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

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                               DOR BioPharma, Inc

                      Common Stock, no par value per share
                         (Title of Class of Securities)

                                    258094101
                                  CUSIP Number

                                December 31, 2004
                      (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).

                          Continued on following pages
                               Page 1 of 12 Pages
                             Exhibit Index: Page 11


                                  SCHEDULE 13G

CUSIP No.  258094101                                               Page 2 of 12

--------------------------------------------------------------------------------
1        Names of Reporting Persons
         I.R.S. Identification Nos. of above persons (entities only)

                  PARAMOUNT BIOCAPITAL ASSET MANAGEMENT, INC.
--------------------------------------------------------------------------------

2        Check the Appropriate Box If a Member of a Group *

                                                                   a. [ ] b. [X]
--------------------------------------------------------------------------------

3        SEC Use Only
--------------------------------------------------------------------------------

4        Citizenship or Place of Organization

                  DELAWARE
--------------------------------------------------------------------------------

                            5             Sole Voting Power
Number of                                          0
  Shares
Beneficially                6             Shared Voting Power
  Owned By                                         0
    Each
Reporting                   7             Sole Dispositive Power
    Person                                         0
    With
                            8             Shared Dispositive Power
                                                   0

--------------------------------------------------------------------------------
9        Aggregate Amount Beneficially Owned by Each Reporting Person

                                    0
--------------------------------------------------------------------------------

10       Check Box If the Aggregate Amount in Row (9) Excludes Certain
         Shares *

                                    [ ]
--------------------------------------------------------------------------------

11       Percent of Class Represented By Amount in Row (9)

                                    0%
--------------------------------------------------------------------------------

12       Type of Reporting Person *

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

* see instructions before filling out



                                  SCHEDULE 13G

CUSIP No.  258094101                                               Page 3 of 12
--------------------------------------------------------------------------------
1        Names of Reporting Persons
         I.R.S. Identification Nos. of above persons (entities only)

                  ARIES SELECT, LTD.
--------------------------------------------------------------------------------
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

                  CAYMAN ISLANDS
--------------------------------------------------------------------------------

                            5             Sole Voting Power
Number of                                          0
  Shares
Beneficially                6             Shared Voting Power
  Owned By                                         0
    Each
Reporting                   7             Sole Dispositive Power
    Person                                         0
    With
                            8             Shared Dispositive Power
                                                   0
--------------------------------------------------------------------------------
9        Aggregate Amount Beneficially Owned by Each Reporting Person

                                    0
--------------------------------------------------------------------------------
10       Check Box If the Aggregate Amount in Row (9) Excludes Certain
         Shares (See Instructions)

                                    [ ]
--------------------------------------------------------------------------------
11       Percent of Class Represented By Amount in Row (9)

                                    0%
--------------------------------------------------------------------------------
12       Type of Reporting Person (See Instructions)

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

* see instructions before filling out


                                  SCHEDULE 13G

CUSIP No.  258094101                                               Page 4 of 12
--------------------------------------------------------------------------------
1        Names of Reporting Persons
         I.R.S. Identification Nos. of above persons (entities only)

                  LINDSAY A. ROSENWALD, M.D.
--------------------------------------------------------------------------------
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
Number of                                          0
  Shares
Beneficially                6             Shared Voting Power
  Owned By                                         120,791
    Each
Reporting                   7             Sole Dispositive Power
    Person                                         0
    With
                            8             Shared Dispositive Power
                                                   120,791
--------------------------------------------------------------------------------
9        Aggregate Amount Beneficially Owned by Each Reporting Person

                                    120,791
--------------------------------------------------------------------------------

10       Check Box If the Aggregate Amount in Row (9) Excludes Certain
         Shares (See Instructions)

                                    [  ]
--------------------------------------------------------------------------------

11       Percent of Class Represented By Amount in Row (9)

                                    0.3%
--------------------------------------------------------------------------------

