UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(AMENDMENT NO. 4)
BIOENVISION, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.001 PER SHARE
(Title of Class of Securities)
09059N100
(CUSIP Number)
ADELE KITTREDGE MURRAY, ESQ.
PERSEUS-SOROS BIOPHARMACEUTICAL FUND, LP
888 SEVENTH AVENUE, 29TH FLOOR
NEW YORK, NY 10106
TEL. NO.: (212) 651-6400
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
with a copy to
JOHN C. KENNEDY, ESQ.
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
1285 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10019-6064
DECEMBER 21, 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 to this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
*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 purposes 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 18 pages
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 2 of 18 Pages
--------------------- ----------------------
1 NAME OF REPORTING PERSON
Perseus-Soros BioPharmaceutical Fund, LP
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
7 SOLE VOTING POWER
7,950,053 (1)
NUMBER OF ----------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY ----------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 7,950,053 (1)
PERSON ----------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0
----------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
____________
(1) Assumes (i) full conversion of 2,250,000 shares of Series A Preferred Stock
which are convertible into 4,500,000 shares of Common Stock; (ii) exercise of a
Warrant to purchase an aggregate of 3,000,000 shares of Common Stock; and (iii)
exercise of a Warrant to purchase 75,009 shares of Common Stock.
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 3 of 18 Pages
--------------------- ----------------------
1 NAME OF REPORTING PERSON
Perseus-Soros Partners, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
7 SOLE VOTING POWER
7,950,053 (1)(2)
NUMBER OF ----------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY ----------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 7,950,053 (1)(2)
PERSON ----------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0
----------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
____________
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by
Perseus-Soros Partners, LLC ("Perseus-Soros Partners") solely in its capacity as
sole general partner of Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Preferred Stock
which are convertible into 4,500,000 shares of Common Stock; (ii) exercise of a
Warrant to purchase an aggregate of 3,000,000 shares of Common Stock; and (iii)
exercise of a Warrant to purchase 75,009 shares of Common Stock.
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 4 of 18 Pages
--------------------- ----------------------
1 NAME OF REPORTING PERSON
Perseus BioTech Fund Partners, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
7 SOLE VOTING POWER
0
NUMBER OF ----------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 7,950,053 (1)(2)
OWNED BY ----------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ----------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
7,950,053 (1)(2)
----------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
____________
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by
Perseus BioTech Fund Partners, LLC ("Perseus Partners") solely in its capacity
as a managing member of Perseus-Soros Partners, which is the sole general
partner of Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Preferred Stock
which are convertible into 4,500,000 shares of Common Stock; (ii) exercise of a
Warrant to purchase an aggregate of 3,000,000 shares of Common Stock; and (iii)
exercise of a Warrant to purchase 75,009 shares of Common Stock.
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 5 of 18 Pages
--------------------- ----------------------
1 NAME OF REPORTING PERSON
SFM Participation, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
7 SOLE VOTING POWER
0
NUMBER OF ----------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 7,950,053 (1)(2)
OWNED BY ----------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ----------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
7,950,053 (1)(2)
----------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
____________
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by SFM
Participation, L.P. ("SFM Participation") solely in its capacity as a managing
member of Perseus-Soros Partners, which is the sole general partner of
Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Preferred Stock
which are convertible into 4,500,000 shares of Common Stock; (ii) exercise of a
Warrant to purchase an aggregate of 3,000,000 shares of Common Stock; and (iii)
exercise of a Warrant to purchase 75,009 shares of Common Stock.
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 6 of 18 Pages
--------------------- ----------------------
1 NAME OF REPORTING PERSON
SFM AH LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
7 SOLE VOTING POWER
0
NUMBER OF ----------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 7,950,053 (1)(2)
OWNED BY ----------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ----------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
7,950,053 (1)(2)
----------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
____________
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by SFM
AH LLC ("SFM AH") solely in its capacity as the general partner of SFM
Participation, which is a managing member Perseus-Soros Partners, which is the
sole general partner of Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Preferred Stock
which are convertible into 4,500,000 shares of Common Stock; (ii) exercise of a
Warrant to purchase an aggregate of 3,000,000 shares of Common Stock; and (iii)
exercise of a Warrant to purchase 75,009 shares of Common Stock.
