-----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, P3iKhnznlLOj73utldrCRRyBnfmZrQ+0YHzvFgPS6dNKEyoTRJk8paZvO3Y1BOL9 2aOGNKR174Wv7/W5r32PCA== 0001144204-04-001340.txt : 20040212 0001144204-04-001340.hdr.sgml : 20040212 20040212171951 ACCESSION NUMBER: 0001144204-04-001340 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20040212 GROUP MEMBERS: ARIES SELECT I LLC GROUP MEMBERS: ARIES SELECT II LLC GROUP MEMBERS: ARIES SELECT, LTD. GROUP MEMBERS: LINDSAY A. ROSENWALD, M.D. GROUP MEMBERS: ORION BIOMEDICAL FUND, L.P. GROUP MEMBERS: ORION BIOMEDICAL GP, LLC GROUP MEMBERS: ORION BIOMEDICAL OFFSHORE FUND, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CYPRESS BIOSCIENCE INC CENTRAL INDEX KEY: 0000716054 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 222389839 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-35589 FILM NUMBER: 04592841 BUSINESS ADDRESS: STREET 1: 4350 EXECUTIVE DRIVE,SUITE 325 CITY: SAN DIEGO STATE: CA ZIP: 92121 BUSINESS PHONE: 8584522323 MAIL ADDRESS: STREET 1: 4350 EXECUTIVE DRIVE,SUITE 325 CITY: SAN DIEGO STATE: CA ZIP: 92121 FORMER COMPANY: FORMER CONFORMED NAME: IMRE CORP DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ARIES FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0001007000 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 375 PARK AVENUE STREET 2: SUITE 1501 CITY: NEW YORK STATE: NY ZIP: 10152 BUSINESS PHONE: 2128324379 SC 13G 1 v01559_cypress13g.txt SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 Cypress BioScience, Inc ----------------------- Common Stock, no par value per share ------------------------------------ (Title of Class of Securities) 232674507 --------- CUSIP Number December 31, 2003 ----------------- (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 on 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 16 Pages Exhibit Index: Page 15 SCHEDULE 13G CUSIP No. 232674507 Page 2 of 16 - -------------------------------------------------------------------------------- 1 Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) PARAMOUNT CAPITAL ASSET MANAGEMENT, INC. - -------------------------------------------------------------------------------- 2 Check the Appropriate Box If a Member of a Group * a. |_| b. [X] - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or Place of Organization DELAWARE - -------------------------------------------------------------------------------- 5 Sole Voting Power Number of 0 Shares -------------------------------------------------------------- Beneficially 6 Shared Voting Power Owned By 1,784,523 Each -------------------------------------------------------------- Reporting 7 Sole Dispositive Power Person 0 With -------------------------------------------------------------- 8 Shared Dispositive Power 1,784,523 - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 1,784,523 - -------------------------------------------------------------------------------- 10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares * |_| - -------------------------------------------------------------------------------- 11 Percent of Class Represented By Amount in Row (9) 8.06% - -------------------------------------------------------------------------------- 12 Type of Reporting Person * CO - -------------------------------------------------------------------------------- * see instructions before filling out CUSIP No. 232674507 Page 3 of 16 - -------------------------------------------------------------------------------- 1 Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) ARIES SELECT, LTD. - -------------------------------------------------------------------------------- 2 Check the Appropriate Box If a Member of a Group * a. |_| b. [X] - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or Place of Organization CAYMAN ISLANDS - -------------------------------------------------------------------------------- 5 Sole Voting Power Number of 0 Shares -------------------------------------------------------------- Beneficially 6 Shared Voting Power Owned By 1,218,022 Each -------------------------------------------------------------- Reporting 7 Sole Dispositive Power Person 0 With -------------------------------------------------------------- 8 Shared Dispositive Power 1,218,022 - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 1,218,022 - -------------------------------------------------------------------------------- 10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares * |_| - -------------------------------------------------------------------------------- 11 Percent of Class Represented By Amount in Row (9) 5.50 % - -------------------------------------------------------------------------------- 12 Type of Reporting Person * CO - -------------------------------------------------------------------------------- * see instructions before filling out CUSIP No. 232674507 Page 4 of 16 - -------------------------------------------------------------------------------- 1 Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) LINDSAY A. ROSENWALD, M.D. - -------------------------------------------------------------------------------- 2 Check the Appropriate Box If a Member of a Group * a. |_| b. [X] - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or Place of Organization UNITED STATES - -------------------------------------------------------------------------------- 5 Sole Voting Power Number of 234,039 Shares -------------------------------------------------------------- Beneficially 6 Shared Voting Power Owned By 