-----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, A4WBnNG98h/VV3sPw87Tf8Y96v0QO9LeoTeESuTTtFxjGNQeEBuqHyQxVaRAk3AT xWdZFAEUmKsORyRQWWy4mg== 0000922423-99-001272.txt : 19991108 0000922423-99-001272.hdr.sgml : 19991108 ACCESSION NUMBER: 0000922423-99-001272 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19991105 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ENDOREX CORP CENTRAL INDEX KEY: 0000812796 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 411505029 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-39976 FILM NUMBER: 99741988 BUSINESS ADDRESS: STREET 1: 28101 BALLARD DR. CITY: LAKE FOREST STATE: IL ZIP: 60045 BUSINESS PHONE: 847-573-8990 MAIL ADDRESS: STREET 1: 28101 BALLARD DR. CITY: LAKE FOREST STATE: IL ZIP: 60045 FORMER COMPANY: FORMER CONFORMED NAME: IMMUNOTHERAPEUTICS INC DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ARIES FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0001007000 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 375 PARK AVENUE STREET 2: SUITE 1501 CITY: NEW YORK STATE: NY ZIP: 10152 BUSINESS PHONE: 2128324379 SC 13D/A 1 SCHEDULE 13D AMENDMENT NO.6 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D (Amendment No. 6) Under the Securities Exchange Act of 1934 Endorex Corporation (f/k/a ImmunoTherapeutics, Inc.) ---------------------------------------------------- (Name of Issuer) Common Stock, par value $.001 per share --------------------------------------- (Title of Class of Securities) 452916 40 6 ----------- (CUSIP Number) Paramount Capital Asset Management, Inc. c/o Lindsay A. Rosenwald, M.D. 787 Seventh Avenue New York, NY 10019 (212) 554-4300 ----------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) July 31, 1999 ------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Statement because of Rule 13d-1(b)(3) or (4), check the following: [ ] Check the following box if a fee is being paid with this Statement: [ ] 1 CUSIP No. [452916406] 13D Page 2 of 19 Pages - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Paramount Capital Asset Management, Inc. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO (see Item 3 below) - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER None NUMBER OF --------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 3,117,585 OWNED BY --------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING None PERSON --------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 3,117,585 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,117,585 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 30.65% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- CUSIP No. [452916406] 13D Page 3 of 19 Pages - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Aries Domestic Fund, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO (see Item 3 below) - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER None NUMBER OF --------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 973,398 OWNED BY --------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING None PERSON --------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 973,398 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 973,398 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.72% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- CUSIP No. [452916406] 13D Page 4 of 19 Pages - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Aries Domestic Fund II, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO (see Item 3 below) - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER None NUMBER OF ------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 10,504 OWNED BY ------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING None PERSON ------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 