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 7 of 18 Pages
--------------------- ----------------------
1 NAME OF REPORTING PERSON
Perseuspur, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
7 SOLE VOTING POWER
0
----------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 7,950,053 (1)(2)
BENEFICIALLY ----------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0
REPORTING ----------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 7,950,053 (1)(2)
----------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
____________
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by
Perseuspur, LLC ("Perseuspur"), solely in its capacity as the managing member of
Perseus Partners, which is a managing member of Perseus-Soros Partners, which is
the sole general partner of Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Preferred Stock
which are convertible into 4,500,000 shares of Common Stock; (ii) exercise of a
Warrant to purchase an aggregate of 3,000,000 shares of Common Stock; and (iii)
exercise of a Warrant to purchase 75,009 shares of Common Stock.
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 8 of 18 Pages
--------------------- ----------------------
1 NAME OF REPORTING PERSON
Frank H. Pearl (in the capacity described herein)
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
7 SOLE VOTING POWER
0
NUMBER OF ----------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 7,950,053 (1)(2)
OWNED BY ----------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ----------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
7,950,053 (1)(2)
----------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
____________
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by Mr.
Pearl, solely in his capacity as the sole member of Perseuspur, which is the
managing member of Perseus Partners, which is a managing member of Perseus-Soros
Partners, which is the sole general partner of Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Preferred Stock
which are convertible into 4,500,000 shares of Common Stock; (ii) exercise of a
Warrant to purchase an aggregate of 3,000,000 shares of Common Stock; and (iii)
exercise of a Warrant to purchase 75,009 shares of Common Stock.
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 9 of 18 Pages
--------------------- ----------------------
1 NAME OF REPORTING PERSON
Soros Fund Management LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
7 SOLE VOTING POWER
0
----------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 7,950,053 (1)(2)
BENEFICIALLY ----------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0
REPORTING ----------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 7,950,053 (1)(2)
----------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO; IA
--------------------------------------------------------------------------------
____________
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by Soros
Fund Management LLC ("SFM LLC"), solely in its capacity as the sole managing
member of SFM AH, which is the general partner of SFM Participation, which is a
managing member of Perseus-Soros Partners, which is the sole general partner of
Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Preferred Stock
which are convertible into 4,500,000 shares of Common Stock; (ii) exercise of a
Warrant to purchase an aggregate of 3,000,000 shares of Common Stock; and (iii)
exercise of a Warrant to purchase 75,009 shares of Common Stock.
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 10 of 18 Pages
--------------------- ----------------------
1 NAME OF REPORTING PERSON
George Soros (in the capacity described herein)
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
7 SOLE VOTING POWER
0
----------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 7,950,053 (1)(2)
BENEFICIALLY ----------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0
REPORTING ----------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 7,950,053 (1)(2)
----------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA
--------------------------------------------------------------------------------
____________
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by Mr.
George Soros ("Mr. Soros"), solely in his capacity as Chairman of SFM LLC, which
is the sole managing member of SFM AH, which is the general partner of SFM
Participation, which is a managing member Perseus-Soros Partners, which is the
sole general partner of Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Preferred Stock
which are convertible into 4,500,000 shares of Common Stock; (ii) exercise of a
Warrant to purchase an aggregate of 3,000,000 shares of Common Stock; and (iii)
exercise of a Warrant to purchase 75,009 shares of Common Stock.
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 11 of 18 Pages
--------------------- ----------------------
Item 1. SECURITY AND ISSUER.
