-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DfHdJ06h4ejmqObolkoXqtCJ0cR4YaFGWLSZgU+n+yr3YBNlklkFM5WxVWFDzk5h 3P/lwFvgYOEyv4o6Q5DFzA== 0000950142-04-000029.txt : 20040105 0000950142-04-000029.hdr.sgml : 20040105 20040105153400 ACCESSION NUMBER: 0000950142-04-000029 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20040105 GROUP MEMBERS: FRANK H. PEARL GROUP MEMBERS: GEORGE SOROS GROUP MEMBERS: PERSEUS BIOTECH FUND PARTNERS, LLC GROUP MEMBERS: PERSEUS EC, LLC GROUP MEMBERS: PERSEUS-SOROS BIOPHARMACEUTICAL FUND, L.P. GROUP MEMBERS: PERSEUS-SOROS PARTNERS, LLC GROUP MEMBERS: PERSEUSPUR, LLC GROUP MEMBERS: SFM AH, LLC GROUP MEMBERS: SFM PARTICIPATION, L.P. GROUP MEMBERS: SOROS FUND MANAGEMENT LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: VALENTIS INC CENTRAL INDEX KEY: 0000932352 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 943156660 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-53479 FILM NUMBER: 04504538 BUSINESS ADDRESS: STREET 1: 863A MITTEN RD CITY: BURLINGAME STATE: CA ZIP: 94010 BUSINESS PHONE: 6506971900 MAIL ADDRESS: STREET 1: 863A MITTEN ROAD CITY: BURLINGAME STATE: CA ZIP: 94010 FORMER COMPANY: FORMER CONFORMED NAME: MEGABIOS CORP DATE OF NAME CHANGE: 19960716 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SOROS GEORGE CENTRAL INDEX KEY: 0000900203 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 888 SEVENTH AVENUE STREET 2: 33RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10106 BUSINESS PHONE: 212-262--6 MAIL ADDRESS: STREET 1: 888 SEVENTH AVE STREET 2: 33RD FLR CITY: NEW YORK STATE: NY ZIP: 10106 SC 13D/A 1 sc13da1-valentis.txt VALENTIS, INC. - AMENDMENT NO. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (AMENDMENT NO. 1) VALENTIS, INC. (Name of Issuer) COMMON STOCK, PAR VALUE $.001 PER SHARE (Title of Class of Securities) 91913E104 (CUSIP Number) KEITH TARLETON PERSEUS-SOROS BIOPHARMACEUTICAL FUND, L.P. 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 BRUCE A. GUTENPLAN, ESQ. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 AVENUE OF THE AMERICAS NEW YORK, NEW YORK 10019-6064 DECEMBER 31, 2003 (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 CUSIP NO. 91913E104 PAGE 2 OF 22 SCHEDULE 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Perseus-Soros BioPharmaceutical 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 - -------------------------------------------------------------------------------- 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 2,099,380 (1) NUMBER OF ------------------------------------------------ SHARES 8 SHARED VOTING POWER BENEFICIALLY 0 OWNED BY ------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING 2,099,380 (1) PERSON ------------------------------------------------ WITH 10 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,099,380 (1) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.9% (1) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- - ------------------------ (1) Includes 207,046 shares of Common Stock issuable upon exercise of warrants. CUSIP NO. 91913E104 PAGE 3 OF 22 SCHEDULE 13D - -------------------------------------------------------------------------------- 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 2,099,380 (1) NUMBER OF ------------------------------------------------ SHARES 8 SHARED VOTING POWER BENEFICIALLY 0 OWNED BY ------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING 2,099,380 (1) PERSON ------------------------------------------------ WITH 10 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,099,380 (1) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.9% (1) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- - ------------------------ (1) Includes 207,046 shares of Common Stock issuable upon exercise of warrants. CUSIP NO. 91913E104 PAGE 4 OF 22 SCHEDULE 13D - -------------------------------------------------------------------------------- 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 2,099,380 (1) OWNED BY ------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ------------------------------------------------ WITH 10 SHARED DISPOSITIVE POWER 2,099,380 (1) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,099,380 (1) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.9% (1) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- - ------------------------ (1) Includes 11,924 shares of Common Stock issuable upon exercise of warrants. CUSIP NO. 91913E104 PAGE 5 OF 22 SCHEDULE 13D - -------------------------------------------------------------------------------- 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 2,099,380 (1) OWNED BY ------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ------------------------------------------------ WITH 10 SHARED DISPOSITIVE POWER 2,099,380 (1) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,099,380 (1) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.9% (1) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- - ------------------------ (1) Includes 207,046 shares of Common Stock issuable upon exercise of warrants. CUSIP NO. 91913E104 PAGE 6 OF 22 SCHEDULE 13D - -------------------------------------------------------------------------------- 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 2,099,380 (1) OWNED BY ------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ------------------------------------------------ WITH 10 SHARED DISPOSITIVE POWER 2,099,380 (1) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,099,380 (1) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.9% (1) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- - ------------------------ (1) Includes 207,046 shares of Common Stock issuable upon exercise of warrants. CUSIP NO. 91913E104 PAGE 7 OF 22 SCHEDULE 13D - -------------------------------------------------------------------------------- 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 2,099,380 (1) OWNED BY ------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ------------------------------------------------ WITH 10 SHARED DISPOSITIVE POWER 2,099,380 (1) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,099,380 (1) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.9% (1) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- - ------------------------ (1) Includes 207,046 shares of Common Stock issuable upon exercise of warrants. CUSIP NO. 91913E104 PAGE 8 OF 22 SCHEDULE 13D - -------------------------------------------------------------------------------- 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 ------------------------------------------------ SHARES 8 SHARED VOTING POWER BENEFICIALLY 2,099,380 (1) OWNED BY ------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ------------------------------------------------ WITH 10 SHARED DISPOSITIVE POWER 2,099,380 (1) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,099,380 (1) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.9% (1) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IA - -------------------------------------------------------------------------------- - ------------------------ (1) Includes 207,046 shares of Common Stock issuable upon exercise of warrants. CUSIP NO. 91913E104 PAGE 9 OF 22 SCHEDULE 13D - -------------------------------------------------------------------------------- 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 ------------------------------------------------ SHARES 8 SHARED VOTING POWER BENEFICIALLY 2,099,380 (1) OWNED BY ------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ------------------------------------------------ WITH 10 SHARED DISPOSITIVE POWER 2,099,380 (1) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,099,380 (1) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.9% (1) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO; IA - -------------------------------------------------------------------------------- - ------------------------ (1) Includes 207,046 shares of Common Stock issuable upon exercise of warrants. CUSIP NO. 91913E104 PAGE 10 OF 22 SCHEDULE 13D - -------------------------------------------------------------------------------- 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 ------------------------------------------------ SHARES 8 SHARED VOTING POWER BENEFICIALLY 2,099,380 (1) OWNED BY ------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ------------------------------------------------ WITH 10 SHARED DISPOSITIVE POWER 2,099,380 (1) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,099,380 (1) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.9% (1) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- - ------------------------ (1) Includes 207,046 shares of Common Stock issuable upon exercise of warrants. CUSIP NO. 91913E104 PAGE 11 OF 22 SCHEDULE 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Perseus EC, 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 2,099,380 (1) OWNED BY ------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ------------------------------------------------ WITH 10 SHARED DISPOSITIVE POWER 2,099,380 (1) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,099,380 (1) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.9% (1) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- - ------------------------ (1) Includes 207,046 shares of Common Stock issuable upon exercise of warrants. CUSIP NO. 91913E104 PAGE 12 OF 22 This Amendment No. 1 ("Amendment No. 1") to Schedule 13D is filed by the undersigned to amend and supplement the Schedule 13D filed on January 24, 2003 (the "Original Schedule 13D" and, as amended, the "Schedule 13D") relating to the common stock, par value $.001 per share (the "Common Stock"), of Valentis, Inc., a Delaware corporation (the "Company"). Item 1. SECURITY AND ISSUER. No Change. Item 2. IDENTITY AND BACKGROUND. The