10,504 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,504 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- CUSIP No. [452916406] 13D Page 5 of 19 Pages - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON The Aries Master Fund, A Cayman Island Exempted Company - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO (see Item 3 below) - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER None NUMBER OF ------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 2,133,683 OWNED BY ------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING None PERSON ------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 2,133,683 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,133,683 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 21.14% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO (see Item 2) - -------------------------------------------------------------------------------- CUSIP No. [452916406] 13D Page 6 of 19 Pages - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Lindsay A. Rosenwald, M.D. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO (see Item 3 below) - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 1,434,033 NUMBER OF -------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 3,117,505 OWNED BY -------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 1,434,033 PERSON -------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 3,117,505 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,551,538 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 39.22% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- Item 1. Security and Issuer. (a) Common Stock, $.001 par value ("Shares") Endorex Corporation (f/k/a ImmunoTherapeutics, Inc.) (the "Issuer") 900 North Shore Blvd. Lake Bluff, IL 60044 (847) 604-7555 Item 2. Identity and Background. Names of Persons Filing: (a) This statement is filed on behalf of Paramount Capital Asset Management, Inc. ("Paramount Capital"), Aries Domestic Fund, L.P. ("Aries Domestic"), Aries Domestic Fund II, L.P. ("Aries II"), Aries Master Fund, a Cayman Island exempted company ("Aries Fund") and Lindsay A. Rosenwald, M.D. ("Dr. Rosenwald" and collectively, "Reporting Parties"). The Reporting Parties have made, and will continue to make, their own investment decisions. See attached Exhibit A which is a copy of their agreement in writing to file this statement on behalf of each of them. (b) Paramount Capital's, Aries Domestic's, Aries II's and Dr. Rosenwald's business address is 787 Seventh Avenue, 48th Floor, New York, New York, 10019. The business address for Aries Fund is c/o MeesPierson (Cayman) Limited, P.O. Box 2003, British American Centre, Phase 3, Dr. Roy's Drive, George Town, Grand Cayman. (c) Dr. Rosenwald is an investment banker, venture capitalist, fund manager and sole shareholder of Paramount Capital,(1) a Subchapter S corporation incorporated in Delaware. Paramount Capital is the General Partner of Aries Domestic, and Aries II(2) a limited partnership incorporated in Delaware. Paramount Capital is the Investment Manager to Aries Fund,(3) a Cayman Islands exempted company. (d) Dr. Rosenwald, Paramount Capital, Aries Domestic, Aries II 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). (e) Dr. Rosenwald, Paramount Capital, Aries Domestic, Aries II and Aries Fund and their respective officers, directors, general partners, investment managers, or trustees have not been, during the five years prior to the date hereof, parties 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 mandat ing activities subject to, Federal or State securities laws or finding any violation with respect to such laws. (f) Dr. Rosenwald is a citizen of the United States. Page 7 of 19 - --------------- 