1,976,809 Each -------------------------------------------------------------- Reporting 7 Sole Dispositive Power Person 234,039 With -------------------------------------------------------------- 8 Shared Dispositive Power 1,976,809 - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 2,210,848 - -------------------------------------------------------------------------------- 10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares * |_| - -------------------------------------------------------------------------------- 11 Percent of Class Represented By Amount in Row (9) 9.98% - -------------------------------------------------------------------------------- 12 Type of Reporting Person * IN - -------------------------------------------------------------------------------- * see instructions before filling out CUSIP No. 232674507 Page 5 of 16 - -------------------------------------------------------------------------------- 1 Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) ARIES SELECT I LLC - -------------------------------------------------------------------------------- 2 Check the Appropriate Box If a Member of a Group * a. |_| b. [x] - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or Place of Organization DELAWARE - -------------------------------------------------------------------------------- 5 Sole Voting Power Number of 0 Shares Beneficially 6 Shared Voting Power Owned By 524,299 Each Reporting 7 Sole Dispositive Power Person 0 With 8 Shared Dispositive Power 524,299 - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 524,299 - -------------------------------------------------------------------------------- 10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares * |_| - -------------------------------------------------------------------------------- 11 Percent of Class Represented By Amount in Row (9) 2.37% - -------------------------------------------------------------------------------- 12 Type of Reporting Person * CO - -------------------------------------------------------------------------------- * see instructions before filling out CUSIP No. 232674507 Page 6 of 16 - -------------------------------------------------------------------------------- 1 Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) ARIES SELECT II LLC - -------------------------------------------------------------------------------- 2 Check the Appropriate Box If a Member of a Group * a. |_| b. [X] - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or Place of Organization DELAWARE - -------------------------------------------------------------------------------- 5 Sole Voting Power Number of 0 Shares -------------------------------------------------------------- Beneficially 6 Shared Voting Power Owned By 42,202 Each -------------------------------------------------------------- Reporting 7 Sole Dispositive Power Person 0 With -------------------------------------------------------------- 8 Shared Dispositive Power 42,202 - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 42,202 - -------------------------------------------------------------------------------- 10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares * |_| - -------------------------------------------------------------------------------- 11 Percent of Class Represented By Amount in Row (9) 0.19% - -------------------------------------------------------------------------------- 12 Type of Reporting Person * CO - -------------------------------------------------------------------------------- * see instructions before filling out CUSIP No. 232674507 Page 7 of 16 - -------------------------------------------------------------------------------- 1 Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) ORION BIOMEDICAL GP, LLC - -------------------------------------------------------------------------------- 2 Check the Appropriate Box If a Member of a Group * a. |_| b. [X] - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or Place of Organization DELAWARE - -------------------------------------------------------------------------------- 5 Sole Voting Power Number of 0 Shares -------------------------------------------------------------- Beneficially 6 Shared Voting Power Owned By 192,286 Each -------------------------------------------------------------- Reporting 7 Sole Dispositive Power Person 0 With -------------------------------------------------------------- 8 Shared Dispositive Power 192,286 - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 192,286 - -------------------------------------------------------------------------------- 10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares * |_| - -------------------------------------------------------------------------------- 11 Percent of Class Represented By Amount in Row (9) 0.87% - -------------------------------------------------------------------------------- 12 Type of Reporting Person * CO - -------------------------------------------------------------------------------- * see instructions before filling out CUSIP No. 232674507 Page 8 of 16 - -------------------------------------------------------------------------------- 1 Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) ORION BIOMEDICAL FUND, L.P. - -------------------------------------------------------------------------------- 2 Check the Appropriate Box If a Member of a Group * a. |_| b. [X] - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or Place of Organization DELAWARE - -------------------------------------------------------------------------------- 