SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13D-1(B) (C), AND (D)
AND AMENDMENTS THERETO FILED
PURSUANT TO 13D-2(b)
(Amendment No. )(1)
Biosante Pharmaceuticals, Inc.
(Name of Issuer)
Common Stock, $0.0001 Par Value
(Title of Class of Securities)
09065 V 104
(CUSIP Number)
September 6, 2002
(Date of Event Which Requires Filing of this Statement)
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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)
(1) 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 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).
CUSIP No. 09065 V 104 13G
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Joseph Edelman
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
500,000
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NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY --------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 500,000
WITH --------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
500,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
|_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.83%
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12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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Page 2 of 5
Item 1(a). Name of Issuer:
Biosante Pharmaceuticals, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
111 Barclay Boulevard
Lincolnshire, Illinois 60069
Item 2(a). Name of Person Filing:
This Schedule 13G is being filed with respect to shares of Common Stock of
the Issuer which are beneficially owned by Joseph Edelman. See Item 4
below.
Item 2(b). Address of Principal Business Office, or, if None, Residence:
c/o First New York Securities, LLC
850 Third Avenue, 8th Floor
New York, NY 10022
Item 2(c). Citizenship:
Mr. Edelman is a United States Citizen.
Item 2(d). Title of Class of Securities:
Common Stock, $0.0001 par value per share
Item 2(e). CUSIP NUMBER:
09065 V 104
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b),
check whether the person Filing is a:
(a) |_| Broker or dealer registered under Section 15 of the Act.
(b) |_| Bank as defined in Section 3(a)(6) of the Act.
(c) |_| Insurance Company as defined in Section 3(a)(19) of the Act.
(d) |_| Investment Company registered under Section 8 of the Investment
Company Act.
(e) |_| Investment Adviser in accordance with Sec. 240.13d-1(b)(1)(ii)(E).
(f) |_| Employee Benefit Plan or Endowment Fund in accordance with Sec.
240.13d"1(b)(1)(ii)(F).
(g) |_| Parent holding company, in accordance with Sec. 240.13d-1(b)(ii)(G).
(h) |_| A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act.
(i) |_| A church plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act of
1940.
(j) |_| Group, in accordance with Sec. 240.13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Sec. 240.13d01(c), check this box
|X|
Page 3 of 5
Item 4. Ownership.
(a) Amount beneficially owned:
500,000 (comprised of 500,000 shares held by Perceptive Life
Sciences Master Fund Ltd., a Cayman Island company, the
investment manager of which is Perceptive Advisors LLC, a
Delaware limited liability company, of which Mr. Edelman is
the managing member).
(b) Percent of class:
5.83%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 500,000
(ii) Shared power to vote or to direct the vote 0
(iii) Sole power to dispose or to direct the disposition of
500,000
(iv) Shared power to dispose or to direct the disposition of
0
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the Beneficial owner of
more than five percent of the class of securities, check the following
|_|.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Page 4 of 5
Item 10. Certification.
By signing below, I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose of
and do not have the effect of changing or influencing the control of
the issuer of such securities and were not acquired in connection
with or as a participant in any transaction having such purpose or
effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true and
correct.
September 10, 2002
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(Date)
/s/ Joseph Edelman
________________________________________
(Signature)
Joseph Edelman
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(Name/Title)
Page 5 of 5