SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 1)*
Under the Securities Exchange Act of 1934
Novoste Corporation
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
67010C100
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(CUSIP Number of Class of Securities)
Larry N. Feinberg
c/o Oracle Partners, L.P.
200 Greenwich Avenue, 3rd Floor
Greenwich, CT 06830
(203) 862-7900
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copies to:
Daniel Schloendorn, Esq.
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019-6099
(212) 728-8000
December 31, 2003
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(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box: [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 240.13d-7 for other
parties to whom copies are to be sent.
* 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 purpose 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).
SCHEDULE 13D
------------------- ------------------
CUSIP No. 67010C100 Page 2 of 13 Pages
------------------- ------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Larry N. Feinberg
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY --------- ------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
0
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
----------- --------------------------------------------------------------------
SCHEDULE 13D
------------------- ------------------
CUSIP No. 67010C100 Page 3 of 13 Pages
------------------- ------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Oracle Investment Management, Inc.
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY --------- ------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
0
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
----------- --------------------------------------------------------------------
SCHEDULE 13D
------------------- ------------------
CUSIP No. 67010C100 Page 4 of 13 Pages
------------------- ------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Oracle Partners, L.P.
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY --------- ------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
0
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
----------- --------------------------------------------------------------------
SCHEDULE 13D
------------------- ------------------
CUSIP No. 67010C100 Page 5 of 13 Pages
------------------- ------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Oracle Associates, LLC
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY --------- ------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
0
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
----------- --------------------------------------------------------------------
This Amendment No. 1 to Schedule 13D (this "Amendment No. 1") is being
filed with respect to the shares of common stock, par value $0.01 per share
("Common Stock"), of Novoste Corporation, a Florida corporation (the "Company")
to amend and restate the Schedule 13D filed with respect to the Common Stock on
September 25, 2002 (the "Schedule 13D"). This Amendment No. 1 is being filed to
report a change in ownership of the Reporting Persons (as defined herein).
Item 1. Security and Issuer.
This Amendment No. 1 relates to the Common Stock of Novoste Corporation.
The Company's principal executive office is located at 3890 Steve Reynolds
Blvd., Norcross, Georgia 30093.
Item 2. Identity and Background.
(a) This Amendment No. 1 is being filed by:
(i) Oracle Associates, LLC, a Delaware limited liability company ("Oracle
Associates"), which serves as the general partner of Oracle Partners, L.P., a
Delaware limited partnership ("Oracle Partners"), and Oracle Institutional
Partners, L.P., a Delaware limited partnership ("Oracle Institutional" and
together with Oracle Partners, the "Partnerships"), with respect to shares of
Common Stock directly owned by Oracle Partners and Oracle Institutional;
(ii) Oracle Investment Management, Inc., a Delaware corporation (the
"Investment Manager"), which serves as investment manager to and has investment
discretion over the securities held by (A) SAM Oracle Investments Inc., a
British Virgin Islands corporation ("SAM Oracle"), (B) Oracle Offshore Limited,
a Cayman Islands corporation ("Oracle Offshore" and, together with SAM Oracle,
the "Foreign Funds"), and (C) Oracle Investment Management, Inc. Employees
Retirement Plan (the "Plan") with respect to shares of Common Stock directly
owned by SAM Oracle, Oracle Offshore and the Plan;
6
(iii) Mr. Larry N. Feinberg ("Mr. Feinberg"), who serves as the senior
managing member of Oracle Associates, is the sole shareholder and president of
the Investment Manager and is the trustee of The Feinberg Family Foundation (the
"Foundation") with respect to the shares of Common Stock which he may be deemed
to beneficially own by virtue of the foregoing relationships; and
(iv) Oracle Partners, with respect to the shares of Common Stock directly
owned by Oracle Partners.
Oracle Associates, the Investment Manager, Mr. Feinberg and Oracle Partners
are hereinafter sometimes collectively referred to as the "Reporting Persons."
Any disclosures herein with respect to persons other than the Reporting Persons
are made on information and belief after making inquiry to the appropriate
party. The Partnerships, the Foreign Funds and the Plan are hereinafter
sometimes collectively referred to as the "Managed Funds."
(b) The business address of each of the Reporting Persons is 200 Greenwich
Avenue, Greenwich, Connecticut, 06830.
(c) The principal business of Oracle Associates is to serve as general
partner to and exercise investment discretion over securities held by the
Partnerships. The principal business of the Investment Manager is to serve as
investment manager to, and exercise investment discretion over securities held
by, the Foreign Funds and certain other funds or managed accounts. The principal
business of Mr. Feinberg is to invest in securities through Oracle Associates,
the Investment Manager and certain other entities. The principal business of
Oracle Partners is to serve as a private investment entity.
(d) None of the Reporting Persons, nor, to the best of their knowledge, any
of their directors, executive officers, general partners or members, has, during
the last five years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
7
(e) None of the Reporting Persons, nor, to the best of their knowledge, any
of their directors, executive officers, general partners or members has, during
the last five years, been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
(f) Oracle Associates, the Investment Manager and Oracle Partners are
organized under the laws of the State of Delaware. Mr. Feinberg is a citizen of
the United States of America.
Item 3. Source and Amount of Funds or Other Consideration.