5 Sole Voting Power Number of 0 Shares -------------------------------------------------------------- Beneficially 6 Shared Voting Power Owned By 157,953 Each -------------------------------------------------------------- Reporting 7 Sole Dispositive Power Person 0 With -------------------------------------------------------------- 8 Shared Dispositive Power 157,953 - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 157,953 - -------------------------------------------------------------------------------- 10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares * |_| - -------------------------------------------------------------------------------- 11 Percent of Class Represented By Amount in Row (9) 0.71% - -------------------------------------------------------------------------------- 12 Type of Reporting Person * PN - -------------------------------------------------------------------------------- * see instructions before filling out CUSIP No. 232674507 Page 9 of 16 - -------------------------------------------------------------------------------- 1 Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) ORION BIOMEDICAL OFFSHORE FUND, L.P. - -------------------------------------------------------------------------------- 2 Check the Appropriate Box If a Member of a Group * a. |_| b. [X] - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or Place of Organization DELAWARE - -------------------------------------------------------------------------------- 5 Sole Voting Power Number of 0 Shares -------------------------------------------------------------- Beneficially 6 Shared Voting Power Owned By 34,333 Each -------------------------------------------------------------- Reporting 7 Sole Dispositive Power Person 0 With -------------------------------------------------------------- 8 Shared Dispositive Power 34,333 - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 34,333 - -------------------------------------------------------------------------------- 10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares * |_| - -------------------------------------------------------------------------------- 11 Percent of Class Represented By Amount in Row (9) 0.15% - -------------------------------------------------------------------------------- 12 Type of Reporting Person * PN - -------------------------------------------------------------------------------- * see instructions before filling out Page 10 of 16 Item 1(a) Name of Issuer: Cypress BioScience, Inc. (the "Issuer"). Item 1(b) Address of the Issuer's Principal Executive Offices: 4350 Executive Drive Suite 325 San Diego, CA 92121 Item 2(a) Name of Person Filing: This statement is filed on behalf of Paramount Capital Asset Management, Inc. ("Paramount Capital"), Aries Select, Ltd. ("Aries Select"), Aries Select I LLC ("Aries I"), Aries Select II LLC ("Aries II"), Orion Biomedial GP, LLC ("Orion GP"), Orion Biomedical Fund, LP ("Orion"), Orion Biomedical Offshore Fund, LP ("Orion Offshore") and Lindsay A. Rosenwald, M.D. ("Dr. Rosenwald" and collectively, the "Reporting Persons"). Dr. Rosenwald is an investment banker, venture capitalist, fund manager and sole stockholder and chairman of Paramount Capital. Paramount Capital is the managing member to each of Aries I and Aries II and the investment manager to Aries Select. Dr. Rosenwald is also the managing member of Orion Orion, which is the general partner to each of Orion and Orion Offshore. Item 2(b) Address of Principal Business Office or, if None, Residence: The address of the principal business office of Paramount Capital, Aries I, Aries II, Orion, Orion Offshore and Dr. Rosenwald is 787 Seventh Avenue, 48th Floor, New York, New York, 10019. The address of the principal business office of Aries Select is c/o Fortis Fund Services Cayman Limited, Grand Pavilion Commercial Center, 802 West Bay Road, Grand Cayman, Cayman Islands. Item 2(c) Citizenship: 1) Paramount Capital is a Subchapter S corporation incorporated in Delaware; 2) Aries Select is a Cayman Islands exempted company; 3) Aries I, Aries II, and Orion GP are Delaware limited liability companies; 4) Orion is a Delaware limited partnership; 5) Orion Offshore is a Cayman Islands limited partnership; and 6) Dr. Rosenwald is a citizen of the United States. Item 2(d) Title of Class of Securities: Common Stock (the "Shares"). Item 2(e) CUSIP Number: 232674507 Page 11 of 16 Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 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: Each of the Reporting Persons may be deemed the beneficial owner of the following number of Shares: (i) Paramount Capital may be deemed to own 1,784,523 Shares, which includes the Shares owned by Aries Select, Aries I, and Aries II. (ii) Aries Select may be deemed the beneficial owner of 1,218,022 Shares (iii) Aries I may be deemed the beneficial owner of 524,299 Shares (iv) Aries II may be deemed the beneficial owner of 42,202 Shares (v) Orion GP may be deemed the beneficial owner of 192,286 Shares, which includes the Shares owned by Orion and Orion Offshore. (vi) Orion may be deemed the beneficial owner of 192,286 Shares (vii) Orion Offshore may be deemed the beneficial owner of 34,333 Shares (viii) Dr. Rosenwald may be deemed the beneficial owner of 2,210,848 Shares as follows: (a) all shares described in (i) - (vii) above; and (c) 126,471 Shares and warrants to purchase 107,568 Shares owned directly by Dr. Rosenwald. Item 4(b) Percent of Class: Please see Item 11 of each cover page. Page 12 of 16 Item 4(c) Number of shares as to which such person has: (i) Sole power to vote or direct the vote: Please see Item 5 of each cover page (ii) Shared power to vote or to direct the vote Please see Item 6 of each cover page (iii) Sole power to dispose or to direct the disposition of Please see Item 7 of each cover page (iv) Shared power to dispose or to direct the disposition of Please see Item 8 of each cover page
