Schedule 13G Amendment No.1

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13G/A

 

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

 

 

RITA MEDICAL SYSTEMS, INC.

(Name of Issuer)

COMMON STOCK, $0.001

(Title of Class of Securities)

 

 

76774E103

                                (CUSIP Number)                                

January 31, 2007

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

¨ Rule 13d-1(b)

x 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 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).

CUSIP No. 76774E103     Page 2 of 16 Pages

 

  1.  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

    
                Visium Balanced Fund, LP    
  2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3.   SEC USE ONLY  
         
  4.   CITIZENSHIP OR PLACE OF ORGANIZATION  
                Delaware    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     5.    SOLE VOTING POWER
 
                  None
    6.    SHARED VOTING POWER
 
                  191,889 (See Item 4)
    7.    SOLE DISPOSITIVE POWER
 
                  None
    8.    SHARED DISPOSITIVE POWER
 
                  191,889 (See Item 4)
  9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                191,889 (See Item 4)    
10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   ¨
                Not Applicable    
11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                .44%    
12.   TYPE OF REPORTING PERSON*  
                OO    

 

* SEE INSTRUCTIONS BEFORE FILLING OUT.

Page 2 of 16 Pages

CUSIP No. 76774E103     Page 3 of 16 Pages

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities only)

    
                Visium Long Bias Fund, LP    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3   SEC USE ONLY  
         
  4   CITIZENSHIP OR PLACE OF ORGANIZATION  
                Delaware    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     5    SOLE VOTING POWER
 
                  None
    6    SHARED VOTING POWER
 
                  24,332 (See Item 4)
    7    SOLE DISPOSITIVE POWER
 
                  None
    8    SHARED DISPOSITIVE POWER
 
                  24,332 (See Item 4)
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                24,332 (See Item 4)    
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   ¨
                Not Applicable    
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                .05%    
12   TYPE OF REPORTING PERSON*  
                OO    

 

* SEE INSTRUCTIONS BEFORE FILLING OUT.

Page 3 of 16 Pages

CUSIP No. 76774E103     Page 4 of 16 Pages

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities only)

    
                Visium Balanced Offshore Fund, Ltd.    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3   SEC USE ONLY  
         
  4   CITIZENSHIP OR PLACE OF ORGANIZATION  
                Cayman Islands    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     5    SOLE VOTING POWER
 
                  None
    6    SHARED VOTING POWER
 
                  306,167 (See Item 4)
    7    SOLE DISPOSITIVE POWER
 
                  None
    8    SHARED DISPOSITIVE POWER
 
                  306,167 (See Item 4)
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                306,167 (See Item 4)    
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   ¨
                Not Applicable    
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                .70%    
12   TYPE OF REPORTING PERSON*  
                CO    

 

* SEE INSTRUCTIONS BEFORE FILLING OUT.

Page 4 of 16 Pages

CUSIP No. 76774E103     Page 5 of 16 Pages

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities only)

    
                Visium Long Bias Offshore Fund, Ltd.    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3   SEC USE ONLY  
         
  4   CITIZENSHIP OR PLACE OF ORGANIZATION  
                Cayman Islands    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     5    SOLE VOTING POWER
 
                  None
    6    SHARED VOTING POWER
 
                  90,534 (See Item 4)
    7    SOLE DISPOSITIVE POWER
 
                  None
    8    SHARED DISPOSITIVE POWER
 
                  90,534 (See Item 4)
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                90,534 (See Item 4)    
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   ¨
                Not Applicable    
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                .20%    
12   TYPE OF REPORTING PERSON*  
                CO    

 

* SEE INSTRUCTIONS BEFORE FILLING OUT.

Page 5 of 16 Pages

CUSIP No. 76774E103     Page 6 of 16 Pages

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities only)

    
                Visium Capital Management, LLC    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3   SEC USE ONLY  
         
  4   CITIZENSHIP OR PLACE OF ORGANIZATION  
                Delaware    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     5    SOLE VOTING POWER
 
                  None
    6    SHARED VOTING POWER
 
                  216,221 (See Item 4)
    7    SOLE DISPOSITIVE POWER
 
                  None
    8    SHARED DISPOSITIVE POWER
 
                  216,221 (See Item 4)
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                216,221 (See Item 4)    
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   ¨
                Not Applicable    
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                .50%    
12   TYPE OF REPORTING PERSON*  
                OO    

Page 6 of 16 Pages

CUSIP No. 76774E103     Page 7 of 16 Pages

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities only)

    
                Visium Asset Management, LLC    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3   SEC USE ONLY  
         
  4   CITIZENSHIP OR PLACE OF ORGANIZATION  
                Delaware    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     5    SOLE VOTING POWER
 
                  612,922 (See Item 4)
    6    SHARED VOTING POWER
 
                  None
    7    SOLE DISPOSITIVE POWER
 
                  612,922 (See Item 4)
    8    SHARED DISPOSITIVE POWER
 
                  None
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                612,922 (See Item 4)    
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   ¨
                Not Applicable    
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                1.42%    
12   TYPE OF REPORTING PERSON*  
                OO    

 

* SEE INSTRUCTIONS BEFORE FILLING OUT.