Schedule 13D is hereby supplemented by adding Annex A and Annex B attached hereto to the Schedule 13D. Item 2 is amended by deleting the phrase "SFM AH, LLC, a Delaware corporation" in the first paragraph of clause (a), (b), (c) and (f) and replacing it with the phrase "SFM AH LLC, a Delaware limited liability company." Item 2 is further amended by deleting the sixth, seventh and eighth paragraphs of clause (a), (b), (c) and (f) and replacing them with the following paragraphs: SFM Participation was formed in order to engage in the acquiring, holding and disposing of investments in various companies. SFM AH is the general partner of SFM Participation. The sole managing member of of SFM AH is SFM LLC. Mr. Soros serves as Chairman of SFM LLC. Accordingly, pursuant to the regulations promulgated under Section 13(d) of the Securities Exchange Act of 1934, as amended, SFM Participation, SFM AH, SFM LLC and Mr. Soros each may be deemed a beneficial owner of the Common Stock and the warrants held for the account of the Purchaser. Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. Item 3 is amended by adding the following paragraph after the first paragraph thereof: On December 2, 2003, the Company, the Purchaser and certain other parties entered into a securities purchase agreement (the "Purchase Agreement") pursuant to which the Purchaser agreed to acquire from the Company 487,805 shares of Common Stock and a warrant to purchase 195,122 shares of Common Stock (the "Warrant") for an aggregate purchase price of $1 million. Consummation of the transactions contemplated by the Purchase Agreement was conditioned upon the occurrence of certain events as set forth in the Purchase Agreement, including approval by the stockholders of the Company. On CUSIP NO. 91913E104 PAGE 13 OF 22 December 31, 2003 (the "Closing Date"), the conditions to the closing of the transactions contemplated by the Purchase Agreement having been satisfied, the transactions were consummated and the Purchaser acquired from the Company 487,805 shares of Common Stock and the Warrant. The source of the purchase price was capital contributions from the partners of the Purchaser. Item 4. PURPOSE OF TRANSACTION. Item 4 is amended by adding the following immediately above the section therein entitled "Additional Disclosure". DECEMBER 2003 PURCHASE AGREEMENT TERMS OF THE PURCHASE AGREEMENT Pursuant to the Purchase Agreement, the Purchaser purchased an aggregate of 487,805 shares of Common Stock and the Warrant. Except as disclosed herein, the Reporting Persons has acquired such securities for investment purposes. Pursuant to the Purchase Agreement, the Purchaser also entered into a registration rights agreement with the Company and the other parties named therein (the "Registration Rights Agreement"). In the event that the Company issues additional shares of Common Stock within one year of the Closing Date in certain non-exempt transactions for a price less than the average of the closing bid prices per share of Common Stock on the Nasdaq SmallCap Market during the five trading days immediately preceding such issuance (the "Threshold Price"), then the Company will be obligated to issue additional shares to the Purchaser at no cost to the Purchaser. The number of additional shares which would be issuable to the Purchaser under this provision would be equal to the difference between the purchase price of $2.05 per share and the Threshold Price multiplied by the number of shares the Purchaser purchased on the Closing Date. Except as disclosed herein, the Reporting Persons have acquired these shares of Common Stock and the Warrant for investment purposes. The foregoing summary is qualified in its entirety by reference to the Purchase Agreement . A copy of the Purchase Agreement is attached hereto as Exhibit 2 and is incorporated herein by reference. TERMS OF THE REGISTRATION RIGHTS AGREEMENT Pursuant to the Registration Rights Agreement, the Company agreed to file with the SEC, at its expense, within 45 days after the Closing Date, a registration statement related to the Common Stock issued to the Purchaser or issuable upon the exercise of the Warrant (the "Registration Statement"). The Company agreed to have such Registration Statement declared effective by the SEC within 105 days after CUSIP NO. 91913E104 PAGE 14 OF 22 the Closing Date. The Registration Rights Agreement include other customary terms, including without limitation those related to registration expenses, indemnification and other similar provisions. In the event that the Registration Statement is not (i) filed within 45 days after the Closing Date or (ii) declared effective within 105 days after the Closing Date, then the Company must pay in cash to the Purchaser 1.0% of the its aggregate purchase price for the first month thereafter, as well as an additional 1.5% of its aggregate purchase price per month (on