As of the date hereof, the Reporting Persons own no shares of the Company's
Common Stock, as the Reporting Persons have disposed of all such shares
previously beneficially owned (such previously owned shares, the "Shares"). The
Shares were held by the Partnerships, the Foreign Funds, the Plan and the
Foundation and Mr. Feinberg has investment discretion over the activities of
these entities through Oracle Associates and the Investment Manager or as
trustee of the Foundation. The funds for the purchase of the Shares previously
held in the Partnerships came from capital contributions to the Partnerships by
their general and limited partners. The funds for the purchase of the Shares
previously held by the Foreign Funds came from capital contributions to the
Foreign Funds by the investors in such funds. The funds for the purchase of the
Shares previously held by the Plan and the Foundation came from contributors to
the Plan and the Foundation, respectively. The Shares were purchased through
margin accounts maintained with Morgan Stanley which may extend margin credit to
the Reporting Persons or persons under their investment discretion as and when
required to open or carry positions in these margin accounts, subject to
applicable Federal margin regulations, stock exchange rules and the firm's
credit policies. In such instances, the positions held in the margin accounts
are pledged as collateral security for the repayment of debit balances in the
accounts.
8
Item 4. Purpose of Transaction.
The primary interest of the Reporting Persons in the Shares was to maximize
the value of the Managed Funds' and the Foundation's investment in the Company.
The Reporting Persons intend to continually review the Company's business
affairs, financial position, and future prospects, as well as conditions in the
securities markets and general economic and industry conditions. Based on such
evaluation, review, and other factors, the Reporting Persons will continue to
consider various alternative courses of action and will in the future take such
actions with respect to the Managed Funds' and the Foundation's investments in
the Company as they deem appropriate.
Such actions may involve the purchase of additional shares of Common Stock
and, alternatively, may involve the sale of all or a portion of shares of the
Company held by the Managed Funds or the Foundation in the open market or in
privately negotiated transactions to one or more financial or strategic
purchasers. There can be no assurance, however, that the Reporting Persons will
take any of the actions set forth above.
Item 5. Interest in Securities of the Issuer.
(a) & (b) Ownership and power over disposition:
------------------------------------
A. Mr. Feinberg
------------
(a) Amount beneficially owned: -0-
(b) Percent of class: 0.0% The percentages used herein and in the rest of
this Amendment No. 1 are calculated based upon the 16,318,213 shares of Common
Stock outstanding as of October 29, 2003, as reported on the Company's Quarterly
Report on Form 10-Q for the period ended September 30, 2003.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: -0-
9
B. The Investment Manager
----------------------
(a) Amount beneficially owned: -0-
(b) Percent of class: 0.0%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: -0-
C. Oracle Associates
-----------------
(a) Amount beneficially owned: -0-
(b) Percent of class: 0.0%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: -0-
D. Oracle Partners
---------------
(a) Amount beneficially owned: 0
(b) Percent of class: 0.0%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: -0-
10
(c) The transactions in the shares of the Common Stock that may be deemed
to be beneficially owned by a Reporting Person during the 60 days prior to the
date of the event which requires the filing of this Amendment No. 1 (the "Event
Date") are set forth on Exhibit 1 attached hereto. All such transactions were
effected in open market purchases.
(d) If the Reporting Persons were to be deemed a group, each Reporting
Person may be deemed to have beneficial ownership over the entire number of
shares of Common Stock directly owned by the Partnerships and the Foreign Funds.
Each of the Reporting Persons expressly disclaims beneficial ownership of such
shares of Common Stock except to the extent otherwise reported herein. Other
than as set forth herein, no other person is known to have the right to receive
or the power to direct the receipt of dividends from, and proceeds from the sale
of, the securities reported in this Amendment No. 1.
(e) The Reporting Persons ceased to be the beneficial owners of more than
five percent of the total amount of outstanding shares of Common Stock on
December 31, 2003.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Except as otherwise set forth herein, the Reporting Persons do not have any
contract, arrangement, understanding or relationship with any person with
respect to securities of the Company.
11
Item 7. Material to be Filed as Exhibits.
Attached hereto as Exhibit 1 is a description of the transactions in the
shares of Common Stock that may be deemed to be beneficially owned by the
Reporting Persons which were effected between the date 60 days prior to the
Event Date and the date hereof.
Exhibit 2 is a Joint Filing Agreement by and among the Reporting Persons,
dated as of September 24, 2002, incorporated herein by reference to Exhibit 1 of
the Schedule 13D filed by the Reporting Persons on September 25, 2002.
[THE REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]
12
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Dated: January 8, 2004
/s/ Larry N. Feinberg
------------------------------
Larry N. Feinberg
ORACLE ASSOCIATES, LLC
By: /s/ Larry N. Feinberg
------------------------------
Name: Larry N. Feinberg
Title: Managing Member
ORACLE INVESTMENT MANAGEMENT, INC.
By: /s/ Larry N. Feinberg
------------------------------
Name: Larry N. Feinberg
Title: President
ORACLE PARTNERS, L.P.
By: Oracle Associates, LLC, its
general partner
By: /s/ Larry N. Feinberg
------------------------------
Name: Larry N. Feinberg
Title: Managing Member
[SIGNATURE PAGE TO AMENDMENT NO. 1 TO
SCHEDULE 13D WITH RESPECT TO
NOVOSTE CORPORATION]