to
a judgment, decree or final order of a judicial or administrative body
of competent jurisdiction enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such laws.
W. Shepherdson Abell is filing as a trustee and member of the Finance
Committee of the Foundation and provides the following information solely
because of those relationships:
(a) Name of Person Filing: W. Shepherdson Abell
(b) Address of Principal Business Office or, if none, Residence
8401 Connecticut Avenue, Chevy Chase, Maryland 20815
(c) Present principal occupation and name and address of employer:
Attorney, Partner of Furey, Doolan & Abell, 8401 Connecticut Avenue,
Chevy Chase, Maryland 20815.
(d(e) W. Shepherdson Abell has not, during the last five years, (i) been
convicted in a criminal proceeding (excluding traffic violations and
similar misdemeanors) nor (ii) been subject to a judgment, decree or
final order of a judicial or administrative body of competent
jurisdiction enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or
finding any violation with respect to such laws.
(f) Citizenship: United States
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CUSIP No. 401829106 Schedule 13D Page 7 of 11 Pages
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George L. Bunting, Jr. is filing as a trustee and member of the Finance
Committee of the Foundation and provides the following information solely
because of those relationships:
(a) Name of Person Filing: George L. Bunting, Jr.
(b) Address of Principal Business Office or, if none, Residence
9690 Deerco Road, Suite 350, Timonium, Maryland 21093
(c) Present principal occupation and name and address of employer:
Managing family investments, Bunting Management Group, 9690 Deerco
Road, Suite 350, Timonium, Maryland 21093.
(d)(e) George L. Bunting, Jr. has not, during the last five years, (i) been
convicted in a criminal proceeding (excluding traffic violations and
similar misdemeanors) nor (ii) been subject to a judgment, decree or
final order of a judicial or administrative body of competent
jurisdiction enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or
finding any violation with respect to such laws.
(f) Citizenship: United States
Robert Garrett is filing as a trustee and member of the Finance Committee
of the Foundation and provides the following information solely because of those
relationships:
(a) Name of Person Filing: Robert Garrett
(b) Address of Principal Business Office or, if none, Residence
866 Third Avenue, 26th Floor, New York, New York 10022
(c) Present principal occupation and name and address of employer:
Investment Banker, President of Admedia Partners, Inc., 866 Third
Avenue, 26th Floor, New York, New York 10022.
(d)(e) Robert Garrett has not, during the last five years,(i) been
convicted in a criminal proceeding (excluding traffic violations and
similar misdemeanors) nor (ii) been subject to a judgment, decree or
final order of a judicial or administrative body of competent
jurisdiction enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or
finding any violation with respect to such laws.
(f) Citizenship: United States
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CUSIP No. 401829106 Schedule 13D Page 8 of 11 Pages
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Item 3. Source and Amount of Funds or Other Consideration.
Effective February 17, 1995, the Foundation and Guilford Pharmaceuticals
Inc. (the "Issuer") formed a new corporation, Gell Pharmaceuticals Inc.
("Gell"), in which the Issuer acquired a 20% equity interest and the Foundation
acquired, for $2,500,000 in cash, an 80% equity interest. The cash used by the
Foundation to acquire its interest did not come from borrowing. On November 12,
1996, the Issuer effected a 3-for-2 split of its Common Stock, resulting in the
ability of the Foundation to acquire an additional 250,000 shares of the
Issuer's Common Stock for no additional consideration. This acquisition was
previously reported on the Foundation's Schedule 13D filed in June 1995.
On March 22, 1996, the Foundation purchased 125,000 shares of the Issuer's
Common Stock in an underwritten public offering by the Issuer at a price equal
to $20 per share, or an aggregate purchase price of $2,500,000. The cash used by
the Foundation to acquire its interest did not come from borrowing. In
connection with the Issuer's November 12, 1996 stock split, the Foundation was
issued an additional 62,500 shares of the Issuer's Common Stock for no
additional consideration.
On March 5, 1997, the Foundation exercised its right to exchange its equity
interest in Gell for 750,000 shares of the Issuer's Common Stock for no
additional consideration.
Item 4. Purpose of Transaction
The Foundation acquired the securities of Gell as an investment and
exchanged its interest in Gell for securities of the Issuer upon a determination
by the Foundation that a 500,000 share interest in the Issuer was a better
investment for the Foundation than an 80% equity interest in Gell. In order to
protect its initial investment in the Issuer, the Foundation made the additional
acquisition in March 1996.