Page 7 of 16 Pages

CUSIP No. 76774E103     Page 8 of 16 Pages

 

  1  

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities only)

    
                Jacob Gottlieb    
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  
  (a)  ¨  
    (b)  ¨    
  3   SEC USE ONLY  
         
  4   CITIZENSHIP OR PLACE OF ORGANIZATION  
                United States    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     5    SOLE VOTING POWER
 
                   612,922 (See Item 4)
    6    SHARED VOTING POWER
 
                  None (See Item 4)
    7    SOLE DISPOSITIVE POWER
 
                  612,922 (See Item 4)
    8    SHARED DISPOSITIVE POWER
 
                  None (See Item 4)
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    
                612,922 (See Item 4)    
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*   ¨
                Not Applicable    
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
                1.42%    
12   TYPE OF REPORTING PERSON*  
                IN    

 

* SEE INSTRUCTIONS BEFORE FILLING OUT.

Page 8 of 16 Pages

CUSIP No. 76774E103     Page 9 of 16 Pages

 

Item 1  

(a)

    Name of Issuer:      
     Rita Medical Systems, Inc. (the “Company”)      
 

(b)

    Address of Issuer’s Principal Executive Offices:      
    

46421 Landing Parkway

Freemont, CA 94538

      
Item 2  

(a) – (c)

    This statement is filed on behalf of the following:      
 

(1) Visium Balanced Fund, LP, a Delaware limited partnership (“VBF”), with its principal business office at c/o Visum Asset Management, LLC, 950 Third Avenue, New York, NY 10022.

 

(6) Visium Long Bias Fund, LP, a Delaware limited partnership (“VLBF”), with its principal business office at c/o Visum Asset Management, LLC, 950 Third Avenue, New York, NY 10022.

 

(7) Visium Balanced Fund Offshore, Ltd., a Cayman Islands corporation (“VBFO”), with its principal business office at c/o Morgan Stanley Fund Services (Cayman) Limited, P.O. Box 2681GT, Century yard, 4th Floor, Cricket Square, Hutchins Drive, Grand Cayman, Cayman Islands, British West Indies.

 

(8) Visium Long Bias Fund Offshore, Ltd., a Cayman Islands corporation (“VLBFO”), with its principal business office at c/o Morgan Stanley Fund Services (Cayman) Limited, P.O. Box 2681GT, Century yard, 4th Floor, Cricket Square, Hutchins Drive, Grand Cayman, Cayman Islands, British West Indies.

 

(9) Visium Asset Management, LLC, a Delaware limited liability company (“VAM”), with its principal business office at Visum Asset Management, LLC, 950 Third Avenue, New York, NY 10022. VAM is the investment advisor to each of VBF, VLBF, VBFO and VLBFO.

 

(10) Visium Capital Management, LLC, a Delaware limited liability company (“VCM”), with its principal business office c/o Visum Asset Management, LLC, 950 Third Avenue, New York, NY 10022. VCM is the General Partner of VBF an VLBF.

      

Page 9 of 16 Pages

CUSIP No. 76774E103     Page 10 of 16 Pages

 

  (d)    Title of Class of Securities:      
     Common Stock, $0.001      
  (e)    CUSIP Number:      
     76774E103      

 

Item 3

   

If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:

 

Not Applicable

      
Item 4    Ownership:      
   VBF      
   (a)   

Amount beneficially owned:

 

191,889 shares

      
   (b)   

Percent of class:

 

.44%

      
   (c)    Number of shares as to which the person has:      
      (i)   

Sole power to vote or to direct the vote:

 

None

      
      (ii)   

Shared power to vote or to direct the vote:

 

191,889 shares

      
      (iii)   

Sole power to dispose or to direct the disposition of:

 

None

      

Page 10 of 16 Pages

 

CUSIP No. 76774E103     Page 11 of 16 Pages

 

      (iv)   

shared power to dispose or to direct the disposition of:

 

191,889 Shares

      
   VLBF      
   (a)   

Amount beneficially owned:

 

24,332 shares

      
   (b)   

Percent of class:

 

.05%

      
   (c)    Number of shares as to which the person has:      
      (i)   

sole power to vote or to direct the vote:

 

None

      
      (ii)   

shared power to vote or to direct the vote:

 

24,332 shares

      
      (iii)   

sole power to dispose or to direct the disposition of:

 

None

      
      (iv)   

shared power to dispose or to direct the disposition of:

 

24,332 shares

      
   VBFO      
   (a)   

Amount beneficially owned:

 

306,167 shares

      
   (b)   

Percent of class:

 

.70%

      

Page 11 of 16 Pages

CUSIP No. 76774E103     Page 12 of 16 Pages

 

