U.S. SECURITIES AND EXCHANGE
FORM 3 Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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 20(f) of the
Investment Company Act of 1949
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OMB APPROVAL
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OMB Number:
Expires:
Estimated average burden
hours per response...0.5
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1. Name and Address of Reporting Person 2. Date of Event 4. Issuer Name and Ticker or Trading Symbol
Requiring Statement
Rosenwald, M.D. Lindsay A. (Month/Day/Year) AVAX Technologies, Inc.
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(Last) (First) (Middle) 7/7/97 AVXT
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5. Relationship of Reporting Person 6. If Amendment, Date of
3. IRS or Social to Issuer (Check all applicable) Original (Month/Day/Year)
787 Seventh Avenue, 44th Floor Security Number of
- ------------------------------------------ Reporting Person ____ Director X 10% Owner
(Street) (Voluntary) ____ Officer ____ Other (specify --------------------------
(give title
New York NY 10019 below)
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(City) (State) (Zip Code)
Table I - Non- Derivative Securities Beneficially Owned
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1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Beneficially Owned Direct (D) or Indirect Beneficial Ownership
(Instr. 4) (I) (Instr. 5) (Instr. 5)
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Common Stock 555,267 (1) D
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Common Stock 199,314 I By spouse(2)
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Common Stock 28,500 I By The Aries Trust(3)
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Common Stock 32,750 I By Aries Domestic Fund L.P.(3)
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
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Table II - Derivative Securities Beneficially
Owned (e.g., puts, calls, warrants, options, convertible securities)
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1. Title of Derivative 2. Date 3. Title and Amount of 4. Conversion or 5. Ownership 6. Nature of Indirect
Security (Instr. 4) Exercisable and Securities Underlying Exercise Price of form of Beneficial Ownership
Expiration Date Derivative Security Derivative Derivative (Instr. 5)
(Month/Day/ (Instr. 4) Security Security:
Year) Direct (D) or
----------------------------------------------- Indirect (I)
Date Expir- Title Amount or (Instr. 5)
Exer- ation Number of
cisable Date Shares
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Series B Placement Common 320,949 $3.83 (4) D
Warrants Stock (4)
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Bridge Placement Common 17,000 $0.04 per share D
Warrants Stock
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Series B Convertible Common 182,612 $3.83 (5) I By The Aries Trust (3)
Preferred Stock Stock (5)
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Series B Convertible Common 78,262 $3.83 (5) I By Aries Domestic
Preferred Stock Stock (5) Fund L.P. (3)
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Series B Placement Warrants Common 18,261 $3.83 (4) I By The Aries Trust (3)
Stock (4)
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Series B Placement Warrants Common 7,826 $3.83 (4) I By Aries Domestic
Stock (4) Fund L.P. (3)
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Bridge Placement Warrants Common 5,000 $0.04 per share I By The Aries Trust (3)
Stock
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Bridge Placement Warrants Common 6,250 $0.04 per share I By Aries Domestic
Stock Fund L.P. (3)
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Explanation of Responses:
(1) Securities beneficially owned include 42,775 shares of Common Stock owned
by June Street Co. and Huntington Street Co., of which Dr. Rosenwald is the sole
proprietor.
(2) Securities beneficially owned represent shares of Common Stock owned by Dr.
Rosenwald's wife and trusts in favor of his minor children. Dr. Rosenwald
disclaims beneficial ownership of such shares.
(3) Securities beneficially owned represent shares of Common Stock owned by The
Aries Trust, A Cayman Island Trust (the "Trust") and Aries Domestic Fund, L.P.
(the "Partnership"), "Funds"). Paramount Capital Asset Management, Inc.
("Paramount Capital"), of which Dr. Rosenwald is the sole shareholder, is the
General Partner of the Partnership and also serves as the investment manager to
the Trust. Dr. Rosenwald may be deemed to have voting and investment control
over the securities of the issuer owned by the Trust and the Partnership under
Rule 16a-(a)(1) of the Securities Exchange Act of 1934. Paramount Capital and
Dr. Rosenwald disclaim beneficial ownership of the securities held by the
Partnership and the Trust, except to the extent of their pecuniary interest
therein.
(4) The Series B Placement Warrants are convertible into shares of Series B
Convertible Preferred Stock at an exercise price of $110 per share of Series B
Convertible Preferred Stock. The Series B Convertible Preferred Stock is
convertible into shares of Common Stock at a conversion rate determined by
dividing a stated price of $100.00 per share of Series B Convertible Preferred
Stock by a conversion price of $3.83 per share, which conversion price is
subject to adjustment as set forth in the Certificate of Designations for the
Series B Convertible Preferred Stock.
(5) The Series B Convertible Preferred Stock is convertible into shares of
Common Stock at a conversion rate determined by dividing a stated price of
$100.00 per share of Series B Convertible Preferred Stock by a conversion price
of $3.83 per share, which conversion price is subject to adjustment as set forth
in the Certificate of Designations for the Series B Convertible Preferred Stock.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ LINDSAY A. ROSENWALD, MD
- ------------------------------------- July 7, 1997
** Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, See instruction 6 for procedure.
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