SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDED SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 20)*
GENTA INCORPORATED
------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $.001 PER SHARE
---------------------------------------
(Title of Class of Securities)
372 45 M 20 7
-------------
(CUSIP Number)
Paramount BioCapital 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)
MAY 5, 2004
-----------
(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 Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following: |_|
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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
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).
Page 1 of 14
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CUSIP No. 372 45 M 20 7 13D Page 2 of 14 Pages
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1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Paramount BioCapital Asset Management, Inc.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) X
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3)
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF
SHARES 7 SOLE VOTING POWER
BENEFICIALLY
OWNED BY None
EACH
REPORTING -----------------------------------------------------
PERSON 8 SHARED VOTING POWER
WITH
4,306,532
-----------------------------------------------------
9 SOLE DISPOSITIVE POWER
None
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,306,532
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,306,532
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.54%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
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CUSIP No. 372 45 M 20 7 13D Page 3 of 14 Pages
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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) X
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3)
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF
SHARES 7 SOLE VOTING POWER
BENEFICIALLY
OWNED BY None
EACH
REPORTING -----------------------------------------------------
PERSON 8 SHARED VOTING POWER
WITH
1,747,973
-----------------------------------------------------
9 SOLE DISPOSITIVE POWER
None
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,747,973
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,747,973
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CUSIP No. 372 45 M 20 7 13D Page 4 of 14 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Aries Domestic Fund II, LP
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) X
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3)
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF
SHARES 7 SOLE VOTING POWER
BENEFICIALLY
OWNED BY None
EACH
REPORTING -----------------------------------------------------
PERSON 8 SHARED VOTING POWER
WITH
184,866
-----------------------------------------------------
9 SOLE DISPOSITIVE POWER
None
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
184,866
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
184,866
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CUSIP No. 372 45 M 20 7 13D Page 5 of 14 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Aries Master Fund II, Ltd.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) X
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3)
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF
SHARES 7 SOLE VOTING POWER
BENEFICIALLY
OWNED BY None
EACH
REPORTING -----------------------------------------------------
PERSON 8 SHARED VOTING POWER
WITH
2,373,693
-----------------------------------------------------
9 SOLE DISPOSITIVE POWER
None
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,373,693
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,373,693
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO (see Item 2)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CUSIP No. 372 45 M 20 7 13D Page 6 of 14 Pages
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1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lindsay A. Rosenwald
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) X
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3)
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF
SHARES 7 SOLE VOTING POWER
BENEFICIALLY
OWNED BY 3,330,522
EACH
REPORTING -----------------------------------------------------
PERSON 8 SHARED VOTING POWER
WITH
4,306,532
-----------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,330,522
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,306,532
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,637,054
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO (see Item 2)
--------------------------------------------------------------------------------
This Amendment No. 20 amends and supplements the following items of the
Statement on Schedule 13D filed by certain of the reporting persons, dated
February 24, 1997, as amended to date (the "Schedule").
ITEM 2. IDENTITY AND BACKGROUND
Item 2 is hereby amended in its entirety to read as follows:
(a) This statement is filed on behalf of Paramount BioCapital Asset
Management, Inc. ("PCAM"), Aries Select, Ltd. ("Aries Select"),
Aries Select, LLC ("AS1") and Dr. Lindsay A. Rosenwald (together
with PCAM and Aries Select the "Aries Reporting Persons"), Aries
Select II, LLC ("AS2"), Aries Domestic Fund, L.P. ("ADF1"), The
Aries Master Fund II, a Cayman Island exempted company ("AMF2"), and
Aries Domestic Fund II, L.P. ("ADF2" and, together with the Aries
Reporting Persons, the "Filing Persons"). See attached Exhibit A
which is a copy of their agreement in writing to file this statement
jointly on behalf of each of them. The Filing Persons have made, and
will continue to make, their own investment decisions.
(b) The business address of Dr. Rosenwald, PCAM, Aries Select, AS1, AS2,
Aries Domestic and Aries Domestic II is 787 Seventh Avenue, 48th
Floor, New York, New York 10019. The business address for Aries
Select and AMF2 is c/o Fortis Fund Services, 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 PCAM,1 a Subchapter S corporation
incorporated in the State of Delaware. PCAM is the managing member
of each of AS1 and AS2, the General Partner of Aries Domestic and
Aries Domestic II, each a limited partnership organized under the
laws of Delaware and the investment manager to AMF2 and Aries
Select2, each a Cayman Island exempted company.
(d) The Filing Persons and their respective officers, directors, general
partners, investment managers, and 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) The Filing Persons and their respective officers, directors, general
partners, investment managers, and 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 funding any violation with respect to such laws.
(f) Dr. Rosenwald is a citizen of the United States.
-----------------------
1 Please see Exhibit B, filed herewith, indicating the executive officers
and directors of PCAM and providing information called for by Items 2-6 of
this statement as to said officers and directors.
