<PAGE> 1
--------------------- ------------------------------
FORM 4 OMB APPROVAL
--------------------- ------------------------------
[ ] 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 hours
continue. See Instruction 1(b) per response.......0.5
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
<TABLE>
<C> <S>
(Print or Type Responses)
- ------------------------------------------------------------------------------------------------------------------
1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or Trading Symbol
InKine Pharmaceutical Company, Inc. (INKP)
Ratoff, Stephen B.
- ------------------------------------------------------------------------------------------------------------------
(Last) (First) (Middle) 3. IRS or Social 4. Statement for
Security Number of Month/Year
Reporting Person
InKine Pharmaceutical Company, Inc. (Voluntary) 2/98
Sentry Park East
1720 Walton Road --------------------------------
- ------------------------------------------------ 5. If Amendment,
(Street) Date of Original
(Month/Year)
Blue Bell, Pennsylvania 19422
- ------------------------------------------------------------------------------------------------------------------
(City) (State) (Zip)
- --------------------------------------------------------
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
--- ----
Officer (give ____ Other (specify
--- title below) below)
- --------------------------------------------------------
7. Individual or Joint/Group Filing
(Check Applicable Line)
X Form filed by One Reporting Person
---
Form filed by More than One Reporting Person
---
- --------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) or 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action Disposed of (D) Securities ship of In-
Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 8) Owned at Direct Bene-
(Month/ End of (D) or ficial
Day/ Month Indirect Owner-
Year) (Instr. 3 (I) ship
----------------------------------------------- and 4) (Instr. 4) (Instr. 4)
(A) or
Code V Amount (D) Price
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 2/11/98 P 10,000 A .9375 10,000 D
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 2/12/98 P 90,000 A .9375 90,000 D
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</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)
<PAGE> 2
FORM 4 (continued)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------
1. Title of 2. Conver- 3. Trans- 4. Transac- 5. Number of 6. Date 7. Title and Amount
Derivative sion action tion Code Deriv- Exercisable of Underlying
Security or Date (Instr. 8) ative and Expiration Securities
(Instr. 3) Exercise (Month/ Securities Date (Instr. 3 and 4)
Price Day/ Acquired (A) (Month/Day/
of Year) or Disposed of Year)
Deriv- (D) (Instr. 3, 4
ative and 5)
Security
----------------------------------------
Date Expira- Amount
Exer- tion Title or
---------------------------- cisable Date Number
of Shares
Code V (A) (D)
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
- ----------------------------------------------------------------------
8. Price 9. Number of 10.Owner- 11. Na-
of Derivative ship of ture
Deriv- Securities Derivative of
ative Beneficially Security: Indirect
Secur- Owned Direct Bene-
ity at End ficial
(Instr of Month (D) Owner-
5) ship
(Instr. 4) or Indirect (Instr. 4)
(I)
(Instr. 4)
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
</TABLE>
Explanation of Responses:
** 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/ Robert F. Apple 3/6/98
- ------------------------------------ ----------------------------------
as attorney in fact for Date
Stephen B. Ratoff
Page 2
SEC 1474 (7-96)
-2-