a pro-rated basis), beyond the first month, during which the Company has not complied with the foregoing. In addition, in the event the Company must suspend use of the Registration Statement for greater than 20 consecutive days or a total of 40 days in the aggregate during the time the Company is required to keep the Registration Statement effective under the Registration Rights Agreement, then the Company must pay to the Purchaser in cash 1.0% of its aggregate purchase price for the first month, as well as an additional 1.5% of its aggregate purchase price for each additional month thereafter, while the use of the Registration Statement has been suspended. It is expected that the Company will maintain availability of the Registration Statement for at least two years following the Closing Date. In addition, if the Company issues any additional shares under the anti-dilution provisions of the Purchase Agreement or the Warrant, the Company is required to register those shares as well. The foregoing summary is qualified in its entirety by reference to the Registration Rights Agreement. A copy of the Registration Rights Agreement is attached hereto as Exhibit 3 and is incorporated herein by reference. TERMS OF THE WARRANT The Common Stock underlying the Warrant may be purchased at a price per share equal to $3.00 (the "Exercise Price"). The Exercise Price and the number of shares issuable upon exercise of the Warrant will be subject to adjustment upon the occurrence of certain events as set forth in the Warrant. Further, exercise of the Warrant may be restricted based on the number of securities the holder thereof would be deemed to beneficially own upon exercise thereof. The Warrant is exercisable at any time, from the Closing Date until the fifth anniversary of that date thereof (the "Expiration Date"). At the Expiration Date, the Warrant may be automatically exercised on a "cashless exercise" basis if the market price on such date is greater than 102% of the Exercise Price. In the event that the volume-weighted market price of the Common Stock exceeds $5.00 for 30 consecutive trading days, the Company may require exercise of the Warrant. The foregoing summary is qualified in its entirety by reference to the Warrant. A copy of the CUSIP NO. 91913E104 PAGE 15 OF 22 Warrant is attached hereto as Exhibit 4 and is incorporated herein by reference. The Warrant is one of three warrants owned by the Purchaser. Each other purchaser of the Company's securities on the Closing Date under the Purchase Agreement has substantially identical rights to the Purchaser as described above. Item 4 is further amended by deleting the final paragraph thereof and replacing it with the following: Except as described in the Purchase Agreement, the Registration Rights Agreement, the Warrant and the warrants acquired on December 5, 2000, and as otherwise set forth in this Schedule 13D, as of the date hereof, no Reporting Person or any individual otherwise identified in Item 2 of this Schedule 13D has any present plans or proposals which relate to or would result in: (a) the acquisition by any person of additional securities of the Company, or the disposition of securities of the Company; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Company or any of its subsidiaries; (c) a sale or transfer or a material amount of assets of the Company or of any of its subsidiaries; (d) any change in the present board of directors or management of the Company, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; (e) any material change in the present capitalization or dividend policy of the Company; (f) any other material change in the Company's business or corporate structure; (g) changes in the Company's charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Company by any person; (h) causing a class of securities of the Company to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) a class of equity securities of the Company becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934; or (j) any action similar to any of those enumerated above. Item 5. INTEREST IN SECURITIES OF THE ISSUER. Item 5 is hereby amended and restated in its entirety as follows: (a) As set forth above, the Purchaser beneficially owns 1,892,334 shares of Common Stock and warrants to purchase an aggregate of 207,046 shares of Common Stock. Each warrant is exercisable at any time until its expiration date. Accordingly, as of the date hereof and after giving effect to the exercise of the warrants, each of the Reporting Persons may be deemed to beneficially own an CUSIP NO. 91913E104 PAGE 16 OF 22 aggregate of 2,099,380 shares of Common Stock. Based on calculations made in accordance with Rule 13d-3(d) and based on information provided by the Company that there were 8,945,200 shares of Common Stock outstanding as of the Closing Date, this represents approximately 22.9% of the outstanding shares