12       Type of Reporting Person (See Instructions)

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

* see instructions before filling out


                                  SCHEDULE 13G

CUSIP No.  258094101                                               Page 5 of 12

--------------------------------------------------------------------------------
1        Names of Reporting Persons
         I.R.S. Identification Nos. of above persons (entities only)

                  ARIES SELECT I LLC
--------------------------------------------------------------------------------

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

                  DELAWARE
--------------------------------------------------------------------------------

                            5             Sole Voting Power
Number of                                          0
  Shares
Beneficially                6             Shared Voting Power
  Owned By                                         0
    Each
Reporting                   7             Sole Dispositive Power
    Person                                         0
    With
                            8             Shared Dispositive Power
                                                   0
--------------------------------------------------------------------------------

9        Aggregate Amount Beneficially Owned by Each Reporting Person

                                    0
--------------------------------------------------------------------------------

10       Check Box If the Aggregate Amount in Row (9) Excludes Certain
         Shares (See Instructions)

                                    [ ]
--------------------------------------------------------------------------------

11       Percent of Class Represented By Amount in Row (9)

                                    0%
--------------------------------------------------------------------------------

12       Type of Reporting Person (See Instructions)

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

* see instructions before filling out



                                  SCHEDULE 13G

CUSIP No.  258094101                                               Page 6 of 12

--------------------------------------------------------------------------------

1        Names of Reporting Persons
         I.R.S. Identification Nos. of above persons (entities only)

                  ARIES SELECT II LLC
--------------------------------------------------------------------------------

2        Check the Appropriate Box If a Member of a Group (See Instructions)

                                                                b. [ ] c. [X]
--------------------------------------------------------------------------------

3        SEC Use Only
--------------------------------------------------------------------------------

4        Citizenship or Place of Organization

                  DELAWARE
--------------------------------------------------------------------------------

                            5             Sole Voting Power
Number of                                          0
  Shares
Beneficially                6             Shared Voting Power
  Owned By                                         0
    Each
Reporting                   7             Sole Dispositive Power
    Person                                         0
    With
                            8             Shared Dispositive Power
                                                   0

--------------------------------------------------------------------------------
9        Aggregate Amount Beneficially Owned by Each Reporting Person

                                    0
--------------------------------------------------------------------------------

10       Check Box If the Aggregate Amount in Row (9) Excludes Certain
         Shares (See Instructions)

                                    [ ]
--------------------------------------------------------------------------------

11       Percent of Class Represented By Amount in Row (9)

                                    0%
--------------------------------------------------------------------------------

12       Type of Reporting Person (See Instructions)

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

* see instructions before filling out



CUSIP No.  258094101                                               Page 7 of 12

Item 1(a)         Name of Issuer:

                  DOR Biopharma     , Inc. (the "Issuer")

Item 1(b)         Address of the Issuer's Principal Executive Offices:

                  Lincoln Building
                  1691 Michigan Ave Suite 435
                  Miami, FL 33139

Item 2(a)         Name of Person Filing:

This statement is filed on behalf of Paramount BioCapital Asset Management, Inc.
("Paramount BioCapital"), Aries Select, Ltd. ("Aries Select"), Aries Select I
LLC ("Aries I"), Aries Select II LLC ("Aries II") and Lindsay A. Rosenwald, M.D.
("Dr. Rosenwald" and collectively, the "Reporting Persons").

Item 2(b)         Address of Principal Business Office or, if None, Residence:

The address of the principal business office of Paramount BioCapital, Aries I,
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 Select 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 BioCapital is a Subchapter S corporation
incorporated in Delaware;

2) Aries Select is a Cayman Islands exempted company;

3) Aries I and Aries II are Delaware limited liability companies;

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

Item 2(d)         Title of Class of Securities:

                  Common Stock (the "Shares").

Item 2(e)         CUSIP Number:

                  218139202

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:

                  This Item 3 is not applicable.