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 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. Item 3. Source and Amount of Funds or Other Consideration. Since the date of Amendment No. 5 to the Original Statement on Schedule 13-D ("Amendment No. 5"), filed on April 22, 1999, Aries Domestic used its general funds to purchase an aggregate of 104,109 shares of Common Stock of the Issuer in the open market, Aries II used its general funds to purchase an aggregate of 10,382 shares of Common Stock of the Issuer in the open market and the Aries Fund used its general funds to purchase an aggregate of 246,964 shares of Common Stock of the Issuer in the open market. In addition, on April 15, 1999, pursuant to the contractual provisions of its investment in a private placement of the Issuer on October 16, 1997 (the "Private Placement"), Aries Domestic received an additional issuance 28,276 Shares of Issuer common stock and the Aries Fund received an additional issuance of 56,080 Shares of Issuer common Stock. Since April 22, 1999, Aries Fund made the following open market acquisitions: Date No. of Shares Price ---- ------------- ----- 04/22/99 850 $2.063 04/23/99 850 $2.000 04/26/99 950 $1.688 04/27/99 850 $1.688 04/28/99 850 $1.688 04/29/99 850 $1.688 04/30/99 650 $1.750 05/03/99 350 $1.688 05/04/99 700 $1.750 05/05/99 700 $1.625 05/06/99 700 $1.813 05/07/99 1,000 $1.938 05/10/99 1,120 $1.938 05/11/99 1,120 $1.793 05/12/99 1,120 $1.938 05/13/99 1,120 $1.938 05/14/99 1,120 $2.000 05/17/99 1,400 $1.875 05/18/99 1,400 $2.000 05/19/99 1,400 $1.906 05/20/99 1,400 $2.000 05/21/99 1,400 $1.938 05/24/99 1,540 $1.938 05/25/99 1,540 $2.000 05/26/99 1,540 $1.875 05/27/99 1,540 $1.938 05/28/99 1,540 $2.125 06/01/99 1,540 $2.000 06/01/99 200 $2.000 06/02/99 1,540 $2.000 06/03/99 1,540 $2.000 06/04/99 1,540 $2.000 06/07/99 1,190 $1.938 06/08/99 1,190 $2.000 06/09/99 1,190 $2.000 06/10/99 1,190 $2.000 06/11/99 1,190 $1.875 06/14/99 1,050 $2.000 06/15/99 1,050 $1.875 06/16/99 1,050 $1.938 06/17/99 1,050 $1.875 06/18/99 1,050 $1.875 06/21/99 1,260 $1.875 06/23/99 1,260 $1.875 06/24/99 1,260 $1.875 06/25/99 1,260 $1.813 06/28/99 1,700 $1.813 06/29/99 1,260 $1.875 06/30/99 1,260 $1.875 Page 8 of 19 Date No. of Shares Price ---- ------------- ----- 07/07/99 1,242 $2.125 07/08/99 1,240 $2.125 07/09/99 1,800 $1.975 07/12/99 1,794 $2.000 07/13/99 1,794 $1.813 07/14/99 1,794 $1.875 07/15/99 1,794 $1.745 07/16/99 1,794 $1.813 07/19/99 1,789 $1.688 07/20/99 1,789 $1.688 07/21/99 1,789 $1.625 07/22/99 1,789 $1.625 07/23/99 1,789 $1.625 07/26/99 2,065 $1.625 07/27/99 2,064 $1.625 07/28/99 2,065 $1.625 07/29/99 2,065 $1.625 07/30/99 2,065 $1.563 08/02/99 2,202 $1.563 08/03/99 1,102 $1.750 08/04/99 2,070 $1.792 08/05/99 2,064 $1.583 08/06/99 2,064 $1.708 08/09/99 2,133 $1.750 08/10/99 2,133 $1.750 08/11/99 2,133 $1.813 08/12/99 2,133 $1.813 08/13/99 2,133 $1.625 08/16/99 2,133 $1.625 08/17/99 1,858 $1.625 08/18/99 1,858 $1.625 08/19/99 3,440 $2.938 08/19/99 6,880 $2.570 08/19/99 3,440 $2.553 08/20/99 3,440 $2.563 08/20/99 6,880 $2.628 08/23/99 3,440 $2.750 08/23/99 3,440 $2.562 08/24/99 6,880 $2.415 08/24/99 6,880 $2.435 08/25/99 3,440 $2.344 08/26/99 6,880 $2.625 08/26/99 6,880 $2.663 08/30/99 3,440 $2.520 08/30/99 6,880 $2.433 08/31/99 13,760 $2.685 09/01/99 1,926 $1.830 09/02/99 1,926 $1.853 09/03/99 1,920 $1.938 09/07/99 1,920 $1.938 09/08/99 1,371 $2.000 09/09/99 1,372 $1.938 09/10/99 1,372 $2.000 09/13/99 1,372 $1.938 09/14/99 1,372 $2.250 09/15/99 1,372 $2.000 09/16/99 1,372 $2.156 09/17/99 1,372 $2.000 09/20/99 2,743 $2.250 09/21/99 2,743 $2.169 09/22/99 2,743 $2.141 09/23/99 2,743 $2.078 09/24/99 2,743 $2.094 09/27/99 2,743 $2.234 09/28/99 2,743 $2.000 09/29/99 2,743 $2.000 09/30/99 2,743 $1.875 10/1/99 