of Common Stock. (b) (i) Each of the Purchaser and Perseus-Soros Partners may be deemed to have sole power to direct the voting and disposition of the 2,099,380 shares of Common Stock beneficially owned by the Purchaser (assumes the exercise of the warrants held for the account of the Purchaser). (ii) By virtue of the relationships between and among the Reporting Persons described in Item 2 of this Schedule 13D, each of the Reporting Persons, other than the Purchaser and Perseus-Soros Partners may be deemed to share the power to direct the voting and disposition of the 2,099,380 shares of Common Stock beneficially owned by the Purchaser (assumes the exercise of the warrants held for the account of the Purchaser). (c) The information set forth in Items 3 and 4 above relating to the transactions entered into in connection with the Purchase Agreement is hereby incorporated by reference into this Item 5(c). Except as set forth in Items 3 and 4 above, no Reporting Person nor, to the best knowledge of each Reporting Person, any person identified in Item 2 of this Schedule 13D, has effected any transaction in shares of Common Stock during the preceding 60 days. (d) The partners of the Purchaser have the right to participate in the receipt of dividends from, or proceeds from the sale of, the Securities held for the account of the Purchaser in accordance with their ownership interests in the Purchaser. (e) Not applicable. Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. Item 6 is hereby amended by replacing the first paragraph thereof with the following: As described herein, as of the Closing Date, the Purchaser beneficially owned 1,892,334 shares of Common Stock and warrants exercisable for an aggregate of 207,046 shares of Common Stock. CUSIP NO. 91913E104 PAGE 17 OF 22 Item 7. MATERIAL TO BE FILED AS EXHIBITS. Exhibit 1: Joint Filing Agreement, dated January 5, 2004, among (i) Perseus-Soros BioPharmaceutical Fund, L.P., (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, (ix) Perseus EC, LLC and (x) Perseuspur, LLC. Exhibit 2: Securities Purchase Agreement, dated as of December 2, 2003, between Valentis, Inc., Perseus-Soros BioPharmaceutical Fund, L.P. and the other parties named therein, incorporated by reference to Annex C of the Company's Schedule 14A filed on December 15, 2003 (SEC file no. 0-22987). Exhibit 3: Registration Rights Agreement, dated as of December 2, 2003, between Valentis, Inc., Perseus-Soros BioPharmaceutical Fund, L.P. and the other parties named therein, incorporated by reference to Annex D of the Company's Schedule 14A filed on December 15, 2003 (SEC file no. 0-22987). Exhibit 4: Form of warrant to purchase shares of Common Stock, par value $.001 per share, of Valentis, Inc. issued to Perseus-Soros BioPharmaceutical Fund, L.P., incorporated by reference to Annex E of the Company's Schedule 14A filed on December 15, 2003 (SEC file no. 0-22987). Exhibit 5: Power of Attorney, dated April 9, 2003, appointing Rodd Macklin as Attorney-In-Fact for Frank H. Pearl. CUSIP NO. 91913E104 PAGE 18 OF 22 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: January 5, 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 EC, L.L.C. Managing Member By: Perseuspur, LLC Member By: /s/ Rodd Macklin -------------------------------- Name: Rodd Macklin Title: Secretary and Treasurer CUSIP NO. 91913E104 PAGE 19 OF 22 PERSEUS EC, L.L.C. By: Perseuspur, LLC Member By: /s/ Rodd Macklin -------------------------------- Name: Rodd Macklin Title: Secretary and Treasurer PERSEUSPUR, LLC By: /s/ Rodd Macklin -------------------------------- Name: Rodd Macklin Title: Secretary and Treasurer 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 (1) Title: Attorney-in-Fact CUSIP NO. 91913E104 PAGE 20 OF 22 SOROS FUND MANAGEMENT LLC By: /s/ John F. Brown -------------------------------- Name: John F. Brown Title: Assistant General Counsel - --------------- (1) A Power of Attorney authorizing John F. Brown, et. al. to act on behalf of George Soros has been filed with the Securities and Exchange Commission CUSIP NO. 91913E104 PAGE 21 OF 22 ANNEX A EXECUTIVE OFFICERS OF PERSEUS EC, L.L.C.
NAME/TITLE/CITIZENSHIP PRINCIPAL OCCUPATION BUSINESS ADDRESS - ---------------------- -------------------- ---------------- Frank H. Pearl Executive officer of Perseus, 2099 Pennsylvania Avenue Chairman, President and Chief LLC and its related entities Suite 900 Executive Officer Washington, D.C. 20006-1813 United States Kenneth M. Socha Executive officer of Perseus, 2099 Pennsylvania Avenue Executive Vice President LLC and its related entities Suite 900 United States Washington, D.C. 20006-1813 Rodd Macklin Executive officer of Perseus, 2099 Pennsylvania Avenue Secretary and Treasurer LLC and its related entities Suite 900 United States Washington, D.C. 20006-1813
