U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 5
ANNUAL 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
[ ] Check this box if no longer subject of Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
[ ] Form 3 Holdings Reported
[X] Form 4 Transactions Reported
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1. Name and Address of Reporting Person*
Rosenwald, M.D., Lindsay A.
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(Last) (First) (Middle)
c/o Paramount Capital Asset Management, Inc., 787 Seventh Avenue, 48th Floor
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(Street)
New York NY 10019
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
AVAX Technologies, Inc. (AVXT)
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
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4. Statement for Month/Year
December, 1998
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [X] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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7. Individual or Joint/Group Filing (Check Applicable Line)
[ ] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
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* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
5. 6.
4. Amount of Owner-
Security Acquired (A) or Securities ship
Disposed of (D) Beneficially Form: 7.
(Instr. 3, 4 and 5) Owned at End Direct Nature of
2. 3. ----------------------------- of Issuer's (D) or Indirect
1. Transaction Transaction (A) Fiscal Year Indirect Beneficial
Title of Security Date Code Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) (Instr. 8) (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 8/5/98 P 7,400 A $1.588 1,842,589(1) I By Aries
Master
Fund(2)
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Common Stock 8/6/98 P 6,300 A $1.500 1,842,589(1) I By Aries
Master
Fund(2)
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Common Stock 8/7/98 P 13,500 A $1.578 1,842,589(1) I By Aries
Master
Fund(2)
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Common Stock 8/11/98 P 7,400 A $1.625 1,842,589(1) I By Aries
Master
Fund(2)
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Common Stock 8/13/98 P 3,600 A $1.844 1,842,589(1) I By Aries
Master
Fund(2)
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xx
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly
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FORM 5 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- Securities Date Securities Price Bene- ity: In-
cise 3. Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- 4. or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Trans- of (D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date action (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ Code 4 and 5) Date Expira- Number ity Year (I) ship
Security Secur- Day/ (Instr. ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) 8) (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 8/18/98 P 7,400 A $2.063 1,842,589(1) I By Aries Master
Fund(2)
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Common Stock 8/19/98 P 7,400 A $2.191 1,842,589(1) I By Aries Master
Fund(2)
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Common Stock 8/27/98 P 7,400 A $2.000 1,842,589(1) I By Aries Master
Fund(2)
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Common Stock 9/10/98 P 14,800 A $1.750 1,842,589(1) I By Aries Master
Fund(2)
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Common Stock 8/5/98 P 2,600 A $1.588 1,842,589(1) I By Aries Domestic
Fund, L.P.(2)
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Common Stock 8/6/98 P 2,200 A $1.500 1,842,589(1) I By Aries Domestic
Fund, L.P.(2)
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Common Stock 8/11/98 P 2,600 A $1.625 1,842,589(1) I By Aries Domestic
Fund, L.P.(2)
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Common Stock 8/13/98 P 1,400 A $1.844 1,842,589(1) I By Aries Domestic
Fund, L.P.(2)
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Common Stock 8/18/98 P 2,600 A $2.063 1,842,589(1) I By Aries Domestic
Fund, L.P.(2)
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Common Stock 8/19/98 P 2,600 A $2.191 1,842,589(1) I By Aries Domestic
Fund, L.P.(2)
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Common Stock 8/27/98 P 2,600 A $2.000 1,842,589(1) I By Aries Domestic
Fund, L.P.(2)
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Common Stock 9/10/98 P 5,200 A $1.750 1,842,589(1) I By Aries Domestic
Fund, L.P.(2)
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</TABLE>
Explanation of Responses:
(1) See Attachment A.
(2) Securities beneficially acquired represent shares of Common Stock issued
to The Aries Master Fund, a Cayman Island exempted company (the "Master
Fund") and the Aries Domestic Fund, L.P. (the "Partnership" and
collectively with the Master Fund, the "Aries Funds"), respectively.
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 Master Fund.
Dr. Rosenwald may be deemed to have voting and investment control over the
securities of the issuer owned by the Master Fund 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 Master Fund and the Partnership, except to the extent of their
pecuniary interest therein.
** 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, M.D. February 12, 1999
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** Signature of Reporting Person Date
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Attachment A
Securities beneficially owned by Dr. Rosenwald are presented on an as-converted
basis and consist of the following:
1. 512,492 shares of Common Stock owned directly by Dr. Rosenwald, 17,000
shares of Common Stock issuable upon exercise of Bridge Placement Warrants
owned directly by Dr. Rosenwald and 320,949 shares of Common Stock
issuable upon conversion of shares of Series B Preferred Stock issuable
upon exercise of Series B Placement Warrants owned directly by Dr.
Rosenwald.
2. 42,775 shares of Common Stock owned by June Street Corporation and
Huntington Street Corporation, of which Dr. Rosenwald is the sole
proprietor.
3. 199,314 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.
4. An aggregate of 451,848 shares of Common Stock owned directly by The
Funds, as well as an aggregate of 298,211 shares of Common Stock issuable
upon conversion of shares of Series B Preferred Stock held directly by the
Funds or issuable upon exercise of Series B Placement Warrants and Bridge
Placement Warrants held by the Funds. Dr. Rosenwald disclaims beneficial
ownership of such shares owned by the Funds, except to the extent of his
pecuniary interest, if any.
