View:
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 8)* Advanced Polymer Systems, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock - -------------------------------------------------------------------------------- (Title of Class of Securities) 00754G-10-2 -------------------------------------------------------- (CUSIP Number) March 31, 1998 - -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: /X/ Rule 13d-1(b) / / Rule 13d-1(c) / / Rule 13d-1(d) *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 the disclosures provided in a prior cover page. The information required in 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). Page 1 of 9 Pages SCHEDULE 13G CUSIP No. 00754G-10-2 Page 2 of 9 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Mutual Management Corp. 13-2616913 - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) / / (b) / / - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES 0 ---------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY 1,599,500 ---------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING 0 ---------------------------------------------------- PERSON (8) SHARED DISPOSITIVE POWER WITH: 1,599,500 - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,599,500 - ------------------------------------------------------------------------------- (10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) / / - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 8.2% - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA - ------------------------------------------------------------------------------- SCHEDULE 13G CUSIP No. 00754G-10-2 Page 3 of 9 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Smith Barney Inc. 13-1912900 - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) / / (b) / / - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES 0 ---------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY 3,358,393 ---------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING 0 ---------------------------------------------------- PERSON (8) SHARED DISPOSITIVE POWER WITH: 3,358,393 - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,358,393 - ------------------------------------------------------------------------------- (10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) / / - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 17.3% - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) BD - ------------------------------------------------------------------------------- SCHEDULE 13G CUSIP No. 00754G-10-2 Page 4 of 9 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Salomon Smith Barney Holdings Inc. 22-1660266 - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) / / (b) / / - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES 0 ---------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY 4,957,893 ---------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING 0 ---------------------------------------------------- PERSON (8) SHARED DISPOSITIVE POWER WITH: 4,957,893 - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,957,893 - ------------------------------------------------------------------------------- (10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) / / - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 25.5% - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC - ------------------------------------------------------------------------------- SCHEDULE 13G CUSIP No. 00754G-10-2 Page 5 of 9 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Travelers Group Inc. 52-1568099 - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) / / (b) / / - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER SHARES 0 ---------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER OWNED BY 4,957,893 ---------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING 0 ---------------------------------------------------- PERSON (8) SHARED DISPOSITIVE POWER WITH: 4,957,893 - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,957,893 - ------------------------------------------------------------------------------- (10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) / / - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 25.5% - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC - ------------------------------------------------------------------------------- Item 1(a). Name of Issuer: Advanced Polymer Systems, Inc. Item 1(b). Address of Issuer's Principal Executive Offices: 123 Saginaw Drive Redwood City, CA 94063 Item 2(a). Name of Person Filing: Mutual Management Corp. ("MMC") Smith Barney Inc. ("SB") Salomon Smith Barney Holdings Inc. ("SSB Holdings") Travelers Group Inc. ("TRV") Item 2(b). Address or Principal Office or, if none, Residence: The address of the principal business office of each of MMC, SB, SSB Holdings and TRV is: 388 Greenwich Street New York, NY 10013 Item 2(c). Citizenship or Place of Organization: MMC, SB, SSB Holdings and TRV are Delaware corporations. Item 2(d). Title of Class of Securities: Common Stock Item 2(e). Cusip Number: 00754G-10-2 Page 6 of 9 Pages Item 3. If this Statement is Filed Pursuant to Sections 240.13d-1(b) or 240.13d-2(b) or (c), Check Whether the Person Filing is a(n): (a) [x ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); (b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); (c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c); (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); (e) [x ] Investment adviser in accordance with Section 240.13d-1(b)(1)(ii)(E); (f) [ ] Employee benefit plan or endowment fund in accordance with Section 240.13d-1(b)(1)(ii)(F); (g) [x ] Parent holding company or control person in accordance with Section 240.13d-1(b)(1)(ii)(G); (h) [ ] Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3) (j) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J). Item 4. Ownership. (as of March 31, 1998) (a) Amount beneficially owned: See Item 9 of cover pages (b) Percent of Class: See Item 11 of cover pages (c) Number of shares as to which the person has: (i) sole power to vote or to direct the vote: (ii) shared power to vote or to direct the vote: (iii) sole power to dispose or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: See Items 5-8 of cover pages Page 7 of 9 Pages Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ]. Item 6. Ownership of More Than Five Percent on Behalf of Another Person. Not Applicable. Item 7. Identification and Classification of the Subsidiary which Acquired the Security being Reported on by the Parent Holding Company. SSB Holdings is the sole stockholder of MMC and the sole common stockholder of SB. TRV is the sole stockholder of SSB Holdings. Item 8. Identification and Classification of Members of the Group. Not Applicable. Item 9. Notice of Dissolution of Group. Not Applicable. Page 8 of 9 Pages Item 10. Certification. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SIGNATURE. After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: April 8, 1998 MUTUAL MANAGEMENT CORP. By: /s/ Christina T. Sydor --------------------------- Name: Christina T. Sydor Title: Secretary SMITH BARNEY INC. By: /s/ Howard M. Darmstadter --------------------------- Name: Howard M. Darmstadter Title: Assistant Secretary SALOMON SMITH BARNEY HOLDINGS INC. By: /s/ Howard M. Darmstadter --------------------------- Name: Howard M. Darmstadter Title: Assistant Secretary TRAVELERS GROUP INC. By: /s/ Stephanie B. Mudick --------------------------- Name: Stephanie B. Mudick Title: Assistant Secretary Page 9 of 9 Pages EXHIBIT INDEX TO SCHEDULE 13G ----------------------------- EXHIBIT 1 - --------- Agreement among MMC, SB, SSB Holdings and TRV as to joint filing of Schedule 13G EXHIBIT 2 - --------- Disclaimer of beneficial ownership by SSB Holdings and TRV
EXHIBIT 1 --------- AGREEMENT AS TO JOINT FILING OF SCHEDULE 13G -------------------------------------------- Each of the undersigned hereby affirms that it is individually eligible to use Schedule 13G, and agrees that this Schedule 13G is filed on its behalf. Date: April 8, 1998 MUTUAL MANAGEMENT CORP. By: /s/ Christina T. Sydor --------------------------- Name: Christina T. Sydor Title: Secretary SMITH BARNEY INC. By: /s/ Howard M. Darmstadter --------------------------- Name: Howard M. Darmstadter Title: Assistant Secretary SALOMON SMITH BARNEY HOLDINGS INC. By: /s/ Howard M. Darmstadter --------------------------- Name: Howard M. Darmstadter Title: Assistant Secretary TRAVELERS GROUP INC. By: /s/ Stephanie B. Mudick --------------------------- Name: Stephanie B. Mudick Title: Assistant Secretary
EXHIBIT 2 --------- DISCLAIMER OF BENEFICIAL OWNERSHIP ---------------------------------- Each of the undersigned disclaims beneficial ownership of the securities referred to in the Schedule 13G to which this exhibit is attached, and the filing of this Schedule 13G shall not be construed as an admission that any of the undersigned is, for the purpose of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, the beneficial owner of any securities covered by this Schedule 13G. Date: April 8, 1998 SALOMON SMITH BARNEY HOLDINGS INC. By: /s/ Howard M. Darmstadter --------------------------- Name: Howard M. Darmstadter Title: Assistant Secretary TRAVELERS GROUP INC. By: /s/ Stephanie B. Mudick --------------------------- Name: Stephanie B. Mudick Title: Assistant Secretary