General Statement of Beneficial Ownership — Schedule 13D
Filing Table of Contents
Document/Exhibit Description Pages Size
1: SC 13D General Statement of Beneficial Ownership 10 60K
2: EX-99.A Miscellaneous Exhibit 1 9K
3: EX-99.B Miscellaneous Exhibit 1 6K
4: EX-99.C Miscellaneous Exhibit 1 6K
5: EX-99.D Miscellaneous Exhibit 1 6K
6: EX-99.E Miscellaneous Exhibit 10 34K
7: EX-99.F Miscellaneous Exhibit 2 12K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
ImmunoTherapeutics, Inc.
(Name of Issuer)
Common Stock, par value $.001 per share
(Title of Class of Securities)
452916 40 6
(CUSIP Number)
Aries Financial Services, Inc.
c/o Lindsay A. Rosenwald, M.D.
375 Park Avenue
New York, NY 10152
(212) 832-4379
with a copy to:
David R. Walner, Esq.
Aries Financial Services, Inc.
375 Park Avenue
New York, NY 10152
(212) 832-4340
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
June 13, 1996
(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: [X]
[Enlarge/Download Table]
SCHEDULE 13D
-------------------------------------------- -----------------------------------
CUSIP NO. 452916 40 6 PAGE ____ OF ___ PAGES
-------------------------------------------- -----------------------------------
--------------------------------------------------------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Aries Financial Services, 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 ITEMS
2(d) or 2(e) [ ]
--------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-------------------------------------------------------------------------------------
8 SHARED VOTING POWER
4,000,000 (see Item 5
for information regard-
ing certain excluded
shares)
-------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
None
-------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,000,000 (see Item 5
for information regard-
ing certain excluded
shares)
--------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000,000
--------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
43.8%
--------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------------------------------------------------------
SCHEDULE 13D
-------------------------------------------- -----------------------------------
CUSIP NO. 452916 40 6 PAGE ____ OF ___ 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)
--------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) [ ]
--------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-------------------------------------------------------------------------------------
8 SHARED VOTING POWER
1,000,000 (see Item 5
for information regard-
ing certain excluded
shares)
-------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
None
-------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,000,000(see Item 5 for
information regarding
certain excluded shares)
--------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,000,000
--------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------------------------------------------------------
13 11%
--------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D
-------------------------------------------- -----------------------------------
CUSIP NO. 452916 40 6 PAGE ____ OF ___ PAGES
-------------------------------------------- -----------------------------------
--------------------------------------------------------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Aries Trust
--------------------------------------------------------------------------------------------------------------------------------
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)
--------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) [ ]
--------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-------------------------------------------------------------------------------------
8 SHARED VOTING POWER
3,000,000 (see Item 5
for information regard-
ing certain excluded
shares)
-------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
None
-------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,000,000 (see Item 5
for information regard-
ing certain excluded
shares)
--------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,000,000
--------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
32.9%
--------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO (see Item 2)
--------------------------------------------------------------------------------------------------------------------------------
SCHEDULE 13D
-------------------------------------------- -----------------------------------
CUSIP NO. 452916 40 6 PAGE ____ OF ___ PAGES
-------------------------------------------- -----------------------------------
--------------------------------------------------------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Dr. Lindsay A. Rosenwald
--------------------------------------------------------------------------------------------------------------------------------
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)
--------------------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) [ ]
--------------------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-------------------------------------------------------------------------------------
8 SHARED VOTING POWER
4,000,000 (see Item 5
for information regard-
ing certain excluded
shares)
-------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
None
-------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,000,000 (see Item 5
for information regard-
ing certain excluded
shares)
--------------------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000,000
--------------------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
43.8
--------------------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------------------------------------------------------
Item 1. Security and Issuer.
(a) Common Stock, $.001 par value ("Shares")
ImmunoTherapeutics, Inc. (the "Issuer")
3233 15th Street South
Fargo, ND 58104
(701) 232-9575
Item 2. Identity and Background.
