-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U+SdQ/wqzOnPT8v3HXonc9/xrkO3nbnVpX0irJaZvIt8sLZTjhLU24g8HEpILJPL p8KRsInk7jvIjTnYlICW5Q== 0000905148-08-005235.txt : 20081215 0000905148-08-005235.hdr.sgml : 20081215 20081215165910 ACCESSION NUMBER: 0000905148-08-005235 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20081215 DATE AS OF CHANGE: 20081215 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: OSCIENT PHARMACEUTICALS CORP CENTRAL INDEX KEY: 0000356830 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 042297484 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-34935 FILM NUMBER: 081250325 BUSINESS ADDRESS: STREET 1: 1000 WINTER STREET STREET 2: SUITE 2200 CITY: WALTHAM STATE: MA ZIP: 02451 BUSINESS PHONE: 7813982300 MAIL ADDRESS: STREET 1: 1000 WINTER STREET STREET 2: SUITE 2200 CITY: WALTHAM STATE: MA ZIP: 02451 FORMER COMPANY: FORMER CONFORMED NAME: GENOME THERAPEUTICS CORP DATE OF NAME CHANGE: 19941215 FORMER COMPANY: FORMER CONFORMED NAME: COLLABORATIVE RESEARCH INC DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: AKANTHOS CAPITAL MANAGEMENT LLC CENTRAL INDEX KEY: 0001218957 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 21700 OXNARD ST STREET 2: SUITE 1520 CITY: WOODLAND HILLS STATE: CA ZIP: 91367-7584 BUSINESS PHONE: 8188838270 MAIL ADDRESS: STREET 1: 21700 OXNARD ST STREET 2: SUITE 1520 CITY: WOODLAND HILLS STATE: CA ZIP: 91367-7584 SC 13G 1 efc8-1661_sc13g.txt UNITED STATES SECURITIES EXCHANGE COMMISSION Washington, D.C. 20549 - ------------------------------------------------------------------------------ SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. )* OSCIENT PHARMACEUTICALS CORP ---------------------------- (Name of Issuer) Common Stock, $0.10 par value per share --------------------------------------- (Title of Class of Securities) 68812R303 --------- (CUSIP Number) November 25, 2008 ----------------- (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this 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 the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" 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). Continued on following pages Page 1 of 10 Pages Exhibit Index: Page 9 Page 2 of 10 Pages - ------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). AKANTHOS CAPITAL MANAGEMENT, LLC - ------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [ ] - ------------------------------------------------------------------------------- 3. SEC Use Only - ------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware - ------------------------------------------------------------------------------- 5. Sole Voting Power 8,299,091 Number of Shares --------------------------------------------------------- Beneficially Owned 6. Shared Voting Power None by Each Reporting --------------------------------------------------------- Person With 7. Sole Dispositive Power 8,299,091 --------------------------------------------------------- 8. Shared Dispositive Power None - ------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 8,299,091 - ------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] - ------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 19.72%(1) - ------------------------------------------------------------------------------- 12. Type of Reporting Person: OO - --------------------- (1) The number of Shares outstanding is based upon the sum of 35,567,177 Shares outstanding as of November 24, 2008 (based on Shares outstanding as of November 3, 2008, as adjusted for additional Shares issued in the Exchange (as defined herein)) plus 6,509,091 Shares attributable to convertible bonds beneficially owned by the Reporting Persons (see Item 4) Page 3 of 10 Pages - ------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). AKANTHOS ARBITRAGE MASTER FUND, L.P. - ------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [ ] - ------------------------------------------------------------------------------- 3. SEC Use Only - ------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Cayman Islands - ------------------------------------------------------------------------------- 5. Sole Voting Power 8,299,091 Number of Shares --------------------------------------------------------- Beneficially