   (c)    Number of shares as to which the person has:      
      (i)   

sole power to vote or to direct the vote:

 

None

      
      (ii)   

shared power to vote or to direct the vote:

 

306,167 shares

      
      (iii)   

sole power to dispose or to direct the disposition of:

 

None

      
      (iv)   

shared power to dispose or to direct the disposition of:

 

306,167 shares

      
   VLBFO      
   (a)   

Amount beneficially owned:

 

90,534 shares

      
   (b)   

Percent of class:

 

.20%

      
   (c)    Number of shares as to which the person has:      
      (i)   

sole power to vote or to direct the vote:

 

None

      
      (ii)   

shared power to vote or to direct the vote:

 

90,534 shares

      
      (iii)   

sole power to dispose or to direct the disposition of:

 

None

      

Page 12 of 16 Pages

CUSIP No. 76774E103     Page 13 of 16 Pages

 

      (iv)   

shared power to dispose or to direct the disposition of:

 

90,534 shares

      
   VAM      
   (a)   

Amount beneficially owned:

 

By virtue of its position as investment advisor to each of VBF, VLBF, VBFO and VLBFO, VAM may be deemed to beneficially own the 612,922 shares of the Company’s Common Stock beneficially owned by VBF, VLBF, VBFO and VLBFO.

      
   (b)   

Percent of class:

 

1.42%

      
   (c)    Number of shares as to which the person has:      
      (i)   

sole power to vote or to direct the vote:

 

612,922 shares

      
      (ii)   

shared power to vote or to direct the vote:

 

None

      
      (iii)   

sole power to dispose or to direct the disposition of:

 

612,922 shares

      
      (iv)   

shared power to dispose or to direct the disposition of:

 

None

      
   VCM      
   (a)   

Amount beneficially owned:

 

By virtue of its position as General Partner to each of VBF and VLBF, VCM may be deemed to beneficially own the 216,221 shares of the Company’s Common Stock beneficially owned by VBF and VLBF.

      

Page 13 of 16 Pages

CUSIP No. 76774E103     Page 14 of 16 Pages

 

   (b)   

Percent of class:

 

.50%

      
   (c)    Number of shares as to which the person has:      
      (i)   

sole power to vote or to direct the vote:

 

None

      
      (ii)   

shared power to vote or to direct the vote:

 

216,221 shares

      
      (iii)   

sole power to dispose or to direct the disposition of: None

 

      
      (iv)   

shared power to dispose or to direct the disposition of:

 

216,221 shares

      
   Jacob Gottliep      
   (a)   

Amount beneficially owned:

 

By virtue of his position as the principal of VAM and the sole managing member of VCM, Mr. Gottlieb may be deemed to beneficially own the 612,922 shares of the Company’s Common Stock beneficially owned by VAM.

      
   (b)   

Percent of class:

 

1.42%

      
   (c)    Number of shares as to which the person has:      
      (i)   

sole power to vote or to direct the vote:

 

612,922 shares

      
      (ii)   

shared power to vote or to direct the vote:

 

None

      

Page 14 of 16 Pages

CUSIP No. 76774E103     Page 15 of 16 Pages

 

      (iii)   

sole power to dispose or direct disposition of:

 

612,922 shares

      
      (iv)   

shared power to dispose or to direct disposition of:

 

None

      
Item 5   

Ownership of Five Percent or Less of a Class:

 

Applicable

   
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:

 

Not Applicable

Item 8   

Identification and Classification of Members of the Group:

 

Not Applicable

      
Item 9   

Notice of Dissolution of Group:

 

Not Applicable

      
Item 10   

Certification:

 

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.

      

Page 15 of 16 Pages

CUSIP No. 76774E103     Page 16 of 16 Pages

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.

Date: February 12, 2007

 

VISIUM ASSET MANAGEMENT, LLC     VISIUM LONG BIAS FUND, LP
By:  

/s/ Mark Gottlieb

     By:  

/s/ Mark Gottlieb

  Mark Gottlieb       Mark Gottlieb
  Authorized Signatory       Authorized Signatory
VISIUM BALANCED FUND, LP     VISIUM BALANCED OFFSHORE FUND, LTD.
By:  

/s/ Mark Gottlieb

     By:  

/s/ Mark Gottlieb

  Mark Gottlieb       Mark Gottlieb
  Authorized Signatory       Authorized Signatory
VISIUM CAPITAL MANAGEMENT, LLC     VISIUM LONG BIAS OFFSHORE FUND, LTD.
By:  

/s/ Mark Gottlieb

     By:  

/s/ Mark Gottlieb

  Mark Gottlieb       Mark Gottlieb
  Authorized Signatory       Authorized Signatory

 

JACOB GOTTLIEB

By:   /s/ Mark Gottlieb
  Mark Gottlieb

Authorized Representative and Chief Compliance Officer

Page 16 of 16 Pages