Item 4.           Ownership:

Item 4(a)         Amount Beneficially Owned:


CUSIP No.  258094101                                               Page 8 of 12

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

                  (i)      Paramount BioCapital may be deemed to own 0 Shares,
                           which includes the Shares owned by Aries Select,
                           Aries I and Aries II.

(ii) Aries Select may be deemed the beneficial owner of 0 Shares

(iii) Aries I may be deemed the beneficial owner of 0 Shares

(iv) Aries II may be deemed the beneficial owner of 0 Shares

                  (v)      Dr. Rosenwald may be deemed the beneficial owner of
                           120791 Shares consisting of (i) 66,503 Shares held by
                           his wife and (ii) 54,288 Shares held in the names of
                           his children.

Item 4(b)         Percent of Class:

                  Please see Item 11 of each cover page.

Item 4(c)         Number of shares as to which such person has:




                                                                                                           
         (i)       Sole power to vote or direct the vote:                         Please see Item 5 of each cover
                                                                                  page
         (ii)      Shared power to vote or to direct the vote                     Please see Item 6 of each cover
                                                                                  page
         (iii)     Sole power to dispose or to direct the disposition of          Please see Item 7 of each cover
                                                                                  page
         (iv)      Shared power to dispose or to direct the disposition of        Please see Item 8 of each cover
                                                                                  page


Item 5.           Ownership of Five Percent or Less of a Class:

                  If this statement is being filed to report the fact that the
                  Reporting Person has ceased to be the beneficial owner of more
                  than five percent of a class of securities of the Issuer,
                  check the following box. |X|

                  During 2004, the Reporting Persons, individually and
                  collectively, ceased to be a beneficial owner of more than 5%
                  of any class of securities of the Issuer

Item 6.           Ownership of More than Five Percent on Behalf of Another 
                  Person:

                  This Item 6 is not applicable.

Item 7.           Identification and Classification of the Subsidiary Which 
                  Acquired the Security Being Reported on by the
                  Parent Holding Company:

                  This Item 7 is not applicable.

Item 8.           Identification and Classification of Members of the Group:

                  This Item 8 is not applicable.


CUSIP No.  258094101                                               Page 9 of 12

Item 9.           Notice of Dissolution of Group:

                  This Item 9 is not applicable.

Item 10. Certification:

                  By signing below each of the Reporting Persons certifies that,
to the best of such person's 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 10 of 12

                                   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, as of this February 11, 2005.

LINDSAY A. ROSENWALD, M.D.           ARAMOUNT BIOCAPITAL ASSET MANAGEMENT, INC.

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

                                     ARIES SELECT, LTD.

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

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

                                     ARIES SELECT I LLC

                                     By:  Paramount BioCapital Asset
                                     Management, Inc.
                                          Its Managing Manager

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

                                     ARIES SELECT II LLC

                                     By:  Paramount BioCapital Asset
                                     Management, Inc.
                                             Its Managing Manager

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



                                  EXHIBIT INDEX



                                                                                                 
                                                                                               Page No.

            A.    Joint Filing Agreement, dated as of February 11, 2005, by and
                  among Paramount BioCapital Asset Management, Inc., Aries
                  Select, Ltd., Aries Select I LLC, Aries Select II, LLC, and
                  Lindsay A. Rosenwald, M.D                                     ................... 13




                                    EXHIBIT A

                             JOINT FILING AGREEMENT

         The undersigned hereby agree that the statement on Schedule 13G with
respect to the Common Stock of DOR BioPharma, Inc. dated as of February 11,
2005, 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.

LINDSAY A. ROSENWALD, M.D.           ARAMOUNT BIOCAPITAL ASSET MANAGEMENT, INC.

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

                                     ARIES SELECT, LTD.

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

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

                                     ARIES SELECT I LLC

                                     By:  Paramount BioCapital Asset
                                     Management, Inc.
                                          Its Managing Manager

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

                                     ARIES SELECT II LLC

                                     By:  Paramount BioCapital Asset
                                     Management, Inc.
                                             Its Managing Manager

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