This Amendment No. 4 to Schedule 13D relates to the common
stock, par value $0.001 per share (the "Common Stock") of Bioenvision, Inc., a
Delaware corporation (the "Company"). This Amendment No. 4 supplementally amends
the initial statement on Schedule 13D, filed with the Securities and Exchange
Commission on May 20, 2002, as amended by Amendment No. 1, filed on January 8,
2003, Amendment No. 2 filed on May 17, 2004 and Amendment No. 3 filed on
December 17, 2004 (collectively, the "Initial Statement"), filed by the
Reporting Persons (as defined herein), and is being filed pursuant to Rule 13d-1
under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The
address of the principal executive offices of the Company are located at 345
Park Avenue, 41st Floor, New York, New York 10154. Capitalized terms used but
not defined herein shall have the meanings ascribed to them in the Initial
Statement. The Initial Statement is supplementally amended as follows.
Item 2. IDENTITY AND BACKGROUND.
(a) No material change.
(b) No material change.
(c) No material change.
(d) No material change.
(e) No material change.
(f) No material change.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
No material change.
Item 4. PURPOSE OF TRANSACTION.
No material change.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 is hereby amended and restated in its entirety as
follows:
Based upon information provided to the Reporting Persons by
representatives of the Company on December 21, 2004, there were 32,249,229
shares of Common Stock outstanding.
(a) Pursuant to Rule 13d-3 of the Exchange Act, each of the
Reporting Persons may be deemed the beneficial owner of 7,950,053 shares of
Common Stock, which constitutes approximately
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 12 of 18 Pages
--------------------- ----------------------
20.0% of the total number of shares of Common Stock outstanding. The 7,950,053
shares of Common Stock of which Perseus-Soros may be deemed the beneficial owner
consists of the following: A) 375,044 shares of Common Stock held for the
account of Perseus-Soros, B) 4,500,000 shares of Common Stock issuable upon the
conversion of 2,250,000 shares of the Company's Series A Preferred Stock held
for the account of Perseus-Soros, C) 3,000,000 shares of Common Stock issuable
upon the exercise of a warrant held for the account of Perseus-Soros, and D)
75,009 shares of Common Stock issuable upon the exercise of the May Warrants
held for the account of Perseus-Soros.
(b) (i) By virtue of the relationships between and among the
Reporting Persons described in Item 2 of this Statement on Schedule 13D, each of
Perseus-Soros and Perseus-Soros Partners may be deemed to have the sole power to
direct the voting and disposition of the 7,950,053 shares of Common Stock
beneficially owned by Perseus-Soros assuming the exercise and conversion of all
of the securities held for the account of Perseus-Soros.
(ii) By virtue of the relationships between and among the
Reporting Persons described in Item 2 of this Statement on Schedule 13D, each of
Perseus Partners, SFM Participation, SFM AH, Perseuspur, Mr. Pearl, SFM LLC and
Mr. Soros may be deemed to have shared power to direct the voting and
disposition of the 7,950,053 shares of Common Stock beneficially owned by
Perseus-Soros assuming the exercise and conversion of all of the securities held
for the account of Perseus-Soros.
(c) (i) Since the filing of Amendment No. 3 to this Schedule
13D on December 17, 2004, Perseus-Soros Partners(1) has sold shares of Common
Stock in open market transactions on NASDAQ as follows:
AVERAGE
DATE NO. OF SHARES SOLD PRICE PER SHARE
---- ------------------ ---------------
December 17, 2004 8,713 $8.6849
December 20, 2004 10,804 $8.5858
December 21, 2004 41,823 $8.4290
December 22, 2004 15,342 $8.5461
___________
(1) Each of Perseus Partners, SFM Participation, SFM AH, Perseuspur, Mr.
Pearl, SFM LLC and Mr. Soros also report beneficial ownership of the
shares of Common Stock held by Perseus-Soros Partners.
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 13 of 18 Pages
--------------------- ----------------------
(c) (ii) Since the filing of Amendment No. 3 to this Schedule
13D on December 17, 2004, Perseus BioTech Investment (2) has sold shares of
Common Stock in open market transactions on NASDAQ as follows:
AVERAGE
DATE NO. OF SHARES SOLD PRICE PER SHARE
---- ------------------ ---------------
December 17, 2004 7,668 $8.6849
December 20, 2004 9,509 $8.5858
December 21, 2004 36,810 $8.4290
December 22, 2004 13,505 $8.5461
___________
(2) Each of Mr. Pearl and Perseuspur also report beneficial ownership of
the shares of Common Stock held by Perseus BioTech Investment.