Owned 6. Shared Voting Power None by Each Reporting --------------------------------------------------------- Person With 7. Sole Dispositive Power 8,299,091 --------------------------------------------------------- 8. Shared Dispositive Power None - ------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 8,299,091 - ------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] - ------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 19.72% (2) - ------------------------------------------------------------------------------- 12. Type of Reporting Person: PN - ------------------------- (2) The number of Shares outstanding is based upon the sum of 35,567,177 Shares outstanding as of November 24, 2008 (based on Shares outstanding as of November 3, 2008, as adjusted for additional Shares issued in the Exchange (as defined herein)) plus 6,509,091 Shares attributable to convertible bonds beneficially owned by the Reporting Persons (see Item 4) Page 4 of 10 Pages - ------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). MICHAEL KAO - ------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [ ] - ------------------------------------------------------------------------------- 3. SEC Use Only - ------------------------------------------------------------------------------- 4. Citizenship or Place of Organization United States of America - ------------------------------------------------------------------------------- 5. Sole Voting Power 8,299,091 Number of Shares --------------------------------------------------------- Beneficially Owned 6. Shared Voting Power None by Each Reporting --------------------------------------------------------- Person With 7. Sole Dispositive Power 8,299,091 --------------------------------------------------------- 8. Shared Dispositive Power None - ------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 8,299,091 - ------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] - ------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 19.72% (3) - ------------------------------------------------------------------------------- 12. Type of Reporting Person: IN - ---------------------- (3) The number of Shares outstanding is based upon the sum of 35,567,177 Shares outstanding as of November 24, 2008 (based on Shares outstanding as of November 3, 2008, as adjusted for additional Shares issued in the Exchange (as defined herein)) plus 6,509,091 Shares attributable to convertible bonds beneficially owned by the Reporting Persons (see Item 4) Page 5 of 10 Pages Item 1(a). Name of Issuer: Oscient Pharmaceuticals Corp. (the "Issuer") Item 1(b). Address of Issuer's Principal Executive Offices: 1000 Winter Street, Suite 2200, Waltham MA 02451 Item 2(a). Name of Person Filing This Statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons"): i) Akanthos Capital Management, LLC ("Akanthos Capital Management"); ii) Akanthos Arbitrage Master Fund, L.P., a Cayman Islands limited partnership ("Akanthos Master Fund"); and iii) Michael Kao ("Mr. Kao"). This Statement relates to Shares (as defined herein) held for the account of Akanthos Master Fund. Akanthos Capital Management serves as investment manager and general partner to Akanthos Master Fund. In such capacity, Akanthos Capital Management may be deemed to have voting and dispositive power over the Shares held for such account. Mr. Kao is the Manager of Akanthos Capital Management. In such capacity, Mr. Kao may be deemed to have voting and dispositive power over the Shares held for such account. Item 2(b). Address of Principal Business Office or, if None, Residence: The address of the principal business office of each of Akanthos Capital Management and Mr. Kao is 21700 Oxnard St., Suite 1520, Woodland Hills CA 91367-7584. The address of the principal business office for Akanthos Master Fund is c/o Appleby Corporate Services (Cayman) Ltd., Clifton House, 75 Fort Street, P.O. Box 1350 GT, Grand Cayman, Cayman Islands. Item 2(c). Citizenship: i) Akanthos Capital Management is a Delaware limited liability company; ii) Akanthos Master Fund is a Cayman Islands limited partnership; and iii) Mr. Kao is a citizen of the United States of America. Item 2(d). Title of