4,468 $2.188 10/1/99 2,745 $2.188 10/4/99 3,088 $2.063 10/5/99 3,088 $2.125 Page 9 of 19 10/6/99 3,088 $2.000 10/7/99 3,088 $2.000 10/8/99 3,088 $2.056 10/11/99 3,088 $2.000 10/12/99 3,088 $2.125 10/13/99 3,088 $2.035 10/14/99 3,088 $1.938 10/15/99 3,088 $1.924 10/18/99 3,088 $1.938 10/19/99 3,088 $1.967 10/20/99 3,075 $1.563 10/21/99 3,075 $1.438 10/22/99 3,075 $1.500 10/25/99 3,827 $1.625 10/26/99 3,827 $1.790 10/27/99 3,827 $1.848 10/28/99 3,827 $1.563 10/29/99 3,827 $1.250 Page 10 of 19 Since April 22, 1999, Aries Domestic made the following open market acquisitions: Date No. of Shares Price ---- ------------- ----- 04/22/99 400 $2.063 04/23/99 400 $2.000 04/26/99 300 $1.688 04/27/99 400 $1.688 04/28/99 400 $1.688 04/29/99 400 $1.688 04/30/99 300 $1.750 05/03/99 150 $1.688 05/04/99 290 $1.750 05/05/99 290 $1.625 05/06/99 290 $1.813 05/10/99 470 $1.938 05/11/99 480 $1.793 05/12/99 470 $1.938 05/13/99 475 $1.938 05/17/99 590 $1.875 05/17/99 470 $2.000 05/18/99 590 $2.000 05/19/99 590 $1.906 05/20/99 594 $2.000 05/21/99 590 $1.938 05/24/99 650 $1.938 05/25/99 650 $2.000 05/26/99 650 $1.875 05/27/99 650 $1.938 05/28/99 650 $2.125 05/03/99 500 $1.688 05/04/99 10 $1.750 05/05/99 10 $1.625 05/06/99 10 $1.813 05/10/99 10 $1.938 05/12/99 10 $1.938 05/13/99 5 $1.938 05/17/99 10 $1.875 05/17/99 10 $2.000 05/18/99 10 $2.000 05/19/99 10 $1.906 05/20/99 6 $2.000 05/21/99 10 $1.938 05/24/99 10 $1.938 05/25/99 10 $2.000 05/26/99 10 $1.875 05/27/99 10 $1.875 05/28/99 10 $1.875 06/01/99 650 $2.000 06/02/99 650 $2.000 06/03/99 650 $2.000 06/04/99 650 $2.000 06/07/99 500 $1.938 06/08/99 505 $2.000 06/09/99 500 $2.000 06/10/99 500 $2.000 06/11/99 500 $1.875 06/14/99 440 $2.000 06/15/99 450 $1.875 06/16/99 440 $1.938 06/17/99 446 $1.875 06/18/99 446 $1.875 06/21/99 535 $1.875 06/22/99 540 $1.875 06/23/99 530 $1.875 06/24/99 530 $1.875 06/25/99 530 $1.813 06/29/99 530 $1.875 06/30/99 520 $1.875 07/02/99 1,800 $1.938 07/06/99 1,800 $1.938 07/07/99 540 $2.125 Page 11 of 19 07/08/99 540 $2.125 07/12/99 780 $2.000 07/13/99 780 $1.813 07/14/99 780 $1.875 07/15/99 780 $1.745 07/16/99 780 $1.813 07/19/99 776 $1.688 07/20/99 776 $1.688 07/21/99 776 $1.625 07/22/99 776 $1.625 07/23/99 776 $1.625 07/26/99 895 $1.625 07/27/99 896 $1.625 07/28/99 895 $1.625 07/29/99 895 $1.625 08/02/99 946 $1.563 08/03/99 474 $1.750 08/04/99 900 $1.792 08/05/99 888 $1.583 08/06/99 888 $1.708 08/09/99 917 $1.750 08/10/99 917 $1.750 08/11/99 917 $1.813 08/12/99 917 $1.813 08/13/99 917 $1.625 08/16/99 917 $1.625 08/17/99 799 $1.625 08/18/99 799 $1.625 08/19/99 1,480 $2.938 08/19/99 1,480 $2.570 08/19/99 2,959 $2.553 08/20/99 2,959 $2.563 08/20/99 1,480 $2.628 08/23/99 1,480 $2.750 08/23/99 1,480 $2.562 8/24/99 2,959 $2.415 8/24/99 2,959 $2.435 8/25/99 1,480 $2.344 8/26/99 2,959 $2.625 8/26/99 2,959 $2.663 8/30/99 1,480 $2.520 8/30/99 2,959 $2.433 8/31/99 5,918 $2.685 9/1/99 829 $1.830 9/2/99 835 $1.853 9/3/99 835 $1.938 9/7/99 597 $1.938 9/8/99 596 $2.000 9/9/99 596 $1.938 9/10/99 596 $2.000 9/13/99 596 $1.938 9/14/99 596 $2.250 9/15/99 596 $2.000 9/16/99 596 $2.156 9/17/99 596 $2.000 9/20/99 1,192 $2.250 9/21/99 1,192 $2.169 9/22/99 1,192 $2.141 9/23/99 1,192 $2.078 9/24/99 1,192 $2.094 9/27/99 1,192 $2.234 9/28/99 1,192 $2.000 9/29/99 1,192 $2.000 9/30/99 1,192 $1.875 10/01/99 1,173 $2.188 10/04/99 1,320 $2.063 10/05/99 1,320 $2.125 10/06/99 1,320 $2.000 10/07/99 1,320 $2.000 10/08/99 1,320 $2.056 10/11/99 1,320 $2.000 10/12/99 1,320 $2.125 10/13/99 1,320 $2.035 10/14/99 1,320 $1.938 10/15/99 1,320 $1.924 Page 12 of 19 10/18/99 1,320 $1.938 10/19/99 1,320 $1.967 10/20/99 1,327 $1.563 10/21/99 1,327 $1.438 10/22/99 1,327 $1.500 10/25/99 1,651 $1.625 10/26/99 1,651 $1.790 10/27/99 1,651 $1.848 10/28/99 1,651 $1.563 Page 13 of 19 Since April 22, 