SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
(Amendment No. ___)*
InKine Pharmaceutical Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
69830P105
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(CUSIP Number)
*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
disclosures provided in a prior cover page.
The information required on 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).
(Continued on following pages)
Page 1 of 12 Pages
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<TABLE>
<CAPTION>
<S> <C> <C>
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CUSIP NO. 69830P105 13 G Page 2 of 12 Pages
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1 NAME OF REPORTING
SS OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Biotechnology Development Fund, LP ("BDF")
Tax ID Number: 94-3258409
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership
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NUMBER OF 5 SOLE VOTING POWER
SHARES 1,500,000 shares, except that BioAsia, the general partner of BDF, and
BENEFICIALLY Kung, Leung and Engleman, members of BioAsia may be deemed to have
OWNED BY EACH REPORTING shared power to vote these shares.
PERSON
WITH
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6 SHARED VOTING POWER
See response to item 5.
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7 SOLE DISPOSITIVE POWER
1,500,000 shares, except that BioAsia, the general partner of BDF, and
Kung, Leung and Engleman, members of BioAsia may be deemed to have
shared power to vote these shares.
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8 SHARED DISPOSITIVE POWER
See response to item 7.
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 1,500,000
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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
6.6%
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12 TYPE OF REPORTING PERSON*
PN
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<FN>
* SEE INSTRUCTIONS BEFORE FILLING OUT!
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
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CUSIP NO. 69830P105 13 G Page 3 of 12 Pages
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1 NAME OF REPORTING
SS OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BioAsia Investments, LLC ("BioAsia")
Tax ID Number: 94-3258407
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
California limited liability company
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH
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6 SHARED VOTING POWER
1,500,000 shares, all of which are directly owned by BDF. BioAsia is
the general partner of BDF and may be deemed to have shared power to
vote these shares.
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7 SOLE DISPOSITIVE POWER
0
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8 SHARED DISPOSITIVE POWER
1,500,000 shares, all of which are directly owned by BDF. BioAsia is
the general partner of BDF and may be deemed to have shared power to
vote these shares.
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 1,500,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* N/A [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.6%
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12 TYPE OF REPORTING PERSON* PN
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<FN>
* SEE INSTRUCTIONS BEFORE FILLING OUT!
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
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CUSIP NO. 69830P105 13 G Page 4 of 12 Pages
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1 NAME OF REPORTING
SS OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Frank Kung ("Kung")
Tax ID Number: ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0 shares
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH
-------- -----------------------------------------------------------------------
6 SHARED VOTING POWER
1,500,000 shares, all of which are directly owned by BDF. Kung is a
member of BioAsia and may be deemed to have shared power to vote these
shares.
-------- -----------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0 shares
-------- -----------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,500,000 shares, all of which are directly owned by BDF. Kung is a
member of BioAsia and may be deemed to have shared power to vote these
shares.
- ----------------------------------- -------- -----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 1,500,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* N/A [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.6%
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12 TYPE OF REPORTING PERSON*
IN
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<FN>
SEE INSTRUCTIONS BEFORE FILLING OUT!
</FN>
</TABLE>
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<TABLE>
<CAPTION>
<S> <C> <C>
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CUSIP NO. 69830P105 13 G Page 5 of 12 Pages
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1 NAME OF REPORTING
SS OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Anselm Leung ("Leung")
Tax ID Number: ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0 shares
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH
-------- -----------------------------------------------------------------------
6 SHARED VOTING POWER
1,500,000 shares, all of which are directly owned by BDF. Kung is a
member of BioAsia and may be deemed to have shared power to vote these
shares.
-------- -----------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0 shares
-------- -----------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,500,000 shares, all of which are directly owned by BDF. Kung is a
member of BioAsia and may be deemed to have shared power to vote these
shares.
- ----------------------------------- -------- -----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 1,500,000
- ----------- --------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* N/A [ ]
- ----------- --------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.6%
- ----------- --------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
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<FN>
* SEE INSTRUCTIONS BEFORE FILLING OUT!
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
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CUSIP NO. 69830P105 13 G Page 6 of 12 Pages
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1 NAME OF REPORTING
SS OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Edgar Engleman
Tax ID Number: ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------- --------------------------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0 shares
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH
-------- -----------------------------------------------------------------------
6 SHARED VOTING POWER
1,500,000 shares, all of which are directly owned by BDF. Kung is a
member of BioAsia and may be deemed to have shared power to vote these
shares.
-------- -----------------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0 shares
-------- -----------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,500,000 shares, all of which are directly owned by BDF. Kung is a
member of BioAsia and may be deemed to have shared power to vote these
shares.
