SC 13G/A 1 w48611bsc13ga.txt SCHEDULE 13G AMENDMENT 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 1 )* Clintrials Research Inc. ------------------------------------------------------------------------------ (Name of Issuer) Common Stock ------------------------------------------------------------------------------ (Title of Class of Securities) 188767107 ------------------------------------------------------------------------------ (CUSIP Number) December 31, 2000 - Filing pursuant to Rule 13d-1(b)(2) ------------------------------------------------------------------------------ (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). 2 CUSIP NO. 188767107 -------------------------------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Longwood Investment Advisors, Inc. 23-2745059 -------------------------------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [ ] (b) [x ] -------------------------------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION Pennsylvania -------------------------------------------------------------------------------------------------------- 5. SOLE VOTING POWER -0- NUMBER OF ------------------------------------------------------------------------------------- SHARES 6. SHARED VOTING POWER BENEFICIALLY OWNED BY 1,620,918 EACH ------------------------------------------------------------------------------------- REPORTING 7. SOLE DISPOSITIVE POWER PERSON WITH: -0- ------------------------------------------------------------------------------------- 8. SHARED DISPOSITIVE POWER 1,620,918 -------------------------------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,620,918 -------------------------------------------------------------------------------------------------------- 10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) N/A -------------------------------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 8.8% ---------- --------------------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA --------------------------------------------------------------------------------------------------------

3 CUSIP NO. 188767107 -------------------------------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Robert A. Davidson -------------------------------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [ ] (b) [x ] -------------------------------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION United States -------------------------------------------------------------------------------------------------------- 5. SOLE VOTING POWER 96,000 NUMBER OF ------------------------------------------------------------------------------------- SHARES 6. SHARED VOTING POWER BENEFICIALLY OWNED BY 1,620,918 EACH ------------------------------------------------------------------------------------- REPORTING 7. SOLE DISPOSITIVE POWER PERSON WITH: 96,000 ------------------------------------------------------------------------------------- 8. SHARED DISPOSITIVE POWER 1,620,918 -------------------------------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,716,918 -------------------------------------------------------------------------------------------------------- 10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) N/A -------------------------------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.3% -------------------------------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN --------------------------------------------------------------------------------------------------------

4 CUSIP NO. 188767107 -------------------------------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). John P. McNiff -------------------------------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [ ] (b) [x ] -------------------------------------------------------------------------------------------------------- 3. SEC USE ONLY -------------------------------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION United States -------------------------------------------------------------------------------------------------------- 5. SOLE VOTING POWER -0- NUMBER OF ------------------------------------------------------------------------------------- SHARES 6. SHARED VOTING POWER BENEFICIALLY OWNED BY 1,620,918 EACH ------------------------------------------------------------------------------------- REPORTING 7. SOLE DISPOSITIVE POWER PERSON WITH: -0- ------------------------------------------------------------------------------------- 8. SHARED DISPOSITIVE POWER 1,620,918 -------------------------------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,620,918 -------------------------------------------------------------------------------------------------------- 10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) N/A -------------------------------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 8.8% -------------------------------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN --------------------------------------------------------------------------------------------------------

