UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)*
Atlantic Pharmaceuticals, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
048785 10 9
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(CUSIP Number)
December 31, 1999
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed.
|X| Rule13d-1(b)
| | Rule13d-1(c)
|_| Rule13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).
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CUSIP NO. 048785 10 9 13G/A Page 2 of 11 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Joseph Stevens & Company, Inc. (successor to Joseph Stevens &
Company, L.P.)
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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 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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5 SOLE VOTING POWER
NUMBER OF 374,242 shares of Common Stock. See Item 4.
SHARES
BENEFICIALLY 6 SHARED VOTING POWER
N/A
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 374,242 shares of Common Stock. See Item 4.
REPORTING
PERSON WITH 8 SHARED DISPOSITIVE POWER
N/A
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
374,242 shares of Common Stock. See Item 4.
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES _
CERTAIN SHARES |_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.8%
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12 TYPE OF REPORTING PERSON*
BD
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CUSIP NO. 048785 10 9 13G/A Page 3 of 11 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Joseph Sorbara
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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 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
NUMBER OF 374,242 shares of Common Stock. See Item 4.
SHARES
BENEFICIALLY 6 SHARED VOTING POWER
N/A
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 374,242 shares of Common Stock. See Item 4.
REPORTING
PERSON WITH 8 SHARED DISPOSITIVE POWER
N/A
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
374,242 shares of Common Stock. See Item 4
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES _
CERTAIN SHARES |_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.8%
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12 TYPE OF REPORTING PERSON*
IN
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<PAGE>
CUSIP NO. 048785 10 9 13G/A Page 4 of 11 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Steven Markowitz
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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 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
NUMBER OF 374,242 shares of Common Stock. See Item 4.
SHARES
BENEFICIALLY 6 SHARED VOTING POWER
N/A
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 374,242 shares of Common Stock. See Item 4.
REPORTING
PERSON WITH 8 SHARED DISPOSITIVE POWER
N/A
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
374,242 shares of Common Stock. See Item 4.
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES _
CERTAIN SHARES |_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.8%
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12 TYPE OF REPORTING PERSON*
IN
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<PAGE>
CUSIP NO. 048785 10 9 13G/A Page 5 of 11 Pages
ITEM 1(A). NAME OF ISSUER:
Atlantic Pharmaceuticals, Inc.
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
1017 Main Campus Drive
Suite 3900
Raleigh, North Carolina 27606
ITEM 2(A). NAME OF PERSONS FILING:
Joseph Stevens and Company, Inc. (successor to Joseph Stevens &
Company, L.P.), Mr. Joseph Sorbara and Mr. Steven Markowitz
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE:
The principal business address for each of
Joseph Stevens & Company, Inc. and Messrs. Sorbara
and Markowitz is:
c/o Joseph Stevens & Company, Inc.
33 Maiden Lane
New York, New York 10038
ITEM 2(C). CITIZENSHIP:
Joseph Stevens & Company, Inc. is incorporated in the state of
New York. Mr. Sorbara and Mr. Markowitz are United States
citizens.
ITEM 2(D). TITLE OF CLASS OF SECURITIES:
Common Stock, $.01 par value per share (the "Common Stock").
ITEM 2(E). CUSIP NUMBER:
048785 10 9
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B),
CHECK WHETHER THE PERSON FILING IS A:
(a) |X| Broker or Dealer registered under Section 15 of the
Exchange Act.
(b) |_| Bank as defined in section 3(a)(6) of the Exchange Act.
(c) |_| Insurance Company as defined in section 3(a)(19) of
the Exchange Act.
(d) |_| Investment Company registered under section 8 of the
Investment Company Act.
(e) |_| An investment advisor in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F);
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CUSIP NO. 048785 10 9 13G/A Page 6 of 11 Pages
(g) |_| A parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G);
(h) |_| A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) |_| A church plan that is excluded from the definition of an
investment company under section 3(c)(14)of the
Investment Company Act;
(j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
ITEM 4. OWNERSHIP.
(a) Amount Beneficially Owned:
As of December 31, 1999, Joseph Stevens & Company, Inc. owned
warrants ("JSC Warrants") to purchase 165,000 units, each unit
("Unit") consisting of one share of Common Stock and one
redeemable common stock purchase warrant ("Redeemable Warrants").
Each Redeemable Warrant entitled the holder to purchase an
additional share of Common Stock. The JSC Warrants were
exercisable commencing on December 14, 1996. Additionally,
Joseph Stevens & Company, Inc. held 4,800 Units, 7,092 shares of
Common Stock, and 27,550 Redeemable Warrants in its market making
account on December 31, 1999. Therefore as of December 31, 1999,
Joseph Stevens & Company, Inc. beneficially owned 374,242 shares
of Common Stock.
Mr. Joseph Sorbara was a controlling shareholder, director and
officer of Joseph Stevens & Company, Inc. as of December 31, 1999.