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: (i) Dr. Rosenwald, as the sole shareholder of Paramount Capital and managing member of Orion GP, has the right to participate in the receipt of dividends from, or proceeds from the sale of, Shares held by Paramount Capital and Orion GP in accordance with his ownership interests in Paramount Capital or Orion GP, respectively. (ii) The interest holders of Aries I and partners of Orion and Orion Offshore have the right to participate in the receipt of dividends from, or proceeds from the sale of, the securities held for the account of Aries I, Orion, or Orion Offshore in accordance with their partnership interests or membership interests in Aries Domestic, Orion, or Orion Offshore respectively. (iii) The members of Aries II have the right to participate in the receipt of dividends from, or proceeds from the sale of, the securities held for the account of Aries II in accordance with their membership interests in Aries II. (iv) The shareholders of Aries Select have the right to participate in the receipt of dividends from, or proceeds from the sale of, the securities held for the account of Aries Select in accordance with their ownership interests in Aries Select. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company: This Item 7 is not applicable. 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: Page 13 of 16 By signing below each of the Reporting Persons certifies that, to the best of such person's 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 such purpose or effect. Page 14 of 16 SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct, as of this February 2, 2004. LINDSAY A. ROSENWALD, M.D. PARAMOUNT CAPITAL ASSET MANAGEMENT, INC. By /s/ Lindsay A. Rosenwald By: /s/ Lindsay A. Rosenwald -------------------------------- ------------------------------------- Name: Lindsay A. Rosenwald, M.D. Title: Chairman ORION BIOMEDICAL GP, LLC ARIES SELECT, LTD. By: Paramount Capital Asset Management, Inc. By: /s/ Lindsay A. Rosenwald Its: Investment Manager -------------------------------- Name: Lindsay A. Rosenwald, M.D. Title: Managing Member By: /s/ Lindsay A. Rosenwald ------------------------------------- Name: Lindsay A. Rosenwald, M.D. ORION BIOMEDICAL FUND, LP Title: Chairman By: Orion Biomedical GP, LLC. ARIES SELECT I LLC Its General Partner By: Paramount Capital Asset By: /s/ Lindsay A. Rosenwald Management, Inc. -------------------------------- Its Managing Manager Name: Lindsay A. Rosenwald, M.D. Title: Managing Member By: /s/ Lindsay A. Rosenwald ------------------------------------- Name: Lindsay A. Rosenwald, M.D. ORION BIOMEDICAL Title: Chairman OFFSHORE FUND, LP By: Orion Biomedical GP, LLC. ARIES SELECT II LLC Its General Partner By: /s/ Lindsay A. Rosenwald By: Paramount Capital Asset -------------------------------- Management, Inc. Name: Lindsay A. Rosenwald, M.D. Its Managing Manager Title: Managing Member By: /s/ Lindsay A. Rosenwald ------------------------------------- Name: Lindsay A. Rosenwald, M.D. Title: Chairman Page 15 of 16 EXHIBIT INDEX Page No. -------- A. Joint Filing Agreement, dated as of February 2, 2004, by and among Paramount Capital Asset Management, Inc., Aries Select, Ltd., Aries Select I LLC, Aries Select II, LLC, Orion BioMedical Fund, LP, Orion BioMedical Offshore Fund, LP, Orion BioMedical GP, LLC and 16 Lindsay A. Rosenwald, M.D.... 16 Page 16 of 16 EXHIBIT A JOINT FILING AGREEMENT The undersigned hereby agree that the statement on Schedule 13G with respect to the Common Stock of Cypress BioSciences, Inc. dated as of February 2, 2004, 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. LINDSAY A. ROSENWALD, M.D. PARAMOUNT CAPITAL ASSET MANAGEMENT, INC. By /s/ Lindsay A. Rosenwald By: /s/ Lindsay A. Rosenwald -------------------------------- ------------------------------------- Name: Lindsay A. Rosenwald, M.D. Title: Chairman ORION BIOMEDICAL GP, LLC ARIES SELECT, LTD. By: Paramount Capital Asset Management, Inc. By: /s/ Lindsay A. Rosenwald Its: Investment Manager -------------------------------- Name: Lindsay A. Rosenwald, M.D. Title: Managing Member By: /s/ Lindsay A. Rosenwald ------------------------------------- Name: Lindsay A. Rosenwald, M.D. ORION BIOMEDICAL FUND, LP Title: Chairman By: Orion Biomedical GP, LLC. ARIES SELECT I LLC Its General Partner By: Paramount Capital Asset By: /s/ Lindsay A. Rosenwald Management, Inc. -------------------------------- Its Managing Manager Name: Lindsay A. Rosenwald, M.D. Title: Managing Member By: /s/ Lindsay A. Rosenwald ------------------------------------- Name: Lindsay A. Rosenwald, M.D. ORION BIOMEDICAL Title: Chairman OFFSHORE FUND, LP By: Orion Biomedical GP, LLC. ARIES SELECT II LLC Its General Partner By: /s/ Lindsay A. Rosenwald By: Paramount Capital Asset -------------------------------- Management, Inc. Name: Lindsay A. Rosenwald, M.D. Its Managing Manager Title: Managing Member By: /s/ Lindsay A. Rosenwald ------------------------------------- Name: Lindsay A. Rosenwald, M.D. Title: Chairman -----END PRIVACY-ENHANCED MESSAGE-----