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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*
OCM Principal Opportunities Fund, L.P.
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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
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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 D N/A
Stock
</TABLE>
Explanation of Responses:
** Intentional misstatements or OCM Principal Opportunities Fund, L.P.
omissions of facts constitute
Federal Criminal Violations. By: Oaktree Capital Management LLC,
See 18 U.S.C. 1001 and 15 U.S.C. its general partner
78ff(a)
By:____________________________ _____
Name: Kenneth Liang Date
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.
