UNITED STATES 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(h) of the Investment Company Act of 1940
|X| Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
(Print or Type Responses)
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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
Paligent Corporation (PGNT)
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3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)
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4. Statement for Month/Day/Year
December 31, 2002
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5. If Amendment, Date of Original (Month/Day/Year)
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6. Relationship of Reporting Person(s) 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
|X| Form Filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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5.
Amount of 6.
4. Securities Owner-
Securities Acquired (A) or Beneficially ship
2A. 3. Disposed of (D) Owned Form: 7.
2. Deemed Transaction (Instr. 3, 4 and 5) Following Direct Nature of
Trans- Execution Code ------------------------------- Reported (D) or Indirect
1. action Date, if (Instr. 8) (A) Transaction(s) Indirect Beneficial
Title of Security Date any ------------ or (Instr. 3 & (I) Ownership
(Instr. 3) (mm/dd/yy) (mm/dd/yy) Code V Amount (D) Price Instr.4) (Instr.4) (Instr.4)
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Common Stock 12/31/02 S 3,422,046 D $0.0225 I By Aries
Select I,
LLC
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Common Stock 12/31/02 S 6,818,194 D $0.0225 I By Aries
Select Ltd.
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Common Stock 12/31/02 S 12,995 D $0.0225 367,473 I By Aries
Select II,
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
Persons who respond to the collection of information contained in this
form are not required to respond unless the form displays a currently
valid OMB control number
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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9.
Number 10.
of Owner-
deriv- ship
ative Form
2. Secur- of
Conver- 5. 7. ities Deriv- 11.
sion Number of Title and Amount Bene- ative Nature
or Derivative 6. of Underlying 8. ficially Secur- of
Exer- 3A. 4. Securities Date Securities Price Owned ity: In-
cise Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Follow- Direct direct
Price 3. Execut- action or Disposed Expiration Date ---------------- Deriv- ing (D) or Bene-
1. of Trans- ion Code of(D) (Month/Day/Year) Amount ative Reported In- ficial
Title of Deriv- action Date if (Instr. (Instr. 3, ---------------- or Secur- Trans- direct Owner-
Derivative ative Date any 8) 4 and 5) Date Expira- Number ity action(s) (I) ship
Security Secur- (mm/dd/ (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity yy) yy) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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Class C $3.28 12/31/02 S D 4/8/03 Common 258,104 I By Aries
Warrant Select I,
LLC
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Class C $3.28 12/31/02 S D 4/8/03 Common 495,444 I By Aries
Warrant Select Ltd.
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By Aries
Common $3.28 12/31/02 S D 10/9/03 Common 80,760 I Select I,
Warrant LLC
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Common $3.28 12/31/02 S D 10/9/03 Common 163,969 I By Aries
Warrant Select Ltd.
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UPO Warrants $10.00 12/31/02 S D 11/27/05 Common 2,716 I By Aries
Select I,
LLC
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UPO Warrants $10.00 12/31/02 S D 11/27/05 Common 2,716 I By Aries
Select Ltd.
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Class A $9.20 12/31/02 S D 11/26/05 Common 81,938 I By Aries
Warrants Select I,
LLC
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Class A $9.20 12/31/02 S D 11/26/05 Common 130,234 I By Aries
Warrants Select Ltd.
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UPO Warrants $2.80 12/31/02 S D 9/7/05 Common 45,792 I By Aries
Select I,
LLC
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By Aries
UPO Warrants $2.80 12/31/02 S D 9/7/05 Common 88,836 I Select Ltd.
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Class D $2.11 12/31/02 S D 6/30/04 Common 189,000 I By Aries
Warrants Select I,
LLC
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Class D $2.11 12/31/02 S D 6/30/04 Common 630,000 842,070 I By Aries
Warrants Select Ltd.
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Explanation of Responses:
* Paramount Capital Asset Management, Inc. ("PCAM") is the managing member of
each of the of each of Aries Select I LLC ("Aries I") and Aries Select II LLC
("Aries II"), each a Delaware limited liability company, and also serves as the
investment manager of Aries Select, Ltd., a Cayman Island exempted company (the
"Aries Limited"), which also owns securities of the Issuer. 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.
/s/ Lindsay A. Rosenwald January 2, 2003
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**Signature of Reporting Person Date
Lindsay A. Rosenwald, M.D.
Chairman
Paramount Capital
General Partner
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedure.
Joint Filer Information
Name: Paramount Capital Asset Management, Inc.
Address: 787 Seventh Avenue
48th Floor
New York, NY 10019
Designated Filer: Lindsay A. Rosenwald, MD
Issuer and Ticker: Paligent Corporation (PGNT)
Joint Filer Information
Name: Aries Select, Ltd.
Address: P.O. Box 2003
Grand Pavillion Commercial Center
802 West Bay Road
Georgetown, Grand Cayman
BWI
Designated Filer: Lindsay A. Rosenwald, MD
Issuer and Ticker: Paligent Corporation (PGNT)
Joint Filer Information
Name: Aries Select I LLC
Address: 787 Seventh Avenue
48th Floor
New York, NY 10019
Designated Filer: Lindsay A. Rosenwald, MD
Issuer and Ticker: Paligent Corporation (PGNT)