(c) (iii) Since the filing of Amendment No. 3 to this Schedule
13D on December 17, 2004, QIP(3) has sold shares of Common Stock in open market
transactions on NASDAQ as follows:
AVERAGE
DATE NO. OF SHARES SOLD PRICE PER SHARE
---- ------------------ ---------------
December 17, 2004 33,619 $8.6849
December 20, 2004 41,687 $8.5858
December 21, 2004 161,367 $8.4290
December 22, 2004 59,196 $8.5461
___________
(3) Each of Mr. Soros and SFM LLC also report beneficial ownership of the
shares of Common Stock held by QIP.
(d) The partners or shareholders of each of Perseus-Soros,
Perseus-Soros Partners, Perseus BioTech Investment and QIP have the right to
participate in the receipt of dividends from, or proceeds from the sales of, the
shares of Common Stock held for the accounts of Perseus-Soros, Perseus-Soros
Partners, Perseus BioTech Investment and QIP in accordance with their ownership
interests in such entities.
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
No material change.
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 14 of 18 Pages
--------------------- ----------------------
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1: Joint Filing Agreement, dated December 22, 2004,
among (i) Perseus-Soros BioPharmaceutical Fund,
LP, (ii) Perseus-Soros Partners, LLC, (iii)
Perseus BioTech Fund Partners, LLC, (iv) SFM
Participation, L.P., (v) SFM AH LLC, (vi) Frank
H. Pearl, (vii) George Soros, (viii) Soros Fund
Management LLC, and (ix) Perseuspur, LLC.
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 15 of 18 Pages
--------------------- ----------------------
SIGNATURE
After reasonable inquiry and to the best of its knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: December 22, 2004
PERSEUS-SOROS BIOPHARMACEUTICAL FUND, LP
By: Perseus-Soros Partners, LLC,
General Partner
By: SFM Participation, L.P.,
Managing Member
By: SFM AH LLC
General Partner
By: Soros Fund Management LLC,
Managing Member
By: /s/ John F. Brown
-------------------------------------
Name: John F. Brown
Title: Assistant General Counsel
PERSEUS-SOROS PARTNERS, LLC
By: SFM Participation, L.P.
Managing Member
By: SFM AH LLC
General Partner
By: Soros Fund Management LLC,
Managing Member
By: /s/ John F. Brown
-------------------------------------
Name: John F. Brown
Title: Assistant General Counsel
PERSEUS BIOTECH FUND PARTNERS, LLC
By: Perseuspur, L.L.C.
Managing Member
By: /s/ Rodd Macklin
-------------------------------------
Name: Rodd Macklin
Title: Secretary and Treasurer
PERSEUSPUR, L.L.C.
By: /s/ Rodd Macklin
-------------------------------------
Name: Rodd Macklin
Title: Secretary and Treasurer
--------------------- ----------------------
CUSIP NO. 09059N100 SCHEDULE 13D Page 16 of 18 Pages
--------------------- ----------------------
MR. FRANK H. PEARL
By: /s/ Rodd Macklin
-------------------------------------
Name: Rodd Macklin
Title: Attorney-in-Fact
SFM PARTICIPATION, L.P.
By: SFM AH LLC
General Partner
By: Soros Fund Management LLC,
Managing Member
By: /s/ John F. Brown
-------------------------------------
Name: John F. Brown
Title: Assistant General Counsel
SFM AH LLC
By: Soros Fund Management LLC,
Managing Member
By: /s/ John F. Brown
-------------------------------------
Name: John F. Brown
Title: Assistant General Counsel
MR. GEORGE SOROS
By: /s/ John F. Brown
-------------------------------------
Name: John F. Brown
Title: Attorney-in-Fact
SOROS FUND MANAGEMENT LLC
By: /s/ John F. Brown
-------------------------------------
Name: John F. Brown
Title: Assistant General Counsel