1999, Aries II made the following open market purchases: Date No. of Shares Price ---- ------------- ----- 05/03/99 500 $1.688 05/04/99 10 $1.750 05/05/99 10 $1.625 05/06/99 10 $1.813 05/10/99 10 $1.938 05/12/99 10 $1.938 05/13/99 5 $1.938 05/17/99 10 $1.875 05/17/99 10 $2.000 05/18/99 10 $2.000 05/19/99 10 $1.906 05/20/99 6 $2.000 05/21/99 10 $1.938 05/24/99 10 $1.938 05/25/99 10 $2.000 05/26/99 10 $1.875 05/27/99 10 $1.875 05/28/99 10 $1.875 06/01/99 10 $2.000 06/02/99 10 $2.000 06/03/99 10 $2.000 06/04/99 10 $2.000 06/07/99 10 $1.938 06/08/99 5 $2.000 06/09/99 10 $2.000 06/10/99 10 $2.000 06/11/99 10 $1.875 06/14/99 10 $2.000 06/16/99 10 $1.938 06/17/99 4 $1.875 06/18/99 4 $1.875 06/21/99 5 $1.875 06/23/99 10 $1.875 06/24/99 10 $1.875 06/25/99 10 $1.813 06/29/99 10 $1.875 06/30/99 20 $1.875 07/01/99 1,800 $1.938 07/07/99 18 $2.125 07/08/99 20 $2.125 07/12/99 26 $2.000 07/13/99 26 $1.813 07/14/99 26 $1.875 07/15/99 26 $1.745 07/16/99 26 $1.813 07/16/99 35 $1.625 07/19/99 35 $1.688 07/20/99 35 $1.688 07/21/99 35 $1.625 07/22/99 35 $1.625 07/23/99 35 $1.625 07/26/99 40 $1.625 07/27/99 40 $1.625 08/19/99 161 $ 2.938 08/19/99 80 $ 2.570 08/19/99 80 $ 2.553 08/20/99 80 $ 2.563 08/20/99 161 $ 2.628 08/23/99 80 $ 2.750 08/23/99 80 $ 2.562 08/24/99 161 $ 2.415 08/24/99 161 $ 2.435 08/25/99 80 $ 2.344 08/26/99 161 $ 2.625 08/26/99 161 $ 2.663 08/30/99 80 $ 2.520 08/30/99 161 $ 2.433 08/31/99 322 $ 2.685 09/01/99 45 $ 1.830 Page 14 of 19 09/02/99 45 $ 1.853 09/03/99 45 $ 1.938 09/07/99 32 $ 1.938 09/08/99 32 $ 2.000 09/09/99 32 $ 1.938 09/10/99 32 $ 2.000 09/13/99 32 $ 1.938 09/14/99 32 $ 2.250 09/15/99 32 $ 2.000 09/16/99 32 $ 2.156 09/17/99 32 $ 2.000 09/20/99 65 $ 2.250 09/21/99 65 $ 2.169 09/22/99 65 $ 2.141 09/23/99 65 $ 2.078 09/24/99 65 $ 2.094 09/27/99 65 $ 2.234 09/28/99 65 $ 2.000 09/29/99 65 $ 2.000 09/30/99 65 $ 1.875 10/1/99 1,860 $ 2.188 10/1/99 82 $ 2.188 10/4/99 92 $ 2.063 10/5/99 92 $ 2.125 10/6/99 92 $ 2.000 10/7/99 92 $ 2.000 10/8/99 92 $ 2.056 10/11/99 92 $ 2.000 10/12/99 92 $ 2.125 10/13/99 92 $ 2.035 10/14/99 92 $ 1.938 10/15/99 92 $ 1.924 10/18/99 92 $ 1.938 10/19/99 92 $ 1.967 10/20/99 98 $ 1.563 10/21/99 98 $ 1.438 10/22/99 98 $ 1.500 10/25/99 122 $ 1.625 10/26/99 122 $ 1.790 10/27/99 122 $ 1.848 10/28/99 122 $ 1.563 Page 15 of 19 Item 4. Purpose of Transaction. The Reporting Parties acquired shares of Common Stock of the Issuer as an investment in the Issuer. Although the Reporting Parties have not formulated any definitive plans, they may from time to time acquire, or dispose of, Common Stock and/or other securities of the Issuer if and when they deem it appropriate. The Reporting Parties may formulate other purposes, plans or proposals relating to any of such securities of the Issuer to the extent deemed advisable in light of market conditions, investment policies and other factors. Except as indicated in this Schedule 13D, the Reporting Parties currently have no plans or proposals that relate to or would result in any of the matters described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. Item 5. Interest in Securities of the Issuer. (a) As of Nov 1, 1999, Dr. Rosenwald, both personally and through acquisition of the shares by the Aries Fund, Aries Domestic and Aries II, beneficially owned 4,551,538 Shares or 39.22% of the Issuer's securities and Paramount Capital beneficially owned 3,117,585 Shares or 30.2% of the Issuer's securities. Aries Domestic and the Aries Fund beneficially owned as fol-lows: Amount Owned ------------ Aries Domestic 973,398 Shares Aries II 10,504 Shares Aries Fund 2,133,638 Shares Pursuant to Rule 13d-4 promulgated under the Securities Exchange Act of 1934, as amended, the Reporting Person's each disclaim beneficial ownership of the securities