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FORM 4 OMB APPROVAL
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[ ] Check this box if no longer OMB NUMBER 3235-0287
subject to Section 16. Form 4 EXPIRES: SEPTEMBER 30, 1998
or Form 5 obligations may ESTIMATED AVERAGE BURDEN
continue. See Instruction 1(b) HOURS PER RESPONSE.....0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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
(Print or Type Responses)
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1. Name and Address of Reporting Person*
LeShufy J. R.
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(Last) (First) (Middle)
InKine Pharmaceutical Company, Inc.
Sentry Park East
1720 Walton Road
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(Street)
Blue Bell, Pennsylvania 19422
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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
2/98
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ x ] Director [ ] 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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TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY
OWNED
<TABLE>
<CAPTION>
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) or 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action Date action Disposed of (D) Securities ship of In-
Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Month/ (Instr. 8) Owned at Direct Bene-
Day/ End of (D) or ficial
Year) Month Indirect Owner-
(Instr. 3 (Instr.4) ship
and 4) (Instr.4)
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(A) or
Code V Amount (D) Price
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction
4(b)(v).
(Over)
SEC 1474 (7-96)
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FORM 4 (CONTINUED)
TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<TABLE>
<CAPTION>
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1. Title of Derivative Security 2. Conver- 3. Trans- 4. Transaction Code
(Instr. 3) sion or action Date (Instr. 8)
Exercise (Month/Day/Year)
Price of
Deriv-
ative
Security
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Code V
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<S> <C> <C> <C> <C>
Stock Option (Right to Buy) $1.00 1/29/98 A V
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</TABLE>
<TABLE>
<CAPTION>
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5. Number of Deriv- 6. Date Exercisable and 7. Title and Amount of
ative Securities Expiration Date Underlying Securities
Acquired (A) or (Month/Day/Year) (Instr. 3 and 4)
Disposed of (D)
(Instr. 3, 4 and 5)
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Date Exercisable Expiration Date Amount or Number
Title of Shares
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(A) (D)
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<S> <C> <C> <C> <C> <C>
37,500 * 1/29/08 Common Stock 37,500
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</TABLE>
<TABLE>
<CAPTION>
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8. Price of 9. Number 10. Ownership of 11. Nature of
Derivative of Derivative Derivative Indirect
Security Securities Security: Beneficial
(Instr. 5) Beneficially Direct (D) Ownership
Owned at End of Month or Indirect (I) (Instr. 4)
(Instr. 4) (Instr. 4)
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<S> <C> <C> <C>
37,500 D
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</TABLE>
EXPLANATION OF RESPONSES:
* Option became exerciseable as to 7,500 shares on January 29, 1998.
It will become exerciseable with respect to the balance of the
shares in annual increments of 7,500 shares commencing on January
29, 1999.
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS.
SEE 18 U.S.C. 1001 AND 15 U.S.C. 78ff(a).
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.
/s/ J.R. LESHUFY 2/9/98
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** SIGNATURE OF REPORTING PERSON DATE
Page 2
SEC 1474 (7-96)
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POWER OF ATTORNEY
Know all men by these presents, that the undersigned hereby constitutes
and appoints Robert F. Apple 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 February, 1998.
/s/ J. R. LeShufy
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J. R. LeShufy
