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FORM 3 U.S. SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
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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 30(f) of the
Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Oaktree Capital Management, LLC
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(Last) (First) (Middle)
333 South Grand Avenue, 28th Floor
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Los Angeles California 90071
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(City) (State) (Zip)
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2. Date of Event Requiring Statement
(Month/Day/Year)
May 12, 1999
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3. I.R.S. Identification Number of Reporting
Person, if an entity (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
CollaGenex Pharmaceuticals, Inc. "CGPI"
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5. Relationship of Reporting Person(s) to
Issuer (Check all applicable)
Director X 10% Owner
Officer (give Other (specify
title below) below)
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6. If Amendment, Date of Original
(Month/Day/Year) N/A
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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
Table I - Non-Derivative Securities Beneficially Owned
1. Title of 2. Amount of Securities 3. Ownership 4. Nature of Indirect
Security Beneficially Owned Form: Direct Beneficial Ownership
(Instr.4) (Instr 4.) (D) or (Instr.5)
Indirect (I)
(Instr. 5)
N/A N/A N/A N/A
<PAGE>2
FORM 3 (Continued)
<TABLE>
<CAPTION>
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<S> <C> <C> <C> <C> <C>
1. Title of Derivative 2. Date 3. Title and Amount 4. Conversion 5. Ownership Form 6. Nature of Indirect
Security (Instr. 4) Exercisable of Securities or of Derivative Beneficial Ownership
and Underlying Exercise Security: (Instr. 5)
Expiration Derivative Price of Direct (D) or
Date Security Derivative Indirect (I)
(Month/Day/Year) (Instr. 4) Security (Instr.5)
Date Expir- Title Amount or
Exer- ation Number of
cisable Date Shares
Series D Cumulative 5/12/99 None Common 1,609,090 $11.00 per I See Note 1 and Note 2 below
Stock
</TABLE>
Explanation of Responses:
Note 1: Oaktree Capital Management, LLC ("Oaktree") is the general partner
of OCM Principal Opportunities Fund, L.P., a limited partnership
which owns the derivative securities of the Issuer set forth herein.
The reporting person disclaims beneficial ownership of these
securities, and the securities underlying such securities, except to
the extent of its indirect pecuniary interest therein.
Note 2: Oaktree is a limited liability company, the members of which are:
Howard S. Marks, Bruce A. Karsh, Sheldon M. Stone, D. Richard Masson,
Larry W. Keele, Stephen A. Kaplan, Russel S. Bernard and the OCM
Equity Participation Plan, L.P. Each such persons may be deemed a
beneficial owner of the securities listed herein by virtue of such
status as members of Oaktree. Each such person disclaims beneficial
ownership of the shares listed herein except to the extent of any
indirect pecuniary interest therein.
** Intentional misstatements or Oaktree Capital Management, LLC
omissions of facts constitute
Federal Criminal Violations. By:____________________________ _____
See 18 U.S.C. 1001 and 15 U.S.C. Name: Kenneth Liang Date
78ff(a) Title: Managing Director
and General Counsel
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, See Instruction 6 for procedure.
