FORM 4 OMB APPROVAL
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OMB NUMBER: 3235-0287
EXPIRES: FEBRUARY 1, 2001
ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE .... 1.0
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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(1) 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
Reicher Michael K.
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(Last) (First) (Middle)
C/o Halsey Drug Co., Inc. 695 N. Perryville Rd. Bldg. 2
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(Street)
Rockford, Illinois 61107
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Halsey Drug Co., Inc. Symbol: HDGC
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
01/02
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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)
[X] Director [_] 10% Owner
[X] Officer (give title below) [_] Other (specify below)
Chief Executive Officer
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TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF,
OR BENEFICIALLY OWNED
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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) (Month/Day Code V (D) and 4) (Instr.4) (Instr. 4)
Year)
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(over)
(Print or Type Responses) SFC 1474 (3/91)
*See footnote 2 on Table II
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. 10.
Number Owner-
of ship
5. Deriv- Form
2. Number of ative of
Conver- Derivative 7. Secur- Deriv- 11.
sion Securities Title and Amount ities ative Nature
or Acquired 6. of Underlying 8. Bene- Secur- of
Exer- 4. Securities Date Securities Price fi- ity: In-
cise 3. Trans- (A) or Exercisable and (Instr. 3 and 4) of cially Direct direct
Price Trans- action 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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5% Convertible
Senior Secured Common
Debentures $ 1.404 3/10/98 A (1) 3/10/98 3/15/03 Stock 213,675 D
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Common
Warrants $ 1.404 3/10/98 A (1) 3/10/98 3/15/05 Stock 32,375 D
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Common
Warrants $ 2.279 3/10/98 A (1) 3/10/98 3/15/05 Stock 31,579 277,629 D
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5% Convertible
Senior Secured Common
Debentures $ 1.404 6/12/98 A (2) 6/12/98 3/15/03 Stock 51,363 D
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Common
Warrants $ 1.404 6/12/98 A (2) 6/12/98 3/15/05 Stock 7,782 D
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Common
Warrants $ 2.279 6/12/98 A (2) 6/12/98 3/15/05 Stock 7,590 344,364 D
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Non-qualified Common
Stock Options $ 2.375 2/19/98 A (3) 2/19/08 Stock 1,000,000 1,344,364 D
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5% Convertible
Senior Secured Common
Debentures $1.1312 4/1/99 A (4) 4/1/99 3/15/03 Stock 4,111 D
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Non-qualified Common
Stock Options $ 1.125 4/12/99 A (5) 4/12/00 4/12/09 Stock 100,000 1,448,475 D
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5% Convertible
Senior Secured Common
Debentures $2.4250 7/1/99 A (4) 7/1/99 3/15/03 Stock 1,939 1,450,414 D
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5% Convertible
Senior Secured Common
Debentures $2.3063 10/1/99 A (4) 10/1/99 3/15/03 Stock 1,789 1,452,203 D
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Non-qualified Common
Stock Options $ 1.875 2/17/00 A (5) 2/17/01 2/17/10 Stock 125,000 1,577,203 D
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5% Convertible
Senior Secured Common
Debentures $ 1.722 4/1/00 A (4) 4/1/00 3/15/03 Stock 1,440 1,578,643 D
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5% Convertible
Senior Secured Common
Debentures $ 1.404 3/10/98 A (6) 3/10/98 3/15/03 Stock (106,837) D
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Common
Warrants $ 1.404 3/10/98 A (6) 3/10/98 3/15/05 Stock (16,187) D
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Common
Warrants $ 2.279 3/10/98 A (6) 3/10/98 3/15/05 Stock (15,789) 1,439,830 D
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5% Convertible
Senior Secured Common
Debentures $ 1.404 6/12/98 A (6) 6/12/98 3/15/03 Stock (25,681) D
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Common
Warrants $ 1.404 6/12/98 A (6) 6/12/98 3/15/05 Stock (3,891) D
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Common
Warrants $ 2.279 6/12/98 A (6) 6/12/98 3/15/05 Stock (3,795) D
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Non-qualified Common
Stock Options $1.1125 6/29/00 A (5) 6/29/01 6/29/10 Stock 200,000 1,606,463 D
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5% Convertible
Senior Secured Common
Debentures $1.1125 7/1/00 A (4) 7/01/00 3/15/03 Stock 2,087 1,608,550 D
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5% Convertible
Senior Secured Common
Debentures $ 1.404 6/12/98 A (7) 6/12/98 3/15/03 Stock (3,561) D
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5% Convertible
Senior Secured Common
Debentures $ 1.404 6/12/98 A (7) 6/12/98 3/15/03 Stock (3,561) D
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5% Convertible
Senior Secured Common
Debentures $ 1.404 6/12/98 A (7) 6/12/98 3/15/03 Stock (3,561) 1,597,867 D
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5% Convertible
Senior Secured Common
Debentures $ .9071 10/1/00 A (4) 10/01/00 3/15/03 Stock 2,592 1,600,459 D
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5% Convertible
Senior Secured Common
Debentures $ 1.404 6/12/98 A (7) 6/12/98 3/15/03 Stock (3,561) D
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5% Convertible
Senior Secured Common
Debentures $ 1.404 6/12/98 A (7) 6/12/98 3/15/03 Stock (3,561) D
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5% Convertible
Senior Secured Common
Debentures $ 1.404 6/12/98 A (7) 6/12/98 3/15/03 Stock (3,561) 1,589,776 D
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5% Convertible
Senior Secured Common
Debentures $ .6258 01/01/01 A (4) 01/01/01 3/15/03 Stock 3,503 1,593,279 D
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5% Convertible
Senior Secured Common
Debentures $ 1.03 04/01/01 A (4) 04/01/01 3/15/03 Stock 2,156 1,595,435 D
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5% Convertible
Senior Secured Common
Debentures $ 2.22 07/01/01 A (4) 07/01/01 3/15/03 Stock 1,013 1,596,448 D
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5% Convertible
Senior Secured Common
Debentures $ 2.22 10/01/01 A (4) 10/01/01 3/15/03 Stock 1,026 1,597,474 D
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5% Convertible
Senior Secured Common
Debentures $ 1.86 01/01/02 A (4) 01/01/02 3/15/03 Stock 1,239 1,589,713 D
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EXPLANATION OF RESPONSES:
(1) Purchased in connection with a private offering on March 10, 1998
consisting of a Convertible Debenture convertible at any time and Stock
Purchase Warrants (32,375 shares of which are presently exercisable at
$1.404 per share and 31,579 shares of which are presently exercisable at
$2.279 per share).
(2) Acquired pursuant to an option exercise in June 1998, consisting of: (i) a
Convertible Debenture, convertible at any time, (ii) Warrants to purchase
share of common stock (7,782 shares of which are presently exercisable at
$1.404 per share and 7,590 shares of which are presently exercisable at
$2.279 per share)
(3) Options vest quarterly, with 62,500 options vesting every quarter effective
May 1, 1998.
(4) Certain quarterly interest payments are paid in the form of convertible
debentures.
(5) Options vest 25% annually.
(6) Transferred without consideration of as part of a settlement agreement
contained within a QDRO.
(7) Transferred as gift without consideration.
By: /s/ Michael k. Reicher January 29, 2002
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Michael K. Reicher
SIGNATURE OF REPORTING PERSON
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 PROVIDED IS INSUFFICIENT, SEE INSTRUCTION 6 FOR PROCEDURE.