UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
(Amendment No. 7)
Under the Securities Exchange Act of 1934
Neose Technolgies, Inc
----------------------
Common Stock, no par value per share
(Title of Class of Securities)
------------------------------
640522108
---------
CUSIP Number
December 31, 2004
-----------------
(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 13 Pages
Exhibit Index: Page 12
SCHEDULE 13G
CUSIP No. 640522108 Page 2 of 12
--------------------------------------------------------------------------------
1 Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
PARAMOUNT BIOCAPITAL 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 21,000
Each ----------------------------------------------------
Reporting 7 Sole Dispositive Power
Person 0
With ----------------------------------------------------
8 Shared Dispositive Power
21,000
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
21,000
--------------------------------------------------------------------------------
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares *
|_|
--------------------------------------------------------------------------------
11 Percent of Class Represented By Amount in Row (9)
0.1%
--------------------------------------------------------------------------------
12 Type of Reporting Person *
CO
--------------------------------------------------------------------------------
* see instructions before filling out
SCHEDULE 13G
CUSIP No. 640522108 Page 3 of 12
--------------------------------------------------------------------------------
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. |_|
--------------------------------------------------------------------------------
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 0
Each ----------------------------------------------------
Reporting 7 Sole Dispositive Power
Person 0
With ----------------------------------------------------
8 Shared Dispositive Power
0
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
0
--------------------------------------------------------------------------------
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares *
|_|
--------------------------------------------------------------------------------
11 Percent of Class Represented By Amount in Row (9)
0%
--------------------------------------------------------------------------------
12 Type of Reporting Person *
CO
--------------------------------------------------------------------------------
* see instructions before filling out
SCHEDULE 13G
CUSIP No. 640522108 Page 4 of 12
--------------------------------------------------------------------------------
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 130,326
Shares ----------------------------------------------------
Beneficially 6 Shared Voting Power
Owned By 126,974
Each ----------------------------------------------------
Reporting 7 Sole Dispositive Power
Person 130,326
With ----------------------------------------------------
8 Shared Dispositive Power
126,974
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
257,300
--------------------------------------------------------------------------------
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares *
|_|
--------------------------------------------------------------------------------
11 Percent of Class Represented By Amount in Row (9)
1.0%
--------------------------------------------------------------------------------
12 Type of Reporting Person *
IN
--------------------------------------------------------------------------------
* see instructions before filling out
SCHEDULE 13G
CUSIP No. 640522108 Page 5 of 12
--------------------------------------------------------------------------------
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 0
Each ----------------------------------------------------
Reporting 7 Sole Dispositive Power
Person 0
With ----------------------------------------------------
8 Shared Dispositive Power
0
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
0
--------------------------------------------------------------------------------
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares *
|_|
--------------------------------------------------------------------------------
11 Percent of Class Represented By Amount in Row (9)
0%
--------------------------------------------------------------------------------
12 Type of Reporting Person *
CO
--------------------------------------------------------------------------------
* see instructions before filling out
SCHEDULE 13G
CUSIP No. 640522108 Page 6 of 12
--------------------------------------------------------------------------------
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 0
Each ----------------------------------------------------
Reporting 7 Sole Dispositive Power
Person 0
With ----------------------------------------------------
8 Shared Dispositive Power
0
--------------------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
0
--------------------------------------------------------------------------------
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares *
|_|
--------------------------------------------------------------------------------
11 Percent of Class Represented By Amount in Row (9)
0%
--------------------------------------------------------------------------------
12 Type of Reporting Person *
CO
--------------------------------------------------------------------------------
* see instructions before filling out
CUSIP No. 640522108 Page 7 of 12
Item 1(a) Name of Issuer:
Neose Technologies, Inc. (the "Issuer")
Item 1(b) Address of the Issuer's Principal Executive Offices:
102 Whitman Road
Horsham, PA 19044
Item 2(a) Name of Person Filing:
This statement is filed on behalf of Paramount BioCapital Asset Management, Inc.
("Paramount BioCapital"), Aries Select, Ltd. ("Aries Select"), Aries Select I
LLC ("Aries I"), Aries Select II LLC ("Aries II") and Lindsay A. Rosenwald, M.D.
("Dr. Rosenwald" and collectively, the "Reporting Persons").
