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FORM 4
[ ] Check 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: December 31, 2001
Estimated average burden
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
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1. Name and Address of Reporting Person*
Apple, Robert F.
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(Last) (First) (Middle)
InKine Pharmaceutical Company, Inc.
Sentry Park West
1787 Walton Road
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(Street)
Blue Bell, PA 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 | 5. If Amendment, Date of
| Original (Month/Year)
10/2000 |
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6. Relationship of Reporting Person to Issuer (Check all applicable)
[ ] Director [ ] 10% Owner
[X] Officer [ ] Other (specify below)
(give title below)
Senior Vice President, Chief Financial Officer
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7. Individual or Joint/Group Reporting
(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
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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. Securities Acquired (A) or Disposed
(Instr. 3) | (Month/Day/Year) | (Instr. 8) | of (D) (Instr. 3, 4 & 5)
| | |
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| | | Amount | (A) or| Price
| | | | (D) |
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Common Stock | 10/05/00 | S | 4,000 | D | $9.50
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Common Stock(FN1) | 10/13/00 | M | 4,000 | A | (FN 1)
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Common Stock | 10/25/00 | M | 30,000 | A | $0.938
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Common Stock | 10/26/00 | S | 20,000 | D | $9.25
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Common Stock | 10/27/00 | M | 2,500 | A | $0.938
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Common Stock | 10/27/00 | M | 25,000 | A | $1.00
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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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Common Stock | | D |
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Common Stock | | D |
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Common Stock | | D |
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Common Stock | | D |
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Common Stock | | D |
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Common Stock | 61,000 | D |
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(over)
SEC2270(7-96)
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
</TABLE>
<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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| | | | (A) | (D)
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Right to Receive Stock Grant | | | | |
(Subject to performance goals) | | | | |
(FN1)&(FN2) | N/A | 10/13/00 | M | | 4,000
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Stock Option (Right to buy) | | | | |
(FN2) | $0.938 | 10/25/00 | M | | 30,000
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Stock Option (Right to buy) | | | | |
(FN2) | $0.938 | 10/27/00 | M | | 2,500
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Stock Option (Right to buy) | | | | |
(FN2) | $1.00 | 10/27/00 | M | | 25,000
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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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Right to Receive Stock Grant | | | | |
(Subject to performance goals) | | | Common | 4,000 |
(FN1)&(FN2) | (FN1) | 10/13/09 | Stock | |
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Stock Option (Right to buy) | | | Common | |
(FN2) | Presently | 10/01/08 | Stock | 30,000 |
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Stock Option (Right to buy) | | | Common | |
(FN2) | Presently | 10/01/08 | Stock | 2,500 |
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Stock Option (Right to buy) | | | Common | |
(FN2) | Presently | 01/29/08 | Stock | 25,000 |
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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 (I) (Instr. 4) | (Instr. 4)
| (Instr. 4) | |
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Right to Receive Stock Grant | | |
(Subject to performance goals) | | |
(FN1)&(FN2) | 4,000 | D |
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Stock Option (Right to buy) | | |
(FN2) | See Line Below | D |
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Stock Option (Right to buy) | | |
(FN2) | 32,500 | D |
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Stock Option (Right to buy) | | |
(FN2) | 25,000 | D |
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</TABLE>
Explanation of Responses:
(FN1)The Issuer originally granted the Reporting Person the right to
receive these shares on October 14, 1999, pursuant to Issuer's 1999 Equity
Compensation Plan. The Reporting Person reported the original grant of this
right as a derivative security on the Reporting Person's Form 5 for the fiscal
year ended June 30, 2000. The vesting of these shares was subject to the
Reporting Person remaining an employee of the Issuer during the vesting period.
For purposes of Section 16, following the expiration of the vesting period, this
derivative security is deemed to be converted into shares of Common Stock of the
Issuer on the Transaction Date.
(FN2) Pursuant to Section 16 rules, when a right to receive stock (i.e., a
"derivative security") vests and when an insider exercises an option to purchase
common stock (i.e., a "derivative security"), the Reporting Person must disclose
that the derivative security ceases to exist (i.e., is "disposed of") and that
the Reporting Person has acquired the common stock underlying the derivative
security. Section 16 Rules require such disclosure since once the Reporting
Person acquires the shares of common stock which it has the right to acquire by
virtue of the derivative security, the derivative security no longer exists
(i.e.: the Reporting Person cannot exercise this right again and receive
additional stock). Thus, the disposition of the derivative securities listed on
this Table II represent the identical shares which are listed on Table I as
shares acquired under the transaction code "M." (i.e., the Reporting person no
longer has the right to receive such shares since the Report Person has received
such shares).
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Robert F. Apple November 10, 2000
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**Signature of Reporting Person Date
Robert F. Apple
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.
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SEC 2270 (7/96)
