INKINE PHARMACEUTICAL CO INC
5, 1998-12-07
PHARMACEUTICAL PREPARATIONS
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                                                      OMB APPROVAL        
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- ------                                            OMB Number: 3235-0362   
FORM 5                                         Expires:  September 30, 1998  
- ------                                          Estimated average burden  
                                               hours per response .... 1.0
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/ / Check box if no               U.S. SECURITIES AND EXCHANGE COMMISSION      
    longer subject to                       WASHINGTON, DC 20549               
    Section 16. Form                                                           
    4 or Form 5             ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
    obligations may                                                            
    continue. See            Filed pursuant to Section 16(a) of the Securities 
    Instruction 1(b)                         Exchange Act of 1934,            
/ / Form 3 Holdings                  Section 17(a) of the Public Utility      
    Reported                 Holding Company Act of 1935 or Section 30(f) of 
/ / Form 4                              the Investment Company Act            
    Transactions                                   of 1940                    
    Reported                                                                   

<TABLE> 
<S>                             <C>            <C>                        <C>                <C>          <C>            <C>   
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 1. Name and Address of Reporting Person*      2. Issuer Name and Ticker or Trading Symbol   6. Relationship of Reporting Person to
    LeShufy,        J.                R.          InKine Pharmaceutical Company, Inc. (INKP)    Issuer (Check all applicable)
                                                                               
- ---------------------------------------------------------------------------------------------    X  Director         10% Owner
  (Last)          (First)          (Middle)    3. IRS or Social Security  4. Statement for      ----              ---
InKine Pharmaceutical Company, Inc.               Number of Reporting        Month/Year             Officer (give    Other (Specify
Sentry Park East                                  Person (Voluntary)             6/98           ----        title ---       below)
1720 Walton Road                                                                                            below)
- -------------------------------------------                               -------------------                     
                 (Street)                                                 5. If Amendment,    7. Individual or Joint/Group Reporting
Blue Bell,          PA               19422                                   Date of Original          (Check applicable line)
                                                                             (Month/Year)         X  Form Filed by One Reporting
                                                                                                 ----  Person
                                                                                                     Form Filed by More than One
                                                                                                 ----  Reporting Person
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  (City)           (State)           (Zip)     TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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 1. Title of Security           2. Trans-   3. Transac-  4. Securities Acquired (A)  5.  Amount of Se-    6. Owner-      7. Nature  
    (Instr. 3)                     action      tion         or Disposed of (D)           curities Benefi-    ship           of In-  
                                   Date        Code         (Instr. 3, 4 and 5)          cially Owned at     Form:          direct  
                                               (Instr. 8)                                End of Issuer's     Direct         Benefi-
                                  (Month/                                                Fiscal Year         (D) or         cial
                                   Day/                 ----------------------------     (Instr. 3 and 4)    Indirect       Owner- 
                                   Year)                Amount    (A) or      Price                          (I)            ship   
                                                                  (D)                                        (Instr. 4)     (Instr.
                                                                                                                            4)     

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 Common Stock                   6/30/98     G           30,000*   D           N/A        0                   N/A 
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                                                                                                                              (Over)

*If the form is filed by more than one reporting person,                       (Print or Type Responses)             SEC 2270 (7/96)
 see Instruction 4(b)(v).
</TABLE>

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<TABLE>
<CAPTION>
 
FORM 5 (CONTINUED)        TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
                                  (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)

<S>                       <C>          <C>        <C>         <C>              <C>             <C>                   <C>
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1. Title of Derivative    2. Conver-   3. Trans-  4. Trans-   5. Number of     6. Date Exer-   7. Title and Amount   8. Price
   Security                  sion or      action     action      Derivative       cisable and     of Underlying         of
   (Instr. 3)                Exercise     Date       Code        Securities Ac-   Expiration      Securities            Deriv-
                             Price of     (Month/    (Instr. 8)  quired (A) or    Date            (Instr. 3 and 4)      ative
                             Deriv-       Day/                   Disposed of (D)  (Month/Day/                           Secur-
                             ative        Year)                  (Instr. 3, 4,    Year)                                 ity
                             Security                            and 5)                                                 (Instr. 5)
                                                                               -----------------------------------
                                                                               Date    Expira-            Amount or
                                                               --------------- Exer-   tion       Title   Number of
                                                                (A)     (D)    cisable Date               Shares
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<S>                          <C>                    <C>                         <C>
1. Title of Derivative       9. Number of           10. Ownership               11. Nature of
   Security                     Derivative              of Derivative               Indirect
   (Instr. 3)                   Securities              Security:                   Beneficial
                                Beneficially            Direct (D)                  Ownership
                                Owned at End            or Indirect (l)             (Instr. 4)
                                of Year                 (Instr. 4)
                                (Instr. 4)

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Explanation of Responses:
 
* Represents gift by spouse of 30,000 shares of common stock,        /s/ Robert F. Apple              December 2, 1998
  beneficial ownership of which has been previously disclaimed      -------------------------------    ----------------
  by Reporting Person.                                              **Signature of Reporting Person          Date
**Intentional misstatements or omissions of facts constitute          Robert F. Apple
  Federal Criminal Violations. See 18 U.S.C. 1001 and                 as attorney-in-fact for
  15 U.S.C. 78ff(a).                                                  J.R. LeShufy
                                                                 
</TABLE>

Note: File three copies of this Form, one of which must be manually signed.
      If space provided 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.
                                                                          Page 2
                                                                 SEC 2270 (7/96)


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