U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 4
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 to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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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
January 2000
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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)
|X| 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>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ---------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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By Aries Domestic
Common Stock 01/03/00 P 1,894 A $6.750 2,027,542(2) I Fund, L.P.(1)
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By Aries Domestic
Common Stock 01/03/00 P 304 A $6.750 2,027,542(2) I Fund II, L.P.(1)
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By The Aries Master
Common Stock 01/03/00 P 4,302 A $6.750 2,027,542(2) I Fund(1)
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
Page 1 of 4
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FORM 4 (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- Form of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
of Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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N/A
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</TABLE>
Explanation of Responses:
(1) See Attachment A.
(2) See Attachment B
** 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 8, 2000
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** Signature of Reporting Person Date
Lindsay A. Rosenwald, M.D.
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, see Instruction 6 for procedure.
Page 2 of 4
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ATTACHMENT A
Paramount Capital Asset Management, Inc. ("PCAM") is the general partner of each
of Aries Domestic Fund, L.P. ("Aries I") and Aries Domestic Fund II, L.P.
("Aries II") and also serves as the investment manager of The Aries Master Fund
("Master Fund" and collectively with Aries I and Aries II, the "Aries Funds").
Dr. Rosenwald is the chairman and sole stockholder of PCAM. As a result, Dr.
Rosenwald and PCAM may be deemed to have voting and investment control over the
securities of the issuer owned by the Aries Funds under Rule 16a-(a)(1) of the
Securities Exchange Act of 1934. Dr. Rosenwald and PCAM disclaim beneficial
ownership of the securities held by the Aries Funds, except to the extent of its
pecuniary interest therein, if any.
Page 3 of 4
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Attachment B
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 320,951 shares of Common Stock
issuable upon conversion of shares of Series B Preferred Stock or issuable
upon exercise of Series B Placement Warrants owned directly by Dr.
Rosenwald.
2. 21,250 shares of Common Stock owned by each of 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. 307,105 shares of Common Stock owned directly by the Master Fund, 5000
shares of Common Stock issuable upon exercise of Bridge Placement Warrants
owned directly by the Master Fund, and 331,950 shares of Common Stock
issuable upon conversion of shares of Series B Preferred Stock or issuable
upon exercise of Series B Placement Warrants owned directly by the Master
Fund. Dr. Rosenwald disclaims beneficial ownership of such shares owned by
the Aries Funds, except to the extent of his pecuniary interest, if any.
5. 129,336 shares of Common Stock owned directly by Aries I, 6,250 shares of
Common Stock issuable upon exercise of Bridge Placement Warrants owned
directly by Aries I, and 142,269 shares of Common Stock issuable upon
conversion of shares of Series B Preferred Stock or issuable upon exercise
of Series B Placement Warrants owned directly by Aries I. Dr. Rosenwald
disclaims beneficial ownership of such shares owned by the Aries Funds,
except to the extent of his pecuniary interest, if any.
6. 19,329 shares of Common Stock owned directly by Aries II. Dr. Rosenwald
disclaims beneficial ownership of such shares owned by the Aries Funds,
except to the extent of his pecuniary interest, if any.
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