UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 Schedule 13G/A
                                (Amendment No. 4)

                    Under the Securities Exchange Act of 1934

                                 Neoprobe Corp.

                     Common Stock, par value $.01 per share
                         (Title of Class of Securities)

                                February 14, 2003

                            (CUSIP Number: 640518106)

                                December 31, 2002
                       Date of event which requires filing

Check the appropriate box to designate the rule pursuant to which the 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
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be filled 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
to Schedule 13G).


                                  Page 1 of 9


-------------------                                            -----------------
CUSIP No. 640518106                   13G                      Page 2 of 9 Pages
--------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSONS
     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Paramount Capital Asset Management, Inc.
--------------------------------------------------------------------------------
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    5.   SOLE VOTING POWER

   SHARES           None
               -----------------------------------------------------------------
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          4,802,500
               -----------------------------------------------------------------
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         None
               -----------------------------------------------------------------
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            4,802,500
--------------------------------------------------------------------------------
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     4,802,500
--------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          |_|
--------------------------------------------------------------------------------
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     12.2%
--------------------------------------------------------------------------------
12.  TYPE OF REPORTING PERSON*

     CO
--------------------------------------------------------------------------------


                                  Page 2 of 9


-------------------                                            -----------------
CUSIP No. 640518106                   13G                      Page 3 of 9 Pages
--------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSONS
     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Aries Domestic Fund, L.P.
--------------------------------------------------------------------------------
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    5.   SOLE VOTING POWER

   SHARES           None
               -----------------------------------------------------------------
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          1,436,853
               -----------------------------------------------------------------
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         None
               -----------------------------------------------------------------
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            1,436,853
--------------------------------------------------------------------------------
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,436,853
--------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          |_|
--------------------------------------------------------------------------------
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     3.8%
--------------------------------------------------------------------------------
12.  TYPE OF REPORTING PERSON*

     PN
--------------------------------------------------------------------------------


                                  Page 3 of 9


-------------------                                            -----------------
CUSIP No. 640518106                   13G                      Page 4 of 9 Pages
--------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSONS
     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     The Aries Master Fund II
--------------------------------------------------------------------------------
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    5.   SOLE VOTING POWER

   SHARES           None
               -----------------------------------------------------------------
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          3,365,647
               -----------------------------------------------------------------
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         None
               -----------------------------------------------------------------
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            3,365,647
--------------------------------------------------------------------------------
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     3,365,647
--------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          |_|
--------------------------------------------------------------------------------
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     8.7%
--------------------------------------------------------------------------------
12.  TYPE OF REPORTING PERSON*

     OO (see Item 2)
--------------------------------------------------------------------------------


                                  Page 4 of 9


-------------------                                            -----------------
CUSIP No. 640518106                   13G                      Page 5 of 9 Pages
--------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSONS
     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Lindsay A. Rosenwald, M.D.
--------------------------------------------------------------------------------
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    5.   SOLE VOTING POWER

   SHARES           None
               -----------------------------------------------------------------
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          4,802,500
               -----------------------------------------------------------------
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         None
               -----------------------------------------------------------------
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            4,802,500
--------------------------------------------------------------------------------
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     4,802,500
--------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          |_|
--------------------------------------------------------------------------------
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     12.2%
--------------------------------------------------------------------------------
12.  TYPE OF REPORTING PERSON*

     IN
--------------------------------------------------------------------------------


                                  Page 5 of 9


ITEM 1(a).  NAME OF ISSUER:

            Neoprobe Corp..

ITEM 1(b).  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

            117 Fourth Avenue, Needham, MA 02494

ITEM 2(a)   NAME OF PERSON FILING:

      This statement is filed on behalf of Paramount Capital Asset Management,
      Inc. ("Paramount Capital"), Aries Domestic Fund, L.P. ("Aries Domestic"),
      Aries Domestic Fund II, L.P. ("Aries II"), Aries Master Fund II, a Cayman
      Island exempted company ("Aries Fund") and Lindsay A. Rosenwald, M.D.
      ("Dr. Rosenwald" and collectively, the "Reporting Persons").

      Dr. Rosenwald is an investment banker, venture capitalist, fund manager
      and sole stockholder of Paramount Capital. Paramount Capital is the
      General Partner to Aries Domestic and Aries II. Paramount Capital is the
      Investment Manager to Aries Fund.

      This statement relates to Shares (as defined herein) held for the accounts
      of Aries Domestic, Aries II and Aries Fund.

ITEM 2(b)   ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:

      The address of the principal business office of Paramount Capital, Aries
      Domestic, Aries II and Dr. Rosenwald is 787 Seventh Avenue, 48th Floor,
      New York, New York, 10019. The address of the principal business office of
      Aries Fund is c/o Fortis Fund Services Cayman Limited, Grand Pavilion
      Commercial Center, 802 West Bay Road, Grand Cayman, Cayman Islands.

ITEM 2(c).  CITIZENSHIP:

            1)    Paramount Capital is a Subchapter S corporation incorporated
                  in Delaware;

            2)    Aries Domestic is a Delaware limited partnership;

            3)    Aries II is a Delaware limited partnership;

            4)    Aries Fund is a Cayman Islands exempted company; and

            5)    Dr. Rosenwald is a citizen of the United States.

