4 1 d54390_4.txt FORM 4 ---------------------------------- OMB APPROVAL ---------------------------------- OMB Number 3235-0287 Expires January 31, 2005 Estimated average burden Hours per response............ 0.5 ---------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |X| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). (Print or Type Responses) ________________________________________________________________________________ 1. Name and Address of Reporting Person* Ursus Offshore, Ltd. -------------------------------------------------------------------------------- (Last) (First) (Middle) 156 West 56th Street, 16th Floor -------------------------------------------------------------------------------- (Street) New York New York 10019 -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol Aradigm Corporation (ARDM) ________________________________________________________________________________ 3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary) ________________________________________________________________________________ 4. Statement for Month/Day/Year March 12, 2003 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Day/Year) February 20,2003 ________________________________________________________________________________ 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) |_| Director |_| 10% Owner |_| Officer (give title below) |X| Other (specify below) Member of a group ____________________________________________________________________ ________________________________________________________________________________ 7. Individual or Joint/Group Filing (Check Applicable line) |X| Form Filed by One Reporting Person |_| Form Filed by More than One Reporting Person ________________________________________________________________________________ ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================
5. Amount of 6. 4. Securities Owner- Securities Acquired (A) or Beneficially ship 2A. 3. Disposed of (D) Owned Form: 7. 2. Deemed Transaction (Instr. 3, 4 and 5) Following Direct Nature of Trans- Execution Code ------------------------------- Reported (D) or Indirect 1. action Date, if (Instr. 8) (A) Transaction(s) Indirect Beneficial Title of Security Date any ------------ or (Instr. 3 & (I) Ownership (Instr. 3) (mm/dd/yy) (mm/dd/yy) Code V Amount (D) Price Instr.4) (Instr.4) (Instr.4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================
1 of 3 FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================
9. Number 10. of Owner- deriv- ship ative Form 2. Secur- of Conver- 5. 7. ities Deriv- 11. sion Number of Title and Amount Bene- ative Nature or Derivative 6. of Underlying 8. ficially Secur- of Exer- 3A. 4. Securities Date Securities Price Owned ity: In- cise Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Follow- Direct direct Price 3. Execut- action or Disposed Expiration Date ---------------- Deriv- ing (D) or Bene- 1. of Trans- ion Code of(D) (Month/Day/Year) Amount ative Reported In- ficial Title of Deriv- action Date if (Instr. (Instr. 3, ---------------- or Secur- Trans- direct Owner- Derivative ative Date any 8) 4 and 5) Date Expira- Number ity action(s) (I) ship Security Secur- (mm/dd/ (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr. (Instr. 3) ity yy) yy) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================
Explanation of Responses: Please see attachment. /s/ Evan Sturza 3/11/03 --------------------------------------------- ----------------------- **Signature of Reporting Person Date Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see Instruction 4(b)(v). ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. 2 of 3 Attachment to Ursus Offshore, Ltd Form 4 Ursus Offshore Ltd. 156 West 56th Street 16th Floor New York, New York 10019 Date of Event Requiring Statement: March 10, 2003 Issuer Name and Trading Symbol: Aradigm Corporation (ARDM) Explanation of Responses: Ursus Offshore, Ltd. (the "Reporting Person") entered into a Securities Purchase Agreement, dated February 10, 2003, with the Issuer and certain other investors ("The Securities Purchase Agreement") whereby the Issuer sold approximately 18,992,391 shares of its Common Stock (the "Financing Shares") and warrants to purchase approximately 4,273,272 share of Common Stock at an exercise price of $1.07 per share (the "Financing Warrants") to the such parties for an aggregate purchase price of $15,004,000 (the "Financing"). Pursuant to the Securities Purchase Agreement, the Reporting Person purchased 324,500 shares of Common Stock and Financing Warrants to purchase up to 73,012 shares of Common Stock for an aggregate purchase price of $256,355.00. The Financing was subject to shareholder approval and certain other closing conditions. In connection with the Financing, the Reporting Person and certain other shareholders of the Issuer (the "Other Shareholders") entered into a Voting Agreement, dated February 10, 2003 (the "Voting Agreement"), providing, among other things, that each of the Reporting Person and the Other Shareholders would vote all shares of voting capital stock of the Issuer registered in their respective names or beneficially owned by them (whether held or owned as of the date of the Voting Agreement or any time thereafter) to approve the Financing, the Securities Purchase Agreement and that certain Warrant Repricing Agreement, dated as of February 10, 2002, by and among the Issuer and certain parties thereto. As a result of the execution of the Voting Agreement, the Reporting Person and the Other Shareholders may have been considered a "group" for the purposes of Regulation 13D of the Securities and Exchange Act of 1934 (the "Act") and as such the Reporting person filed a Schedule 13D, in which the Reporting Person disclaimed beneficial ownership of the Other Shareholders' securities. For the purposes of Section 16 of the Act ("Section 16"), the Reporting person may have be deemed a beneficial owner of securities over which the Reporting Person had voting control but for Section 16 reporting purposes the Reporting Person had no "pecuniary interest" in any profit derived from a transaction in the securities of the Issuer initiated by the Other Shareholders. The obligations under the Voting Agreement have been terminated and as a result the Reporting Person can no longer be deemed a beneficial owner of securities over which the Reporting Person had voting control 3 of 3