Except as set forth above, the Foundation does not have as of the date
hereof any plans or proposals which relate to or would result in:
(a) the acquisition by any person of additional securities of the Issuer
or the disposition of securities of the Issuer;
(b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation of securities of the Issuer;
(c) a sale or transfer of a material amount of assets of the Issuer;
(d) any change in the present board of directors or management of the
Issuer, including any plans or proposals to change the number or term
of directors or to fill any existing vacancies on the board of
directors; provided, however, that from the time the Foundation
exchanged its interest in Gell for 750,000 shares of the Issuer's
Common Stock and until it sold 145,000 shares in September 1997, the
Foundation exercised the right to appoint one member to the Issuer's
Board of Directors;
(e) any material change in the present capitalization or dividend policy
of the Issuer;
(f) any other material change in the Issuer's business or corporate
structure;
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CUSIP No. 401829106 Schedule 13D Page 9 of 11 Pages
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(g) any changes in the Issuer's charter, by-laws or instruments
corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person;
(h) causing a class of securities of the Issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted
in an inter-dealer quotation system of a registered national
securities association;
(i) causing a class of securities of the Issuer to become eligible for
termination of registration pursuant to Section 12(g)(4) of the
Exchange Act; or
(j) any action similar to any of those enumerated above.
Notwithstanding anything to the contrary contained herein, the Foundation
reserves the right to change its present intentions with respect to the matters
described in this paragraph.
In reaching any conclusion as to its future course of action, the
Foundation will take into consideration various factors regarding the Issuer,
such as its business and prospects and general economic conditions and money and
stock market conditions.
Item 5. Interest in Securities of Issuer
(a) According to information set forth in the Issuer's Quarterly Report for
the Quarter ended June 30, 1997, which the Foundation does not have any reason
to believe is incorrect, there are 18,641,991 shares of the Common Stock issued
and outstanding.
(b) As of September 22, 1997, the Foundation beneficially owned and had the
sole power to vote and dispose of 750,000 shares. For purposes of Rule 13d-3
promulgated under the Exchange Act, the Reporting Persons1,2 may be deemed to
beneficially own 4.02% of the shares, calculated by dividing (i) the 750,000
shares by (ii) the 18,641,991 shares outstanding.
(c) The Foundation sold 187,500 shares of the Issuer's Common Stock during
the period of September 9, 1997 through September 22, 1997. Each transaction was
made on the open market through a broker-dealer; and, in each case, the per
share sales price for the Common Stock was between the price of $30.00 and
$30.37, yielding aggregate gross proceeds to the Foundation of $5,647,936.61.
(d) The Reporting Persons ceased to be the beneficial owner of more than
five percent of the Common Stock of the Issuer on September 9, 1997 after the
Foundation's sale of 45,000 shares of the Issuer's Common Stock on that date.
<PAGE>
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CUSIP No. 401829106 Schedule 13D Page 10 of 11 Pages
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Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
Other than as described below, there are presently no contracts,
arrangements, understandings or relationships (legal or otherwise) among the
persons filing this Statement, or between such persons and any other person,
with respect to any securities of the Issuer, including, but not limited to,
transfer or voting of any securities, finder's fees, joint ventures, loan or
option arrangements, puts or calls, guarantees or profits, division of profits
or loss, or the giving or withholding of proxies. The relationships mentioned
above are as follows:
(i) Messrs. Abell, Bunting and Garrett are trustees and the members
of the Finance Committee of the Board of Trustees of the
Foundation.
(ii) As disclosed herein, certain of the reporting persons directly
beneficially own shares of the Issuer.
(iii) Mr. Bunting is a director of the Issuer and sits on its Board of
Directors.
Item 7. Material to be filed as Exhibits
None.
Notes to Schedule 13D
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1 Each of Messrs. Abell, Bunting and Garrett disclaims beneficial ownership
of these securities, and this report shall not be deemed an admission that
the reporting person is the beneficial owner of such securities for any
purpose.
2 These shares represent the same shares previously listed by The Abell
Foundation, Inc. and are not cumulative.
3 These shares are beneficially owned by the reporting person directly.
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CUSIP No. 401829106 Schedule 13D Page 11 of 11 Pages
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SIGNATURE
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.
The parties agree that this statement is filed on behalf of each of them.
Dated: October 10, 1997
THE ABELL FOUNDATION, INC.
By: /s/ Robert C. Embry, Jr.
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Name: Robert C. Embry, Jr.
Title: President
/s/ W. Shepherdson Abell
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W. Shepherdson Abell
/s/ George L. Bunting, Jr.
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George L. Bunting, Jr.
/s/ Robert Garrett
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Robert Garrett