Names of Persons Filing:
(a) This statement is filed on behalf of Aries Financial Services,
Inc. ("Aries Financial"), Aries Domestic Fund, L.P. ("Aries Domestic"), The
Aries Trust ("Aries Trust") and Dr. Lindsay A. Rosenwald (collectively,
"Reporting Parties"). See attached Exhibit A which is a copy of their agreement
in writing to file this statement on behalf of each of them.
(b) Aries Financial's, Aries Domestic's and Dr. Rosenwald's
business address is 375 Park Avenue, Suite 1501, New York, New York, 10152. The
business address for Aries Trust 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 and
fund manager and sole shareholder of Aries Financial,1 a Subchapter S
corporation incorporated in Delaware. Aries Financial is the General Partner of
Aries Domestic,2 a limited partnership incorporated in Delaware. Aries
Financial is the Investment Manager to Aries Trust,3 a Cayman Islands Trust.
(d) Dr. Rosenwald, Aries Financial, Aries Domestic and Aries Trust
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, Aries Financial, Aries Domestic and Aries Trust
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
mandating 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.
Item 3. Source and Amount of Funds or Other Consideration.
Aries Domestic used its general funds to effect the purchase
of 1,000,000 shares of the Issuer for an approximate
purchase price of $100,000 from Dominion Resources, Inc., a
Delaware corporation ("Dominion"). Aries Trust used its
-------------------------
1 Please see attached Exhibit B indicating the
executive officers and directors of Aries Financial
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 its 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 Trust and its
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.
general funds to effect the purchase of 3,000,000 shares of
the Issuer for an approximate purchase price of $300,000
from Dominion.
Item 4. Purpose of Transaction.
The Reporting Parties acquired the shares of Common Stock of
the Issuer from Dominion Resources, Inc., a Delaware
corporation and a stockholder of the Issuer, pursuant to a
Stock Purchase Agreement (the "Stock Purchase Agreement")
dated June 13, 1996, a copy of which is attached as Exhibit
E and the terms of which are incorporated herein by
reference, as an investment in the Issuer. Amongst other
things, the Stock Purchase Agreement entitles the Aries
Trust and Aries Domestic to designate a representative to
sit on the Issuer's Board of Directors and requires the
consent of the Aries Trust and Aries Domestic for certain
extraordinary corporate transactions. Mr. Steve Kanzer was
appointed to the Issuer's Board of Directors as the Aries
Trust and Aries Domestic Board designee. Mr. Kanzer is an
employee of certain affiliates of the Reporting Persons.
In addition, in connection with the purchase of such shares,
Aries Domestic and the Aries Trust entered into a letter
agreement with the Issuer to purchase directly from the Issuer
an additional 5,000,000 shares of Common Stock of the Issuer
(the "Additional Shares"). Pursuant to the letter agreement,
the Additional Shares are allocated in the amount of
3,750,000 shares to the Aries Trust and 1,250,000 shares to
Aries Domestic. A copy of the letter agreement relating to
the purchase of the Additional Shares is attached as
Exhibit F hereto and is incorporated by reference herein.
Upon consummation of their purchase of the Additional Shares,
the Reporting Persons will own a substantially higher
percentage of the shares of the Issuer. Such shares were not
included in calculating the percentage interest in the Issuer
beneficially owned by the Issuer reported in this Schedule
13-D.
In connection with the investment by the Aries Trust and
Aries Domestic, the Issuer's Board of Directors redeemed the
Shareholder Rights Plan dated September 23, 1994 by and
between the Issuer and American Stock Transfer & Trust
Company, as Rights Agent.
Although the Reporting Parties have not formulated any
definitive plans, they have had preliminary discussions with
the Issuer's management and certain members of the Board
concerning various proposals including the possible addition
of certain persons to the Company's management team and the
pursuit of potential strategic partners and additional
technologies. Neither the Reporting Parties nor, to the
Reporting Parties knowledge, the management of the Issuer,
have determined whether such plans are feasible or whether
the Company will in fact pursue such alternatives and it is
not clear that such alternatives will be implemented. In
addition the Reporting Parties, 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 June 13, 1996, Dr. Rosenwald and Aries
Financial, through acquisition of the shares by the
Aries Trust and Aries Domestic, beneficially owned
4,000,000 shares or 43.8% of the Issuer's
securities and Aries Domestic and the Aries Trust
beneficially ownership was as follows:
Amount Owned
Aries Domestic 1,000,000 Shares
Aries Trust 3,000,000 Shares
(b) Dr. Rosenwald and Aries Financial 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 and Aries Trust.