Class of Securities: Common Stock (the "Shares") Item 2(e). CUSIP Number: 68812R303 Page 6 of 10 Pages Item 3. If This Statement is Filed Pursuant to ss.ss.240.13d-1(b) or 240.13d-2(b) or (c), Check Whether the Person Filing is a: This Item 3 is not applicable. Item 4. Ownership: Item 4(a) Amount Beneficially Owned: As of November 25, 2008, each of Akanthos Capital Management, Akanthos Master Fund and Mr. Kao may be deemed to be the beneficial owner of 8,299,091 Shares. This amount consists of: (A) 1,790,000 Shares; and (B) 7,160,000 units 12.50% Convertible Guaranteed Senior Notes due 2011 (the "Notes"), convertible at $1.10 per share into 6,509,091 Shares, in each case, held for the account of Akanthos Master Fund. Item 4(b) Percent of Class: Reporting persons exceeded the 5% threshold due to an exchange offer (the "Exchange") made by the Issuer in which Akanthos Master Fund participated. As per the information provided by the Issuer in its Prospectus dated November 24, 2008, prior to the Exchange, on November 3, 2008, the Issuer had 14,256,628 Shares outstanding. As per the information provided by the Issuer in its Form 8-K dated November 24, 2008, 21,310,549 Shares were issued in the Exchange. Therefore, as of November 24, 2008, outstanding shares of the Issuer totaled 35,567,177 ("Current Shares Outstanding"). The number of Shares of which each of Akanthos Capital Management, Akanthos Master Fund and Mr. Kao may be deemed to be the beneficial owner constitutes approximately 19.72% of the total number of Shares outstanding (calculated based on 42,076,268 Shares outstanding, which is the sum of (A) the Current Shares Outstanding plus (B) the 6,509,091 Shares attributable to the Notes). Item 4(c) Number of Shares of which such person has: Akanthos Capital Management, Akanthos Master Fund and Mr. Kao: - -------------------------------------------------------------- (i) Sole power to vote or direct the vote: 8,299,091 (ii) Shared power to vote or direct the vote: 0 (iii) Sole power to dispose or direct the disposition of: 8,299,091 (iv) Shared power to dispose or direct the disposition of: 0 Item 5. Ownership of Five Percent or Less of a Class: This Item 5 is not applicable. Item 6. Ownership of More than Five Percent on Behalf of Another Person: This Item 6 is not applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company: See disclosure in Item 2 hereof. Page 7 of 10 Pages Item 8. Identification and Classification of Members of the Group: This Item 8 is not applicable. Item 9. Notice of Dissolution of Group: This Item 9 is not applicable. Item 10. Certification: By signing below each of the Reporting Persons certifies that, to the best of their 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 any transaction having that purpose or effect. Page 8 of 10 Pages SIGNATURE 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. Date: December 15, 2008 AKANTHOS CAPITAL MANAGEMENT, LLC By: /s/ Michael Kao --------------- Name: Michael Kao Title: Manager Date: December 15, 2008 AKANTHOS ARBITRAGE MASTER FUND, L.P. By: Akanthos Capital Management, LLC its general partner By: /s/ Michael Kao --------------- Name: Michael Kao Title: Manager Date: December 15, 2008 Michael Kao /s/ Michael Kao --------------- Page 9 of 10 Pages EXHIBIT INDEX Ex. Page No. - --- -------- A Joint Filing Agreement, dated December 15, 2008 by and among Akanthos Capital Management, LLC, Akanthos Arbitrage Master Fund, LP and Michael Kao 10 Page 10 of 10 Pages EXHIBIT A JOINT FILING AGREEMENT The undersigned hereby agree that the statement on Schedule 13G with respect to the Common Stock of Oscient Pharmaceuticals Corp. dated as of December 15, 2008 is, and any amendments thereto (including amendments on Schedule 13D) signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. Date: December 15, 2008 AKANTHOS CAPITAL MANAGEMENT, LLC By: /s/ Michael Kao --------------- Name: Michael Kao Title: Manager Date: December 15, 2008 AKANTHOS ARBITRAGE MASTER FUND, L.P. By: Akanthos Capital Management, LLC its general partner By: /s/ Michael Kao --------------- Name: Michael Kao Title: Manager Date: December 15, 2008 Michael Kao /s/ Michael Kao --------------- -----END PRIVACY-ENHANCED MESSAGE-----