UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G/A
Under the Securities Exchange Act of 1934
Palatin Technologies, Inc
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Common Stock, par value $.01 per share
(Title of Class of Securities)
February 15, 2002
(CUSIP Number: 696077304)
December 31, 2001
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Date of event which requires filing
Check the appropriate box to designate the rule pursuant to which the schedule
is filed:
|_| Rule 13d-1(b)
|x| Rule 13d-1(c)
|_| Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be filled for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act,
but shall be subject to all other provisions of the Act (however, see the Notes
to Schedule 13G).
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CUSIP No. 696077304 13G
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lindsay A. Rosenwald, M.D.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
612,167
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NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 526,890
OWNED BY --------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 612,167
WITH --------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
526,890
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,139,057(1)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.8%
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12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT
(1) Lindsay A. Rosenwald, M.D., is the chairman, CEO and sole stockholder of
Paramount CapitalAsset Management, Inc. ("PCAM"). PCAM is the General Partner to
Aries Domestic Fund, a limited partnerships incorporated in Delaware and
Investment Manager to the Aries Master Fund II, a Cayman Islands exempted
company. Accordingly, Dr. Rosenwald's beneficial ownership consists of 171,666
shares of Common Stock and convertible securities to purchase 190,148 of Common
Stock owned directly by the Aries Master Fund II; 10,774 shares of Common Stock
and convertible securities to purchase 103,472 of Common Stock owned directly by
the Aries Domestic Fund; 358,245 shares of Common Stock beneficially owned by
RAQ, LLC, for which Dr. Rosenwald is the sole and managing member; and 238,118
shares of Common Stock and convertible securities to purchase 15, 804 shares of
Common Stock owned directly by Dr. Rosenwald;
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ITEM 1(a). NAME OF ISSUER:
Palatin Technologies, Inc.
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
103 Carnegie Center, Suite 200
Princeton, NJ 08540
ITEM 2(a) NAME OF PERSON FILING:
This statement is filed on behalf of Paramount Capital Asset
Management, Inc. ("Paramount Capital"), Aries Domestic Fund, L.P.
("Aries Domestic"), Aries Master Fund II, a Cayman Island exempted
company ("Aries Fund") and Lindsay A. Rosenwald, M.D. ("Dr.
Rosenwald" and collectively, "Reporting Parties"). See attached
Exhibit A which is a copy of their agreement in writing to file this
statement on behalf of each of them.
Dr. Rosenwald is an investment banker, venture capitalist, fund
manager and sole stockholder of Paramount Capital,(1) a Subchapter S
corporation incorporated in Delaware. Paramount Capital is the
General Partner to Aries Domestic,(2), a limited partnerships
incorporated in Delaware. Paramount Capital is the Investment
Manager to Aries Fund,(3) a Cayman Islands exempted company.
Dr. Rosenwald, Paramount Capital, Aries Domestic, and Aries Fund and
their respective officers, directors, general partners, investment
managers, or trustees have not, during the five years prior to the
date hereof, been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).
ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
Paramount Capital's, Aries Domestic's, and Dr. Rosenwald's business
address is 787 Seventh Avenue, 48th Floor, New York, New York,
10019. The business address for The Aries Fund is c/o Fortis Fund
Services Cayman Limited, Grand Pavilion Commercial Center, 802 West
Bay Road, Grand Cayman, Cayman Islands.
ITEM 2(c). CITIZENSHIP:
Dr. Rosenwald is a citizen of the United States of America.
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
Common Stock, par value $.01 per share.
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(1) Please see attached Exhibit B indicating the executive officers and
directors of Paramount Capital and providing information called for by
Items 2-6 of this statement as to said officers and directors. Exhibit B
is herein incorporated by reference.
(2) Please see attached Exhibit C indicating the general partner to each of
Aries Domestic and Aries II and the general partner's executive officers
and directors and providing information called for by Items 2-6 of this
statement as to said general partners, officers and directors. Exhibit C
is herein incorporated by reference.
(3) Please see attached Exhibit D indicating the investment manager of the
Aries Fund and the investment manager's executive officers and directors
and providing information called for by Items 2-6 of this statement as to
said investment manager and officers and directors. Exhibit D is herein
incorporated by reference.
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ITEM 2(e). CUSIP NUMBER: 696077304
ITEM 3. |x| CHECK THIS BOX IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(c)
ITEM 4. OWNERSHIP
For information concerning the ownership of Common Stock of the
Company by the Reporting Persons, see Items 5 through 9 and 11 of
the cover pages to this schedule 13G and footnotes thereto.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not applicable
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
Not applicable
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not Applicable
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not Applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not Applicable
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in
a transaction having that purpose and effect.
Material to be Filed as Exhibits:
Exhibit A - Copy of an Agreement between Dr. Rosenwald, Paramount Capital, Aries
Domestic, and Aries Fund to file this Statement on Schedule 13G on
behalf of each of them.
Exhibit B - List of executive officers and directors of Paramount Capital and
information called for by Items 2-6 of this statement relating to
said officers and directors.
Exhibit C - List of executive officers and directors of Aries Domestic and
information called for by Items 2-6 of this statement relating to
said officers and directors.
Exhibit D - List of executive officers and directors of Aries Fund and
information called for by Items 2-6 of this statement relating to
said officers and directors.
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SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
PARAMOUNT CAPITAL ASSET MANAGEMENT, INC.
Dated: February 10, 2001 By: /s/ Lindsay A. Rosenwald
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New York, NY Name: Lindsay A. Rosenwald, M.D.