ITEM 2(d).  TITLE OF CLASS OF SECURITIES:

            Common Stock, par value $0.01 per share ("Shares").

ITEM 2(e).  CUSIP NUMBER: 640518106

ITEM 3.     |X| CHECK THIS BOX IF THIS STATEMENT IS FILED PURSUANT TO RULE
            13d-1(c)


                                  Page 6 of 9


ITEM 4.     OWNERSHIP

Each of the Reporting Persons may be deemed the beneficial owner of the
following number of Shares:

            (i) Paramount Capital may be deemed to own 1,802,500 Shares and
      warrants to purchase 3,000,000 Shares or approximately 12.2% of the
      Company's outstanding Shares.

            (ii) Aries Domestic may be deemed the beneficial owner of 536,853
      Shares and warrants to purchase 900,000 Shares or approximately 3.8% of
      the Company's outstanding Shares.

            (iii) Aries Fund may be deemed the beneficial owner of 1,265,647
      Shares and warrants to purchase 2,100,000 Shares or approximately 8.7% of
      the Company's outstanding Shares.

            (iv) Dr. Rosenwald may be deemed to own 1,802,500 Shares and
      warrants to purchase 3,000,000 Shares or approximately 12.2% of the
      Company's outstanding Shares. Dr. Rosenwald disclaims the beneficial
      ownership of the securities beneficially owned by Paramount Capital except
      to the extent of his pecuniary interest therein, if any.

ITEM 5.     OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

            Not applicable

ITEM 6.     OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

            (i) Dr. Rosenwald, as the shareholder of Paramount Capital, has the
      right to participate in the receipt of dividends from, or proceeds from
      the sale of, Shares held by Paramount Capital in accordance with his
      ownership interests in Paramount Capital.

            (ii) The partners of Aries Domestic have the right to participate in
      the receipt of dividends from, or proceeds from the sale of, the
      securities held for the account of Aries Domestic in accordance with their
      partnership interests in Aries Domestic.

            (iii) The partners of Aries II have the right to participate in the
      receipt of dividends from, or proceeds from the sale of, the securities
      held for the account of Aries Domestic in accordance with their
      partnership interests in Aries II.

            (iv) The shareholders of Aries Fund have the right to participate in
      the receipt of dividends from, or proceeds from the sale of, the
      securities held for the account of Aries Fund in accordance with their
      ownership interests in Aries Fund.

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


                                  Page 7 of 9


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
            a transaction having that purpose and effect.

                                   SIGNATURES

      After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.

Date: February 14, 2003                 PARAMOUNT CAPITAL ASSET MANAGEMENT, INC.

                                        By: ____________________________________
                                        Name:  Lindsay A. Rosenwald, M.D.
                                        Title: Chairman


                                        ARIES DOMESTIC FUND, L.P.

                                        By: Paramount Capital Asset Management,
                                            Inc.
                                            Its Investment Manager

                                        By: ____________________________________
                                        Name:  Lindsay A. Rosenwald, M.D.
                                        Title: Chairman


                                        ARIES MASTER FUND II

                                        By: Paramount Capital Asset Management,
                                            Inc.
                                            Its Investment Manager

                                        By: ____________________________________
                                        Name:  Lindsay A. Rosenwald, M.D.
                                        Title: Chairman


                                        LINDSAY A. ROSENWALD, M.D.

                                        ________________________________________


                                  Page 8 of 9


                                    EXHIBIT A

                             JOINT FILING AGREEMENT

      The undersigned hereby agree that the statement on Schedule 13G with
respect to the Common Stock, no par value per share, of Repligen Corp., dated as
of December 6, 2002, is, and any amendments thereto (including amendments on
Schedule 13D) signed by each of the undersigned shall be, filed on behalf of
each of us pursuant to and in accordance with the provisions of Rule 13d-1(k)
under the Securities Exchange Act of 1934.

Date: February 14, 2003                 PARAMOUNT CAPITAL ASSET MANAGEMENT, INC.

                                        By: /s/ Lindsay A. Rosenwald, M.D.
                                        ----------------------------------
                                        Name:  Lindsay A. Rosenwald, M.D.
                                        Title: Chairman


                                        ARIES DOMESTIC FUND, L.P.

                                        By: Paramount Capital Asset Management,
                                            Inc.
                                            Its Investment Manager

                                        By: /s/ Lindsay A. Rosenwald, M.D.
                                        ----------------------------------
                                        Name:  Lindsay A. Rosenwald, M.D.
                                        Title: Chairman


                                        ARIES MASTER FUND II

                                        By: Paramount Capital Asset Management,
                                            Inc.
                                            Its Investment Manager

                                        By: /s/ Lindsay A. Rosenwald, M.D.
                                        ----------------------------------
                                        Name:  Lindsay A. Rosenwald, M.D.
                                        Title: Chairman


                                        LINDSAY A. ROSENWALD, M.D.

                                        /s/ Lindsay A. Rosenwald, M.D.