(c) As set forth in Item 4, in connection with the
acquisition of the shares covered by this Schedule
13-D, the Aries Trust and Aries Domestic entered
into a letter agreement with the Company relating
to the purchase of the Additional Shares. The
Additional Shares were not included in calculating
the percentage interest of the Issuer beneficially
owned by the Reporting Parties in this Schedule
13-D.
(d) & (e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships
with respect to Securities of the Issuer.
Aries Financial is the investment manager of the Aries Trust
and the General Partner of Aries Domestic 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, Aries Financial receives
certain management fees and performance allocations from the
Aries Trust and Aries Domestic. Dr. Rosenwald is the sole
shareholder of Aries Financial. Pursuant to its rights under
the Stock Purchase Agreement, the Aries Trust and Aries
Domestic appointed Mr. Steve Kanzer to the Issuer's Board of
Director as their designated Board representative. In
consideration for his services as a Director, Mr. Kanzer was
granted options to purchase 200,000 shares of the Issuer's
Common Stock at a purchase price of $.20 per share.
Except as indicated in this 13D, there is no contract,
arrangement, understanding or relationship between the
Reporting Parties and any other person, with respect to any
securities of the Issuer.
[Enlarge/Download Table]
Item 7. Material to be Filed as Exhibits:
Exhibit A - Copy of an Agreement between Dr. Rosenwald,
Aries Financial, Aries Domestic and Aries Trust to
file this Statement on Schedule 13D on behalf of
each of them.
Exhibit B - List of executive officers and directors of Aries Financial and information
called for by Items 2-6 of this statement relating to said officers and direc-
tors.
Exhibit C - List of executive officers and directors of Aries Domestic and information
called for by Items 2-6 of this statement relating to said officers and direc-
tors.
Exhibit D - List of executive officers and directors of
Aries Trust and information called for by Items 2-6
of this statement relating to said officers and
directors.
Exhibit E - Stock Purchase Agreement dated as of June 13, 1996 by and among ImmunoTherapeu-
tics, Inc., Dominion Resources Inc., the Aries Fund, a Series of the Aries Trust
and The Aries Domestic Fund, L.P.
Exhibit F - Letter Agreement dated June 12, 1996 by and between ImmunoTherapeutics Inc., the
Aries Fund, a Series of the Aries Trust and The Aries Domestic Fund, L.P.
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.
[Download Table]
ARIES FINANCIAL SERVICES, INC.
Dated: June 21, 1996
New York, NY By /s/ Dr. Lindsay A. Rosenwald
----------------------------
Dr. Lindsay A. Rosenwald
President
ARIES DOMESTIC FUND, L.P.
By Aries Financial Services, Inc.
General Partner
Dated: June 21, 1996
New York, NY By /s/ Dr. Lindsay A. Rosenwald
----------------------------
Dr. Lindsay A. Rosenwald
President
THE ARIES TRUST
By Aries Financial Services, Inc.
Investment Manager
Dated: June 21, 1996
New York, NY By /s/ Dr. Lindsay A. Rosenwald
----------------------------
Dr. Lindsay A. Rosenwald
President
Dated: June 21, 1996
New York, NY By /s/ Dr. Lindsay A. Rosenwald
-----------------------------
Dr. Lindsay A. Rosenwald
Dates Referenced Herein and Documents Incorporated by Reference
| Referenced-On Page |
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| This ‘SC 13D’ Filing | | Date | | First | | Last | | | Other Filings |
|---|
| |  |
| Filed on: | | 6/25/96 | | | | | | | 3 |
| | 6/21/96 | | 10 |
| | 6/13/96 | | 1 | | 9 | | | 10QSB |
| | 6/12/96 | | 9 |
| | 9/23/94 | | 7 |
| List all Filings |
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