5 Item 1. (a) Name of Issuer: Clintrials Research Inc. (the "Issuer") (b) Address of Issuer's Principal Executive Offices: 11000 Weston Parkway, Cary, NC 27513 Item 2. (a) Names of Persons Filing: This statement is filed on behalf of (i) Longwood Investment Advisors, Inc., a Pennsylvania corporation ("LIA"), (ii) Robert A. Davidson and (iii) John P. McNiff (the "Reporting Persons"). LIA is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Robert A. Davidson is Chief Investment Officer and a Managing Director of LIA and is responsible for the selection, acquisition and disposition of securities on behalf of LIA. John P. McNiff is President and a Managing Director of LIA and, as such, shares responsibility with Mr. Davidson for selection, acquisition and disposition of securities on behalf of LIA. (b) Address of Principal Business Office or, if None, Residence: The address of LIA, Mr. Davidson and Mr. McNiff is: Three Radnor Corporate Center, Suite 300, 100 Matsonford Road, Radnor, Pennsylvania 19087. (c) Citizenship: LIA is a Pennsylvania corporation. Mr. Davidson and Mr. McNiff are United States citizens. (d) Title of Class of Securities: Common Stock (e) CUSIP Number: 188767107 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: (a) [ ] 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 ] An investment adviser in accordance with Section 240.13d-1(b)(1)(ii)(E). (f) [ ] An employee benefit plan or endowment fund in accordance with Section 240.13d-1(b)(1)(ii)(F). (g) [ ] A parent holding company or control person in accordance with Section 240.13d-1(b)(1)(ii)(G). (h) [ ] A savings association as defined in section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813). (i) [ ] A 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). 6 Item 4. Ownership. Provide the following information regarding the aggregate number and percentage of the class of securities of the Issuer identified in Item 1. (a) Amount beneficially owned: LIA has shared power to vote or direct the vote, and shared power to dispose or direct the disposition of, 1,620,918 shares of the issuer's common stock. Robert A. Davidson and John P. McNiff have shared power to dispose or direct the disposition of 1,620,918 shares of common stock by virtue of being responsible for the selection, acquisition and disposition of the portfolio securities on behalf of LIA. Mr. Davidson has sole power to vote or direct the vote, and sole power to dispose or direct the disposition of 96,000 shares of the issuer's common stock. (b) Percent of class: 8.8% for LIA and Mr. McNiff; 9.3% for Mr. Davidson (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 shares for LIA and Mr. McNiff; 96,000 shares for Mr. Davidson (ii) Shared power to vote or to direct the vote: 1,620,918 shares for all Reporting Persons (iii) Sole power to dispose or to direct the disposition of: 0 shares for LIA and Mr. McNiff; 96,000 shares for Mr. Davidson (iv) Shared power to dispose or to direct the disposition of: 1,620,918 shares for all Reporting Persons Instruction. For computations regarding securities which represent a right to acquire an underlying security see Section 240.13d-3(d)(1). 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 [ ]. Instruction: Dissolution of a group requires a response to this item. Item 6. Ownership of More than Five Percent on Behalf of Another Person. If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than five percent of the class, such person should be identified. A listing of the 7 shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Except with respect to the 96,000 shares owned by Mr. Davidson, other persons have the right to receive, or the power to direct, the receipt of dividends from, or the proceeds from the sale of, the issuer's shares which are the subject of this Amendment to Schedule 13G. Of such shares, Longwood Partners, L.P., of which LIA is the investment advisor, has such right with respect to 372,727 shares. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person. If a parent holding company or control person has filed this schedule, pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company or control person has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Not applicable. Item 8. Identification and Classification of Members of the Group. If a group has filed this schedule pursuant to Section 240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to Rule 240.13d-1(c) or Rule 240.13d-1(d), attach an exhibit stating the identity of each member of the group. Not applicable. Item 9. Notice of Dissolution of Group. Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. Not applicable. Item 10. Certification. By signing below we certify that, to the best of our 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. 8 SIGNATURE After reasonable inquiry and to the best of our knowledge and belief, we certify that the information set forth in this statement is true, complete and correct. We also hereby agree to file this statement jointly pursuant to the agreement set forth as Exhibit 1 hereto. Dated: May 2, 2001 LONGWOOD INVESTMENT ADVISORS By: /s/ Robert A. Davidson ---------------------- Robert A. Davidson Chief Investment Officer By: /s/ John P. McNiff ------------------ John P. McNiff President /s/ Robert A. Davidson ---------------------- Robert A. Davidson /s/ John P. McNiff ------------------ John P. McNiff

CLINTRIALS RESEARCH INC SC 13G/A