Except as otherwise disclosed elsewhere in this Schedule 13D, to the best of the Reporting Persons' knowledge: (a) None of the above persons hold any Common Stock or securities derivative thereof. (b) None of the above persons has any contracts, arrangements, understandings or relationships with respect to the Common Stock or securities derivative thereof. CUSIP NO. 91913E104 PAGE 22 OF 22 ANNEX B EXECUTIVE OFFICERS OF PERSEUSPUR, LLC
NAME/TITLE/CITIZENSHIP PRINCIPAL OCCUPATION BUSINESS ADDRESS - ---------------------- -------------------- ---------------- Frank H. Pearl Executive officer of Perseus, 2099 Pennsylvania Avenue Chairman, President and Chief LLC and its related entities Suite 900 Executive Officer Washington, D.C. 20006-1813 United States Kenneth M. Socha Executive officer of Perseus, 2099 Pennsylvania Avenue Executive Vice President LLC and its related entities Suite 900 United States Washington, D.C. 20006-1813 Rodd Macklin Executive officer of Perseus, 2099 Pennsylvania Avenue Secretary and Treasurer LLC and its related entities Suite 900 United States Washington, D.C. 20006-1813
Except as otherwise disclosed elsewhere in this Schedule 13D, to the best of the Reporting Persons' knowledge: (a) None of the above persons hold any Common Stock or securities derivative thereof. (b) None of the above persons has any contracts, arrangements, understandings or relationships with respect to the Common Stock or securities derivative thereof. EX-99 4 ex_1sc13da1-valentis.txt EXHIBIT 1 EXHIBIT 1 --------- JOINT FILING AGREEMENT Each of the undersigned hereby acknowledges and agrees, in compliance with the provisions of Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, that the Schedule 13D to which this Agreement is attached as an Exhibit (the "Schedule 13D"), and any amendments thereto, will be filed with the Securities and Exchange Commission jointly on behalf of the undersigned. This Agreement may be executed in one or more counterparts. Dated: January 5, 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 CUSIP NO. 91913E104 PAGE 2 PERSEUS BIOTECH FUND PARTNERS, LLC By: Perseuspur EC, L.L.C. Managing Member By: Perseuspur, LLC Member By: /s/ Rodd Macklin -------------------------------- Name: Rodd Macklin Title: Secretary and Treasurer PERSEUS EC, L.L.C. By: Perseuspur, LLC Member By: /s/ Rodd Macklin -------------------------------- Name: Rodd Macklin Title: Secretary and Treasurer PERSEUSPUR, LLC By: /s/ Rodd Macklin -------------------------------- Name: Rodd Macklin Title: Secretary and Treasurer 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 CUSIP NO. 91913E104 PAGE 3 MR. GEORGE SOROS By: /s/ John F. Brown -------------------------------- Name: John F. Brown (1) Title: Attorney-in-Fact SOROS FUND MANAGEMENT LLC By: /s/ John F. Brown -------------------------------- Name: John F. Brown Title: Assistant General Counsel - --------------- (1) A Power of Attorney authorizing John F. Brown, et. al. to act on behalf of George Soros has been filed with the Securities and Exchange Commission EX-24 5 ex_5sc13da1-valentis.txt EXHIBIT 5 EXHIBIT 5 --------- POWER OF ATTORNEY KNOW ALL BY THESE PRESENTS, that I, FRANK H. PEARL, hereby make, constitute and appoint RODD MACKLIN as my agent and attorney-in-fact for the purpose of executing in my name, (a) in my personal capacity or (b) in my capacity as Chairman of, member of or in other capacities with Perseus LLC ("Perseus") and each of its affiliates or entities advised by me or Perseus, all documents, certificates, instruments, statements, filings and agreements ("documents") to be filed with or delivered to any foreign or domestic governmental or regulatory body or required or requested by any other person or entity pursuant to any legal or regulatory requirement relating to the acquisition, ownership, management or disposition of securities, futures contracts, or other investments, and any other documents relating or ancillary thereto, including but not limited to, all documents relating to filings with the Commodities Futures Trading Commission and National Futures Association, the United States Securities and Exchange Commission (the "SEC") pursuant to the Commodities Exchange Act and the Securities Act of 1933 or the Securities Exchange Act of 1934 (the "Act") and the rules and regulations promulgated thereunder, including all documents relating to the beneficial ownership of securities required to be filed with the SEC pursuant to Section 13(d) or Section 16(a) of the Act and information statements on Form 13F required to be filed with the SEC pursuant to Section 13(f) of the Act. All past acts of the attorney-in-fact in furtherance of the foregoing are hereby ratified and confirmed. This power of attorney shall be valid from the date hereof until revoked by me. IN WITNESS WHEREOF, I have executed this instrument as of the 9th day of April, 2003. /s/ Frank H. Pearl --------------------------- FRANK H. PEARL -----END PRIVACY-ENHANCED MESSAGE-----