- ----------------------------------- -------- -----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 1,500,000
- ----------- --------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES* N/A [ ]
- ----------- --------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.6%
- ----------- --------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
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<FN>
* SEE INSTRUCTIONS BEFORE FILLING OUT!
</FN>
</TABLE>
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Page 7 of 12
ITEM 1(A). NAME OF ISSUER
InKine Pharmaceuticals, Inc.
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
Sentry Park East
2720 Walton Road
Blue Bell, PA 19422
ITEM 2(A). NAME OF PERSONS FILING
This Statement is filed by Biotechnology Development Fund, LP
("BDF"), BioAsia Investments, LLC ("BioAsia"), Frank Kung ("Kung"), Anselm Leung
("Leung"), and Edgar Engleman ("Engleman"). The foregoing entities and
individuals are collectively referred to as the "Reporting Persons."
BioAsia is the general partner of BDF, and may be deemed to
have indirect beneficial ownership of shares of the issuer directly owned by
BDF. Kung, Leung, and Engleman are members of BioAsia, and may be deemed to have
indirect beneficial ownership of the shares of issuer directly owned by BDF.
BioAsia hereby disclaims beneficial ownership of shares of
issuer directly owned by BDF except to the extent of any indirect pecuniary
interest therein. Keung, Leung, and Engleman hereby disclaim beneficial
ownership of the shares held by BDF except to the extent of any respective
indirect pecuniary interest therein.
ITEM 2(B). ADDRESS OF PRINCIPAL OFFICE
The address for each of the Reporting Persons is:
BioAsia Investments LLC 575 High Street, Suite 201 Palo Alto,
CA 94301
ITEM 2(C) CITIZENSHIP
BDF is a Delaware limited partnership, BioAsia is a California
limited liability company, and Kung, Leung and Engleman are United States
citizens.
ITEM 2(D) AND (E). TITLE OF CLASS OF SECURITIES AND CUSIP NUMBER
Common Stock
CUSIP # 69830P105
ITEM 3. Not Applicable
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Page 8 of 12
ITEM 4. OWNERSHIP
(a) Amount beneficially owned:
See Row 9 of cover page for each Reporting Person.
(b) Percent of Class:
See Row 11 of cover page for each Reporting Person.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the
vote:
See Row 5 of cover page for each
Reporting Person.
(ii) Shared power to vote or to direct the
vote:
See Row 6 of cover page for each
Reporting Person.
(iii) Sole power to dispose or to direct the
disposition of:
See Row 7 of cover page for each
Reporting Person.
(iv) Shared power to dispose or to direct the
disposition of:
See Row 8 of cover page for each
Reporting Person.
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.
Under certain circumstances set forth in the limited
partnership agreement of BDF and the limited liability company agreement of
BioAsia, the general and limited partners of BDF and the members of BioAsia each
may be deemed to have the right to receive dividends from, or the proceeds from,
the sale of shares of the issuer owned by each such entity of which they are a
partner.
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Page 9 of 12
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
ITEM 10. CERTIFICATION.
Not applicable
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Page 10 of 12
SIGNATURES
After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Dated: February 6, 1998
Biotechnology Development Fund, LP
By: BioAsia Investments, LLC, its
general partner
By: /s/ Frank Kung
-------------------------------
Frank Kung, Member
BIOASIA INVESTMENTS, LLC
By: /s/ Frank Kung
-------------------------------
Frank Kung, Member
/s/ Frank Kung
----------------------------------
FRANK KUNG
/s/ Anselm Leung
----------------------------------
ANSELM LEUNG
/s/ Edgar Engleman
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EDGAR ENGLEMAN
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Page 11 of 12
EXHIBIT INDEX
Found on
Sequentially
Exhibit Numbered Page
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Exhibit A: Agreement of Joint Filing Page 12
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Page 12 of 12
EXHIBIT A
Agreement of Joint Filing
The undersigned hereby agree that a single Schedule 13G (or
any amendment thereto) relating to the Common Stock of InKine Pharmaceutical,
Inc. shall be filed on behalf of each of the undersigned and that this Agreement
shall be filed as an exhibit to such Schedule 13G.
Executed this 6th day of February, 1998.
Biotechnology Development Fund, LP
By: BioAsia Investments, LLC, its
general partner
By: /s/ Frank Kung
-------------------------------
Frank Kung, Member
BIOASIA INVESTMENTS, LLC
By: /s/ Frank Kung
-------------------------------
Frank Kung, Member
/s/ Frank Kung
----------------------------------
FRANK KUNG
/s/ Anselm Leung
----------------------------------
ANSELM LEUNG
/s/ Edgar Engleman
----------------------------------
EDGAR ENGLEMAN
