1 -------------------------------------- OMB APPROVAL -------------------------------------- OMB NUMBER-------------------3235-0287 EXPIRES: FEBRUARY 1, 2000 ESTIMATED AVERAGE BURDEN: -------------------------------------- U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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(1) OF THE INVESTMENT COMPANY ACT OF 1940 |_| CHECK THIS BOX IF NO LONGER SUBJECT TO SECTION 16. FORM 4 OR FORM 5 OBLIGATIONS MAY CONTINUE. SEE INSTRUCTION 1(b). - -------------------------------------------------------------------------------- 1. Name and Address of Reporting Person* Wesson Bruce - -------------------------------------------------------------------------------- (LAST) (FIRST) (MIDDLE) C/O HALSEY DRUG CO. 695 N. PERRYVILLE RD. BLDG. 2 - -------------------------------------------------------------------------------- (STREET) ROCKFORD ILLINOIS 61107 - -------------------------------------------------------------------------------- (CITY) (STATE) (ZIP) - -------------------------------------------------------------------------------- 2. ISSUER NAME AND TICKER OR TRADING SYMBOL HALSEY DRUG CO., INC. SYMBOL: HDG - -------------------------------------------------------------------------------- 3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY) - -------------------------------------------------------------------------------- 4. STATEMENT FOR MONTH/YEAR 2/99 - -------------------------------------------------------------------------------- 5. IF AMENDMENT, DATE OF ORIGINAL (MONTH/YEAR) - -------------------------------------------------------------------------------- 6. RELATIONSHIP OF REPORTING PERSON TO ISSUER [X] DIRECTOR [_] 10% OWNER [_] OFFICER (GIVE TITLE BELOW) [_] OTHER (SPECIFY BELOW) - -------------------------------------------------------------------------------- 7. INDIVIDUAL OR 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 - -------------------------------------------------------------------------------- 6. 4. 5. OWNER- 3. SECURITIES ACQUIRED (A) AMOUNT OF SHIP 2. TRANS- OR DISPOSED OF (D) SECURITIES FORM: 7. TRANS ACTION (INSTR. 3, 4, AND 5) BENEFICIALLY DIRECT NATURE OF ACTION CODE ------------------------ OWNED AT END (D) OR IN-DIRECT 1. DATE (INSTR. 8) (A) OF MONTH INDIRECT BENEFICIAL TITLE OF SECURITY (MONTH/DAY/ ------------ AMOUNT OR PRICE (INSTR. 3 (I) OWNERSHIP (INSTR. 3) YEAR) CODE V (D) AND 4) (INSTR. 4) (INSTR. 4) - ----------------------------------------------------------------------------------------------------------------------------------- NONE - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- REMINDER: REPORT ON A SEPARATE LINE FOR EACH CLASS OF SECURITIES BENEFICIALLY OWNED DIRECTLY OR INDIRECTLY. * IF THIS FORM IS FILED BY MORE THAN ONE PERSON, SEE INSTRUCTION 4(b)(v) (OVER) SFC 1474 (3/91)
2 FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES) - -------------------------------------------------------------------------------- 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. TITLE CONVER- TRANS- TRANS NUMBER OF DATE EXERCISABLE TITLE AND PRICE NUMBER OWNER- NATURE OF DER- SION OR ACTION ACTION DERIVATIVE AND EXPIRATION AMOUNT OF OF OF DERIV- SHIP OF IN- IVATIVE EXERCISE DATE CODE SECURITIES DATE UNDERLYING DERIVATIVE ATIVE FORM DIRECT SECURITY PRICE OF (INSTR. ACQUIRED (MONTH/DAY/ SECURITIES SECURITY SECUR- OF DE- BENEFICAL (INSTR. DERIV- (MONTH/ 8) (A) OR YEAR) (INSTR. 3 (INSTR. 5) ITIES BENE- RIVATIVE OWN- 3) ATIVE DAY/ DISPOSED AND 4) FICIALLY SECURITY: ERSHIP SECURITY YEAR) OF (D) -------------------------------- OWNED DIRECT (INSTR.4) (INSTR. 3, AT END OF (D) OR 4, AND 5) MONTH INDIRECT ------------------- (INSTR. 4) (I) (INSTR.4) TITLE AMOUNT DATE EXPIR- OR EXER- ATION NUMBER CODE V (A) (D) CISABLE DATE OF SHARES - ----------------------------------------------------------------------------------------------------------------------------------- NON- $1.225 2/18/99 A 10,000 (1) 2/19/09 COMMON 10,000 20,000 D QUALI- STOCK FIED STOCK OPTIONS - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ EXPLANATION: (1) OPTIONS VEST OVER TWELVE (12) MONTHS: 2,500 ON 5/18/99; 2,500 ON 8/18/99; 2,500 ON 11/18/99 AND FINAL 2,500 OPTIONS ON 2/18/00. /S/ BRUCE F. WESSON MARCH 18, 1999 ----------------------------- -------------- SIGNATURE OF REPORTING PERSON DATE 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 PROVIDED IS INSUFFICIENT, SEE INSTRUCTION 6 FOR PROCEDURE. POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB NUMBER.