Based upon the foregoing, as of December 31, 1999, Mr. Sorbara
beneficially owned 374,242 shares of Common Stock within the
meaning of Rule 13d-3 of the Act.
Mr. Steven Markowitz was a controlling shareholder, director and
officer of Joseph Stevens & Company, Inc. as of December 31, 1999.
Based upon the foregoing, as of December 31, 1999, Mr. Markowitz
beneficially owned 374,242 shares of Common Stock within the
meaning of Rule 13d-3 of the Act.
(b) Percent of Class:
As of December 31, 1999, Joseph Stevens & Company, Inc., was the
beneficial owner of an aggregate of 374,242 shares of Common
Stock, which constituted approximately 7.8% of the shares of
Common Stock outstanding (based upon 4,776,737 shares of Common
Stock outstanding as reported in the Issuer's Form 10-QSB for the
quarterly period ended September 30, 1999).
As of December 31, 1999, Mr. Joseph Sorbara was the beneficial
owner of an aggregate of 374,242 shares of Common Stock, which
constituted approximately 7.8% of the shares of Common Stock
outstanding (based upon 4,776,737 shares of Common Stock
outstanding as reported in the Issuer's Form 10-QSB for the
quarterly period ended September 30, 1999).
As of December 31, 1999, Mr. Steven Markowitz was the beneficial
owner of an aggregate of 374,242 shares of Common Stock, which
constituted approximately 7.8% of the shares of Common Stock
outstanding (based upon 4,776,737 shares of Common
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CUSIP NO. 048785 10 9 13G/A Page 7 of 11 Pages
Stock outstanding as reported in the Issuer's Form 10-QSB for the
quarterly period ended September 30, 1999).
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote:
As of December 31, 1999, Joseph Stevens & Company, Inc. had
sole power to vote or direct the vote of 374,242 shares of
Common Stock. See Item 4(a) above. As of December 31, 1999,
Joseph Sorbara had sole power to vote or direct the vote of
374,242 shares of Common Stock. See Item 4(a) above. As of
December 31, 1999, Steven Markowitz had sole power to vote
or direct the vote of 374,242 shares of Common Stock.
See Item 4(a) above.
(ii) Shared power to vote or direct the vote:
Not applicable.
(iii)Sole power to dispose or to direct the disposition of:
As of December 31, 1999, Joseph Stevens & Company, Inc. had
sole power to dispose or to direct the disposition of 374,242
shares of Common Stock. See Item 4(a) above. As of December
31, 1999, Joseph Sorbara had sole power to dispose or to
direct the disposition of 374,242 shares of Common Stock.
See Item 4(a) above. As of December 31, 1999, Steven
Markowitz had sole power to dispose or to direct the
disposition of 374,242 shares of Common Stock. See Item
4(a) above.
(iv) Shared power to dispose or to direct the disposition of:
Not applicable.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not Applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not Applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY
WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY.
Not Applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE
GROUP.
Not Applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not Applicable.
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CUSIP NO. 048785 10 9 13G/A Page 8 of 11 Pages
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired and
are held in the ordinary course of business and were not
acquired and are not held for the purpose of or with the effect
of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
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CUSIP NO. 048785 10 9 13G/A Page 9 of 11 Pages
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.
February 11, 2000
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(Date)
JOSEPH STEVENS & COMPANY, INC.
/s/ Joseph Sorbara
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Joseph Sorbara
Chief Executive Officer
February 11, 2000
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(Date)
/s/ Joseph Sorbara
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(Signature)
Joseph Sorbara
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(Name)
February 11, 2000
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(Date)
/s/ Steven Markowitz
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(Signature)
Steven Markowitz
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(Name)
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CUSIP NO. 048785 10 9 13G/A Page 10 of 11 Pages
EXHIBIT INDEX
EXHIBIT NO. TITLE: SEQUENTIALLY NUMBERED PAGE
ON WHICH EXHIBIT BEGINS
1. Joint Filing Agreement pursuant 11
to Rule 13d-1(f)(1) under the
Securities Exchange Act of 1934,
as amended, among Joseph Stevens
& Company, Inc., Mr. Joseph
Sorbara and Mr. Steven Markowitz
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CUSIP NO. 048785 10 9 13G/A Page 11 of 11 Pages
EXHIBIT 1
Joint Filing Agreement pursuant to Rule 13d-1(f)(1) under the
Securities Exchange Act of 1934, as amended.
Each of the undersigned hereby agrees to be included in the
filing of the Schedule 13G dated February 11, 2000 with
respect to the issued and outstanding Common Stock of
Atlantic Pharmaceuticals, Inc. beneficially owned by each
of the undersigned, respectively.
Dated: February 11, 2000
Joseph Stevens & Company, Inc.
/s/ Joseph Sorbara
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Joseph Sorbara
Chief Executive Officer
/s/ Joseph Sorbara
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Joseph Sorbara
/s/ Steven Markowitz
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Steven Markowitz