2 Please see Exhibit C indicating the executive officers and directors of
AMF2 and Aries Select and providing information called for by Items 2-6 of
this statement as to said officers and directors.
Page 7 of 14
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The information contained in Item 3 to the Schedule is hereby amended by
adding the following:
On May 3, 2004, pursuant to Rule 144 (a) AMF2 sold 1,501,900 Shares of the
Issuer at a price equal to $5.05 for aggregate gross proceeds equal to
$7,584,595, (b) ADF sold 1,128,700 shares of the Issuer at a price equal to
$5.05 for aggregate gross proceeds equal to $5,699,935 and (c) ADF2 sold 119,400
Shares of the Issuer at a price equal to $5.05 for aggregate gross proceeds
equal to $602,970.
On May 4, 2004, pursuant to Rule 144 (a) AMF2 sold 3,446,300 Shares of the
Issuer at a price equal to $4.92 for aggregate gross proceeds equal to
$16,955,796.00, (b) ADF sold 2,589,800 shares of the Issuer at a price equal to
$4.92 for aggregate gross proceeds equal to $12,741,816.00 and (c) ADF2 sold
273,900 Shares of the Issuer at a price equal to $5.05 for aggregate gross
proceeds equal to $1,170,468.
On May 5, 2004, pursuant to Rule 144 (a) AMF2 sold 513,400 Shares of the
Issuer at a price equal to $4.95 for aggregate gross proceeds equal to
$2,541,330, (b) ADF sold 385,800 shares of the Issuer at a price equal to $4.95
for aggregate gross proceeds equal to $1,909,710 and (c) ADF2 sold 40,800 Shares
of the Issuer at a price equal to $4.95 for aggregate gross proceeds equal to
$201,960.
ITEM 4. PURPOSE OF THE TRANSACTION.
On May 3, 2004, May 4, 2004 and May 5, 2004, the Reporting Persons
substantially reduced its ownership position in the Issuer.
The Reporting Persons currently hold the securities reported herein as
being beneficially owned by them for investment purposes. Depending upon market
conditions and other factors that the Reporting Persons may deem material to
their respective investment decisions, the Reporting Persons may purchase
additional securities of the Company in the open market or in private
transactions, or may dispose of all or a portion of the securities of the
Company that the Reporting Persons own or hereafter may acquire. Except as
otherwise set forth herein, none of the persons or entities named in Item 2 has
any plans or proposals which relate to, or could result, in any of the matters
referred to in Paragraphs (b) through (j) of Item 4 of Schedule 13D.
The Filing Persons 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.
Page 8 of 14
ITEM 5. INTEREST IN SECURITIES OF ISSUER.
The information contained in Item 5 to the Schedule is hereby amended and
supplemented to read as follows:
(a) As of May 5, 2004, the Filing Persons may be deemed to beneficially
own the following:
(i) ARIES SELECT: 0 Shares (0%);
(ii) AS1: 0 Shares (0%);
(iii) AS2: 0 Shares (0%);
(iv) AMF2: 2,373,693 Shares (3.0%);
(v) ARIES DOMESTIC: 1,747,973 Shares (2.3%);
(vi) ARIES DOMESTIC II: 184,866 Shares (0.2%);
(vii) PCAM: 4,306,532 Shares (5.5%), comprised of the Shares held by
AMF2, Aries Domestic and Aries Domestic II; and
(viii) DR. ROSENWALD: 7,637,054 Shares (9.4%), comprised of 25,000
Shares and 3,305,522 Shares issuable upon exercise of Common Stock
purchase warrants held directly by Dr. Rosenwald and 4,306,532 Shares
beneficially owned by PCAM.
Pursuant to Rule 13d-4 promulgated under the Securities Exchange Act of
1934, as amended, each Filing Person other than Dr. Rosenwald disclaims
beneficial ownership of the securities held by each other.
(b) Dr. Rosenwald and PCAM share the power to vote or to direct the vote
and to dispose or to direct the disposition of those shares owned by
each of AMF2, Aries Domestic and Aries Domestic II.
(c) The Filing Persons have engaged in the following transactions in the
Common Stock of the Issuer in the past 60 days:
On April 22, 2004 AMF2, Aries Domestic and Aries Domestic II distributed
6,267, 43,673 and 37,225 Shares, respectively to certain redeeming
investors and on April 27, 2004 AMF2 and Aries Domestic distributed
159,741 and 1,107 Shares, respectively to certain redeeming investors.
Please see Item 3 for additional transactions
(d) Dr. Rosenwald, as the sole shareholder of PCAM, has the right to
participate in the receipt of dividends from, or proceeds from the
sale of, Shares held by PCAM in accordance with his ownership
interests in PCAM.
(e) N/A.
Item 7. MATERIAL TO BE FILED AS EXHIBITS:
Exhibit A - Copy of an Agreement between the Filing Persons to file this
Statement on Schedule 13D on behalf of each of them.
