<PAGE>
FORM 4
[ ] Check this box if no ------------------------------------
longer subject to OMB APPROVAL
Section 16, Form 4 or ------------------------------------
Form 5 obligations may OMB Number 3235-0287
continue. See Instruction 1(b) Expires: September 30, 1998
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U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
DRAFT
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
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1. Name and Address of Reporting Person
Williams, Ph.D. Taffy James
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(Last) (First) (MI)
InKine Pharmaceutical Company, Inc.
425 Park Avenue
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(Street)
New York, New York 10022
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
InKine Pharmaceutical Company, Inc. (INKP)
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3. IRS or Social Security Number
of Reporting Person (Voluntary)
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4. Statement for Month/Year | 5. If Amendment, Date of
| Original (Month/Year)
November 1997 |
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6. Relationship of Reporting Person to Issuer (Check all applicable)
[ X ] Director [ ] 10% Owner
[ X ] Officer [ ] Other (specify below)
(give title below)
President, Chief Operating Officer
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7. Individual or Joint/Group
X Form filed by One Reporting Person
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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>
<S> <C> <C> <C> <C> <C> <C>
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1. Title of Security | 2. Transaction Date | 3. Transaction Code | 4. Security Acquired (A) or Disposed
(Instr. 3) | (Month/Day/Year) | (Instr. 8) | of (D) (Instr. 3, 4 & 5)
| | |
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| | Code | V | Amount | (A) or| Price
| | | | | (D) |
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</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
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1. Title of Security | 5. Amount of Securities | 6. Ownership Form: | 7. Nature of Indirect Beneficial
(Instr. 3) | Beneficially Owned at | Direct (D) or | Ownership (Instr. 4)
| End of Month | Indirect (I) |
| (Instr. 3 & 4) | (Instr. 4) |
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Over)
SEC 1474 (7/96)
<PAGE>
FORM 4 (continued)
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TABLE II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
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1. Title of Derivative Security | 2. Conversion or | 3. Transaction Date | 4. Transaction | 5. Number of Derivative
(Instr. 3) | Exercise Price of | (Month/Day/Year) | Code (Instr.| Securities Acquired
| Derivative Security | | 8) | (A) or Disposed of
| | | | (D) (Instr. 3, 4 & 5)
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| | | Code | V | (A) | (D)
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(a) Option; Right to purchase | $0.61 | 1/3/97(1) | A | | A |
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(b) Option; Right to purchase | $1.00 | 1/3/97(1) | A | | A |
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</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
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1. Title of Derivative Security | 6. Date Exercisable and | 7. Title and Amount of Underlying | 8. Price of Derivative
(Instr. 3) | Expiration Date | Securities (Instr. 3 & 4) | Security (Instr. 5)
| (Month/Day/Year) | |
| | |
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| Date | Expiration | Title | Amount or Number |
| Exercisable | Date | | of Shares |
| | | | |
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(a) Option; Right to purchase | 11/06/97 | 11/06/2007 | Common | 500,000 |
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(b) Option; Right to purchase | (2) | 11/06/2007 | Common | 1,071,182 |
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===================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
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1. Title of Derivative Security | 9. Number of Derivative | 10. Ownership Form of Derivative | 11. Nature of Indirect
(Instr. 3) | Securities Beneficially | Security: Direct (D) or | Beneficial Ownership
| Owned at End of Month | Indirect (1) (Instr. 4) | (Instr. 4)
| (Instr. 4) | |
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(a) Option; Right to purchase | 500,000 | D |
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(b) Option; Right to purchase | 1,071,182 | D |
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| 200,000(3) | |
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</TABLE>
Explanation of Responses:
(1) Grant deemed effective on November 6, 1997, upon the initial closing of the
Company's private placement pursuant to Rule 506 of Regulation D of the
Securities Act of 1933.
(2) Will vest in equal increments over a period of 36 months commencing on
November 6, 1997.
(3) Consists of options held prior to the transactions reported hereby.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Taffy J. Williams December 9, 1997
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**Signature of Reporting Person Date
Note: File three copies of this form, one of which must be manually signed. If
space is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a
currently valid OMB Number.
SEC 1474 (7/96)
<PAGE>
POWER OF ATTORNEY
Know all men by these presents, that the undersigned hereby
constitutes and appoints Leonard S. Jacob, the undersigned's
true and lawful attorney-in-fact to:
1. execute for an on behalf of the undersigned, in the undersigned's
capacity as a director of InKine Pharmaceutical Company, Inc. (the "Company"),
Forms 3, 4 and 5 in accordance with Section 16(a) of the Securities Exchange
Act of 1934 and the rules and regulations thereunder;
2. do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to complete and execute any
such Form 3, 4, or 5 and timely file such form with the United States
Securities and Exchange Commission and any stock exchange or similar
authority; and
3. take any other action of any type whatsoever in connection with
the foregoing which, in the opinion of such attorney-in-fact, may be of
benefit to, and in the best interest of, or legally required by, the
undersigned.
The undersigned hereby grants to such attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary, or proper to be done in the exercise of any of the rights and
powers herein granted, as fully to all intents and purposes as the undersigned
might or could do if personally present, with full power of substitution or
revocation, hereby ratifying and confirming all that such attorney-in-fact, or
such attorney-in-fact's substitute or substitutes, shall lawfully do or cause
to be done by virtue of this power of attorney and the rights and powers
herein granted. The undersigned acknowledges that the foregoing
attorney-in-fact, in serving in such capacity at the request of the
undersigned, is not assuming, nor is the Company assuming, any of the
undersigned's responsibilities to comply with Section 16 of the Securities
Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect until the
undersigned is no longer required to file Forms 3, 4 and 5 with respect to the
undersigned's holdings of and transactions in securities issued by the
Company, unless earlier revoked by the undersigned in a signed writing
delivered to the foregoing attorney-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to
be executed as of this 9th day of December, 1997.
/s/ Taffy J. Williams
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Taffy J. Williams, Ph.D.
