U.S. 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(f) of the Investment Company Act of 1940
[ ] Check 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*
Feinberg, Larry N.
- --------------------------------------------------------------------------------
(Last) (First) (Middle)
c/o Oracle Strategic Partners, L.P.
200 Greenwich Avenue, 3rd Floor
- --------------------------------------------------------------------------------
(Street)
Greenwich, CT 06830
- --------------------------------------------------------------------------------
(City) (State) (Zip)
________________________________________________________________________________
2. Issuer Name and Ticker or Trading Symbol
Halsey Drug Co., Inc. ("HDGC")
________________________________________________________________________________
3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
________________________________________________________________________________
4. Statement for Month/Year
April, 2002
________________________________________________________________________________
5. If Amendment, Date of Original (Month/Year)
________________________________________________________________________________
6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [X] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
________________________________________________________________________________
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
================================================================================
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
* If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
(Over)
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
================================================================================
10.
9. Owner-
Number ship
of Form
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
- ------------------------------------------------------------------------------------------------------------------------------------
5% Convertible $2.02 04/01/02 J(2) 68,347 Immed. 3/15/03 Common 68,347 See Note 8,047,234 I See
Senior Secured Stock (2) under Note
Debentures Explanation (1)
of Re- under
sponses Below. Expla-
nation
of
re-
sponses
Below
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Options $2.08 04/29/02 J(3) 10,000 See Common 10,000 See Note 10,000 I See
Note 3 Stock (3) under Note
Explanation (1)
of Re- under
sponses Below. Expla-
nation
of
re-
sponses
Below
- ------------------------------------------------------------------------------------------------------------------------------------
Stock Options $1.14 05/08/02 J(4) V 10,000 Immed. Common 10,000 See Note 10,000 I See
Stock (4) under Note
Explanation (1)
of Re- under
sponses Below. Expla-
nation
of
re-
sponses
Below
====================================================================================================================================
Explanation of Responses:
(1) The securities of Halsey Drug Co., Inc. ("Halsey") to which this note relates are held directly by Oracle Strategic Partners,
L.P. ("Strategic Partners"). Strategic Partners holds, as of the date of this Form 4, 5% Convertible Senior Secured Debentures
("Debentures"), Common Stock Purchase Warrants ("Warrants") and Stock Options ("Options") of Halsey presently convertible into
8,047,234 shares of Common Stock, 2,020,200 shares of Common Stock, and 30,000 shares of Common Stock of Halsey, respectively.
Oracle Strategic Capital, L.L.C. ("Strategic Capital") serves as the general partner of Strategic Partners. The undersigned is
the managing member of Strategic Capital. The undersigned does not directly own any Debentures, Warrants, Options or Common
Stock of Halsey. In accordance with Instruction 4(b)(iv), the entire number of such Debentures, Warrants and Options held by
Strategic Partners, related to the transactions reported on this Form 4, is reported herein. The undersigned disclaims any
beneficial ownership of the securities to which this Form 4 relates for purposes of Section 16 of the Securities Exchange Act
of 1934, except as to such securities representing the undersigned's pro rata interest in, and interest in the profits of,
Strategic Partners.
(2) The Debenture to which this note relates, in the principal amount of $138,060, was received as interest payment in pre-existing
Debentures held by Strategic Partners. The Debenture to which this note relates is presently convertible into 68,347 shares of
Common Stock of Halsey, reflecting a conversion price of $2.02 per share of Common Stock. Interest on all the Debentures held
by Strategic Partners are paid quarterly on each January 1, April 1, July 1 and October 1.
(3) The options for 10,000 shares of Common Stock of Halsey to which this note relates were granted under an option agreement,
dated February 18, 2002, delivered to Strategic Partners on April 29, 2002. These options were received in connection with the
services of an individual made available by Strategic Partners to serve on the board of directors of Halsey. These options vest
quarterly as follows: (a) 2,500 shares on June 1, 2002, (b) 2,500 shares on September 1, 2002, (c) 2,500 shares on December 1,
2002 and (d) 2,500 shares on March 1, 2003.
(4) The options for 10,000 shares of Common Stock of Halsey to which this note relates were granted under an option agreement,
dated February 15, 2001, delivered to Strategic Partners on May 8, 2002. These options were received in connection with the
services of an individual made available by Strategic Partners to serve on the board of directors of Halsey. The options were
fully vested pursuant to the schedule set forth in such option agreement by the time of receipt of such option agreement by
Strategic Partners.
/s/ Larry N. Feinberg May 10, 2002
- --------------------------------------------- -----------------------
**Signature of Reporting Person Date
Larry N. Feinberg, as managing member of
Oracle Strategic Capital, L.L.C., the general
partner of Oracle Strategic Partners, L.P.
** 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.
Page 2