Item 2(b) Address of Principal Business Office or, if None, Residence:
The address of the principal business office of Paramount BioCapital, Aries I,
Aries II 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 BioCapital is a Subchapter S corporation incorporated in
Delaware;
2) Aries Select is a Cayman Islands exempted company;
3) Aries I and Aries II are Delaware limited liability companies;
4) 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:
640522108
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:
CUSIP No. 640522108 Page 8 of 12
Each of the Reporting Persons may be deemed the beneficial owner of the
following number of Shares:
(i) Paramount BioCapital may be deemed to own 21,100 Shares, which
includes 16,100 Shares owned by the Abington Biomedical Master
Fund and 5,000 Shares owned by the Joseph Stevens
Biotechnology Fund.
(ii) Aries Select, Aries I and Aries II no longer own any Shares.
(iii) Dr. Rosenwald may be deemed the beneficial owner of 257,300
Shares as follows: (a) all shares described in (i) and (ii)
above; (b) 130,326 Shares owned directly by Dr. Rosenwald; and
(c) 105,974 shares owned by Dr. Rosenwald's wife and children
Item 4(b) Percent of Class:
Please see Item 11 of each cover page.
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:
If this statement is being filed to report the fact that the
Reporting Person has ceased to be the beneficial owner of more
than five percent of a class of securities of the Issuer,
check the following box. |X|
During 2004, the Reporting Persons, individually and
collectively, ceased to be a beneficial owner of more than 5%
of any class of securities of the Issuer.
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:
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:
CUSIP No. 640522108 Page 9 of 12
This Item 9 is not applicable.
Item 10. Certification:
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 that purpose or effect.
Page 10 of 12
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 10, 2005.
LINDSAY A. ROSENWALD, M.D. PARAMOUNT BIOCAPITAL ASSET MANAGEMENT, INC.
By /s/ LINDSAY A. ROSENWALD By: /s/ LINDSAY A. ROSENWALD
--------------------------- -----------------------------
Name: Lindsay A. Rosenwald, M.D.
Title: Chairman
ARIES SELECT, LTD.
By: Paramount BioCapital Asset Management, Inc.
Its: Investment Manager
By: /s/ LINDSAY A. ROSENWALD
----------------------------
Name: Lindsay A. Rosenwald, M.D.
Title: Chairman
ARIES SELECT I LLC
By: Paramount BioCapital Asset Management, Inc.
Its Managing Manager
By: /s/ LINDSAY A. ROSENWALD
----------------------------
Name: Lindsay A. Rosenwald, M.D.
Title: Chairman
ARIES SELECT II LLC
By: Paramount BioCapital Asset Management, Inc.
Its Managing Manager
By: /s/ LINDSAY A. ROSENWALD
----------------------------
Name: Lindsay A. Rosenwald, M.D.
Title: Chairman
CUSIP No. 640522108 Page 11 of 12
EXHIBIT INDEX
Page No.
--------
A. Joint Filing Agreement, dated as of February 10, 2005, by and
among Paramount BioCapital Asset Management, Inc., Aries
Select, Ltd., Aries Select I LLC, Aries Select II, LLC, and
Lindsay A. Rosenwald, M.D................... 12
CUSIP No. 640522108 Page 12 of 12
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13G with
respect to the Common Stock of Neose Technologies, Inc. dated as of February 10,
2005, 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 BIOCAPITAL ASSET MANAGEMENT, INC.
By /s/ LINDSAY A. ROSENWALD By: /s/ LINDSAY A. ROSENWALD
--------------------------- -----------------------------
Name: Lindsay A. Rosenwald, M.D.
Title: Chairman
ARIES SELECT, LTD.
By: Paramount BioCapital Asset Management, Inc.
Its: Investment Manager
By: /s/ LINDSAY A. ROSENWALD
----------------------------
Name: Lindsay A. Rosenwald, M.D.
Title: Chairman
ARIES SELECT I LLC
By: Paramount BioCapital Asset Management, Inc.
Its Managing Manager
By: /s/ LINDSAY A. ROSENWALD
----------------------------
Name: Lindsay A. Rosenwald, M.D.
Title: Chairman
ARIES SELECT II LLC
By: Paramount BioCapital Asset Management, Inc.
Its Managing Manager
By: /s/ LINDSAY A. ROSENWALD
----------------------------
Name: Lindsay A. Rosenwald, M.D.
Title: Chairman