Exhibit B - List of executive officers and directors of PCAM 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 AMF2 Aries Select
and information called for by Items 2-6 of this statement
relating to said officers and directors.
Page 9 of 14
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
statement is true, complete and correct.
PARAMOUNT BIOCAPITAL ASSET MANAGEMENT, INC.
Dated: May 6, 2004
New York, NY By: ________________________________
Lindsay A. Rosenwald, M.D.
Chairman
THE ARIES MASTER FUND
By: Paramount BioCapital Asset Management, Inc.
Investment Manager
Dated: May 6, 2004
New York, NY By: ______________________________
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND, L.P.
By: Paramount BioCapital Asset Management, Inc.
General Partner
Dated: May 6, 2004
New York, NY By: ________________________________
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND II, L.P.
By: Paramount BioCapital Asset Management, Inc.
General Partner
Dated: May 6, 2004
New York, NY By: ________________________________
Lindsay A. Rosenwald, M.D.
Chairman
ARIES SELECT, LTD.
By: Paramount BioCapital Asset Management, Inc.
Investment Manager
Dated: May 6, 2004
New York, NY By: ______________________________
Lindsay A. Rosenwald, M.D.
Chairman
Page 10 of 14
ARIES SELECT DOMESTIC, LLC
By: Paramount BioCapital Asset Management, Inc.
Managing Member
Dated: May 6, 2004
New York, NY By: ________________________________
Lindsay A. Rosenwald, M.D.
Chairman
ARIES SELECT DOMESTIC II, LLC
By: Paramount BioCapital Asset Management, Inc.
Managing Member
Dated: May 6, 2004
New York, NY By: ________________________________
Lindsay A. Rosenwald, M.D.
Chairman
Dated: May 6, 2004
New York, NY _________________________________
Lindsay A. Rosenwald, M.D.
Page 11 of 14
EXHIBIT A
AGREEMENT
JOINT FILING OF SCHEDULE 13D
The undersigned hereby agree jointly to prepare and file with
regulatory authorities a Schedule 13D and any amendments thereto reporting each
of the undersigned's ownership of securities of Genta Incorporated and hereby
affirm that such Schedule 13D is being filed on behalf of each of the
undersigned.
PARAMOUNT BIOCAPITAL ASSET MANAGEMENT, INC.
Dated: May 6, 2004
New York, NY By: ________________________________
Lindsay A. Rosenwald, M.D.
Chairman
THE ARIES MASTER FUND
By: Paramount BioCapital Asset Management, Inc.
Investment Manager
Dated: May 6, 2004
New York, NY By: ______________________________
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND, L.P.
By: Paramount BioCapital Asset Management, Inc.
General Partner
Dated: May 6, 2004
New York, NY By: ________________________________
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND II, L.P.
By: Paramount BioCapital Asset Management, Inc.
General Partner
Dated: May 6, 2004
New York, NY By: ________________________________
Lindsay A. Rosenwald, M.D.
Chairman
ARIES SELECT, LTD.
By: Paramount BioCapital Asset Management, Inc.
Investment Manager
Dated: May 6, 2004
New York, NY By: ______________________________
Lindsay A. Rosenwald, M.D.
Chairman
ARIES SELECT DOMESTIC, LLC
By: Paramount BioCapital Asset Management, Inc.
Managing Member
Dated: May 6, 2004
New York, NY By: ________________________________
Lindsay A. Rosenwald, M.D.
Chairman
ARIES SELECT DOMESTIC II, LLC
By: Paramount BioCapital Asset Management, Inc.
Managing Member
Dated: May 6, 2004
New York, NY By: ________________________________
A. Rosenwald, M.D.
Chairman
Dated: May 6, 2004
New York, NY _________________________________
Lindsay A. Rosenwald, M.D.
Page 12 of 14
EXHIBIT B
The name and principal occupation or employment of each executive officer
and director of Paramount BioCapital is as follows:
PRINCIPAL OCCUPATION
NAME OR EMPLOYMENT
---- -------------
Lindsay A. Rosenwald, M.D. Chairman of the Board of Paramount
BioCapital Asset Management, Inc., Horizon
BioMedical Investments, LLC and Paramount
BioCapital, Inc.
Peter Morgan Kash Director of Paramount BioCapital Asset
Management, Inc., Senior Managing Director,
Paramount BioCapital, Inc.
Dr. Yuichi Iwaki Director of Paramount BioCapital Asset
Management, Inc., Professor, University 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 PCAM'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.
Page 13 of 14
EXHIBIT C
The name and principal occupation or employment of each executive
officer and director of Aries Trust is as follows:
PRINCIPAL OCCUPATION
NAME OR EMPLOYMENT
---- -------------
Peter M. Kash Director of Paramount BioCapital Asset
Management, Inc., Senior Managing Director,
Paramount BioCapital, Inc. Investment
Manager
Wayne L. Rubin Accountant, Independent Director
Fortis Fund Services (Cayman) 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 Select'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.
Page 14 of 14