held by each other. (b) Dr. Rosenwald and Paramount Capital share the power to vote or to direct the vote, to dispose or to direct the disposition of those shares owned by each of Aries Domestic, Aries II and Aries Fund. Page 16 of 19 Other than as set forth herein the Report-ing Parties have not engaged in any transactions in the Common Stock of the Issu-er during the past 60 days. (d) & (e) Not applicable. Item 6. Contracts, Arrangements, Understandings or Relationships with respect to Securities of the Issuer Paramount Capital is the Investment Manager of the Aries Fund and the General Partner of each of Aries Domestic and Aries II and in such capacities has the authority to make certain investment decisions on behalf of such entities, including decisions relating to the securities of the Issuer. In connection with its investment management duties, Paramount Capital receives certain management fees and performance allocations from the Aries Fund, Aries Domestic and Aries II. Dr. Rosenwald is the Chairman and sole stockholder of Paramount Capital. Mr. Steve Kanzer, formerly a Senior Managing Director of the Placement Agent (as defined below), joined the Board of Directors of the Issuer in connection with the initial investment by Aries Domestic and the predecessor in interest to the Aries Fund, the Aries Trust, a Cayman Island trust in June 1996 and receives compensation for such services. Pursuant to Article 6 of the Subscription Agreement executed by the Issuer and each investor in the Private Placement, the Aries Fund and Aries Domestic are entitled to the contractual rights (the "Article VI Rights") attached to the shares of Common Stock acquired in the Private Placement as set forth in Exhibit A to Amendment No. 4. Paramount Capital, Inc., (the "Placement Agent") an NASD member broker dealer and an affiliate of Aries Domestic and the Aries Fund has acted as Placement Agent for the Issuer and has received certain fees for such services including warrants (the "Placement Warrants") to purchase 864,865 shares of Common Stock with attached contractual rights at an exercise price equal to $2.54375. On October 16, 1997, the Issuer and the Placement Agent Page 17 of 19 entered into a twenty-four (24) month engagement agreement, pursuant to which the Placement Agent received a cash retainer and standard success fees. In addition the Placement Agent and/or its designees received warrants (the "Advisory Warrants") to purchase 1,297,297 shares of Common Stock with attached contractual rights at an exercise price equal to $2.54375. The engagement agreement expired by its terms on October 16, 1999. The Placement and Advisory Warrants became exercisable on April 16, 1998. Except as indicated in this 13D and exhibits, there is no contract, arrangement, understanding or relationship between the Reporting Parties and any other person, with respect to any securities of the Issuer. Item 7. Material to be Filed as Exhibits: Exhibit A - Copy of an Agreement between Dr. Rosenwald, Paramount Capital, Aries Domestic Aries II and Aries Fund to file this Statement on Schedule 13D 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 Aries II 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. Page 18 of 19 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: November 5, 1999 New York, NY By /s/ Lindsay A. Rosenwald, M.D. ------------------------------------ Lindsay A. Rosenwald, M.D. Chairman ARIES DOMESTIC FUND, L.P. By: Paramount Capital Asset Management, Inc. General Partner Dated: November 5, 1999 New York, NY By /s/ Lindsay A. Rosenwald, M.D. ------------------------------------ Lindsay A. Rosenwald, M.D. Chairman ARIES DOMESTIC FUND II, L.P. By: Paramount Capital Asset Management, Inc. General Partner