Title: Chairman
ARIES DOMESTIC FUND, L.P.
By Paramount Capital Asset Management, Inc.,
General Partner
Dated: February 10, 2001 By: /s/ Lindsay A. Rosenwald
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New York, NY Name: Lindsay A. Rosenwald, M.D.
Title: Chairman
THE ARIES MASTER FUND II
By Paramount Capital Asset Management, Inc.
Investment Manager
Dated: February 10, 2001 By: /s/ Lindsay A. Rosenwald
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New York, NY Name: Lindsay A. Rosenwald, M.D.
Title: Chairman
Dated: February 10, 2001 By: /s/ Lindsay A. Rosenwald
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New York, NY Name: Lindsay A. Rosenwald, M.D.
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EXHIBIT A
AGREEMENT
JOINT FILING OF SCHEDULE 13G
The undersigned hereby agrees to jointly prepare and file with regulatory
authorities a Schedule 13G and any future amendments thereto reporting each of
the undersigned's ownership of securities of Palatin Technologies, Inc. and
hereby affirm that such Schedule 13G is being filed on behalf of each of the
undersigned.
PARAMOUNT CAPITAL ASSET MANAGEMENT, INC.
Dated: February 10, 2001
New York, NY By: /s/ Lindsay A. Rosenwald
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Name: Lindsay A. Rosenwald, M.D.
Title: Chairman
ARIES DOMESTIC FUND, L.P.
By Paramount Capital Asset Management, Inc.
General Partner
Dated: February 10, 2001
New York, NY By: /s/ Lindsay A. Rosenwald
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Name: Lindsay A. Rosenwald, M.D.
Title: Chairman
THE ARIES MASTER FUND
By Paramount Capital Asset Management, Inc.
Investment Manager
Dated: February 10, 2001
New York, NY By: /s/ Lindsay A. Rosenwald
----------------------------------------
Name: Lindsay A. Rosenwald, M.D.
Title: Chairman
Dated: February 10, 2001
New York, NY By: /s/ Lindsay A. Rosenwald
----------------------------------------
Name: Lindsay A. Rosenwald, M.D.
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EXHIBIT B
The name and principal occupation or employment, which in each instance is with
Paramount Capital Asset Management, Inc. ("Paramount Capital") located at 787
Seventh Avenue, 48th Floor, New York, New York, 10019, of each executive officer
and director of Paramount Capital is as follows:
NAME PRINCIPAL OCCUPATION OR
EMPLOYMENT
Lindsay A. Rosenwald, M.D. Chairman of the Board and sole shareholder,
Paramount Capital Asset Management, Inc.,
Paramount Capital Investments LLC and
Paramount Capital, Inc.
Mark C. Rogers, M.D. President of Paramount Capital Asset
Management, Inc., Paramount Capital
Investments, LLC, and Paramount Capital,
Inc.
Peter Morgan Kash Director of Paramount Capital Asset
Management, Inc., Senior Managing Director,
Paramount Capital, Inc.
Dr. Yuichi Iwaki Director of Paramount Capital Asset
Management, Inc., Professor, University of
Southern California School of Medicine
Item 2.
During the five years prior to the date hereof, the above person (to the best of
Paramount Capital's knowledge) has not been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors). Additionally, during the
five years prior to the date hereof, the above person (to the best of Paramount
Capital's knowledge) has not been a party to a civil proceeding, of a judicial
or administrative body of competent jurisdiction, as a result of which such
person was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, Federal or
State securities laws or finding any violation with respect to such laws.
Items 3-6.
Please refer to Items 3-6 herein reporting the beneficial ownership.
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EXHIBIT C
The name and principal occupation or employment of the General Partner of Aries
Domestic and Aries II, which are located at 787 Seventh Avenue, 48th Floor, New
York, New York, 10019, is as follows:
NAME PRINCIPAL OCCUPATION OR EMPLOYMENT
Paramount Capital Asset Management, Inc General Partner
Exhibit B is hereby incorporated by reference.
Item 2.
During the five years prior to the date hereof, the above person (to the best of
Aries Domestic's and Aries II's knowledge) has not been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors). Additionally,
during the five years prior to the date hereof, the above person (to the best of
Aries Domestic's and Aries II's knowledge) has not been a party to a civil
proceeding, of a judicial or administrative body of competent jurisdiction, as a
result of which such person was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, Federal or State securities laws or finding any violation with
respect to such laws.
Items 3-6.
Please refer to Items 3-6 herein reporting the beneficial ownership.
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EXHIBIT D
The name and principal occupation or employment, which in the case of Paramount
Capital Asset Management, Inc. is located at 787 Seventh Avenue, 48th Floor, New
York, New York, 10019, of each executive officer and director of Aries Fund is
as follows:
PRINCIPAL OCCUPATION NAME
OR EMPLOYMENT
Paramount Capital Asset Management, Inc. Investment Manager
Fortis Fund Services Cayman Limited Administrator
Grand Pavilion Commercial Center
802 West Bay Road
Grand Cayman, Cayman Islands
Exhibit B is hereby incorporated by reference.
Item 2.
During the five years prior to the date hereof, the above person (to the best of
Aries Fund's knowledge) has not been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors). Additionally, during the
five years prior to the date hereof, the above person (to the best of Aries
Fund's knowledge) has not been a party to a civil proceeding, of a judicial or
administrative body of competent jurisdiction, as a result of which such person
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, Federal or
State securities laws or finding any violation with respect to such laws.
Items 3-6.
Please refer to Items 3-6 herein reporting the beneficial ownership.
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