Dated: November 5, 1999 New York, NY By /s/ Lindsay A. Rosenwald, M.D. ------------------------------------ Lindsay A. Rosenwald, M.D. Chairman THE ARIES FUND By: Paramount Capital Asset Management, Inc. Investment Manager Dated: November 5, 1999 New York, NY By /s/ Lindsay A. Rosenwald, M.D. ------------------------------------ Lindsay A. Rosenwald, M.D. Chairman Dated: November 5, 1999 New York, NY By /s/ Lindsay A. Rosenwald, M.D. ------------------------------------ Lindsay A. Rosenwald, M.D. Page 19 of 19 AGREEMENT JOINT FILING OF SCHEDULE 13D The undersigned hereby agrees to jointly prepare and file with regulatory authorities a Schedule 13D and any future amendments thereto reporting each of the undersigned's ownership of securities of Endorex Corp., and hereby affirm that such Schedule 13D is being filed on behalf of each of the undersigned. PARAMOUNT CAPITAL ASSET MANAGEMENT, INC. Dated: November 1, 1999 New York, NY By /s/ Lindsay A. Rosenwald. M.D. ------------------------------------ Lindsay A. Rosenwald, M.D. Chairman ARIES DOMESTIC FUND, L.P. By: Paramount Capital Asset Management, Inc. General Partner Dated: November 1, 1999 New York, NY By /s/ Lindsay A. Rosenwald. M.D. ------------------------------------- Lindsay A. Rosenwald, M.D. Chairman ARIES DOMESTIC FUND II, L.P. By: Paramount Capital Asset Management, Inc. General Partner Dated: November 1, 1999 New York, NY By /s/ Lindsay A. Rosenwald. M.D. ------------------------------------- Lindsay A. Rosenwald, M.D. Chairman THE ARIES FUND By: Paramount Capital Asset Management, Inc. Investment Manager Dated: November 1, 1999 New York, NY By /s/ Lindsay A. Rosenwald. M.D. ------------------------------------- Lindsay A. Rosenwald, M.D. Chairman Dated: November 1, 1999 New York, NY By /s/ Lindsay A. Rosenwald. M.D. ------------------------------------- Lindsay A. Rosenwald, M.D. 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: PRINCIPAL OCCUPATION NAME OR EMPLOYMENT ---- ------------- Lindsay A. Rosenwald, M.D. Chairman of the Board of 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, Uni versity of Southern California School of Medicine Item 2. During the five years prior to the date hereof, none of the above persons (to the best of Paramount Capital's knowledge) was convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or was 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. EXHIBIT C The name and principal occupation or employment, which is located at 787 Seventh Avenue, 48th Floor, New York, New York, 10019, of the General Partner of Aries Domestic and Aries II is as follows: PRINCIPAL OCCUPATION NAME OR EMPLOYMENT ---- ------------- Paramount Capital Asset Management, Inc. General Partner; Investment Manager 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 knowledge) has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or was 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. EXHIBIT D The name and principal occupation or employment, which in each instance is with The Aries Master Fund ("Aries Fund") located at c/o MeesPierson (Cayman) Limited, P.O. Box 2003, British American Centre, Phase 3, Dr. Roy's Drive, George Town, Grand Cayman, of each executive officer and director of Aries Trust is as follows: PRINCIPAL OCCUPATION NAME OR EMPLOYMENT ---- ------------- Paramount Capital Asset Management, Inc. Investment Manager MeesPierson (Cayman) Management Limited Administrator Exhibit B is hereby incorporated by reference. Item 2. During the five years prior to the date hereof, neither of the above persons (to the best of Aries Fund's knowledge) have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or was 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. -----END PRIVACY-ENHANCED MESSAGE-----