-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 A/R7Xhsxb2QwbomTA3OVDffxv4Qk2HbUkZesckf0nz9t++q5FwgZbACmQLQ1r80R
 WAb9IpW8VigTMMU9Kewtkg==

<SEC-DOCUMENT>0000922423-02-000204.txt : 20020414
<SEC-HEADER>0000922423-02-000204.hdr.sgml : 20020414
ACCESSION NUMBER:		0000922423-02-000204
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20011231
FILED AS OF DATE:		20020214
<REPORTING-OWNER>

COMPANY DATA:	
	COMPANY CONFORMED NAME:			KLIEM PETER O
	CENTRAL INDEX KEY:			0001112256
<RELATIONSHIP>DIRECTOR

FILING VALUES:
	FORM TYPE:		5

BUSINESS ADDRESS:	
	STREET 1:		26 DRIFTWOOD LANE
	CITY:			WESTON
	STATE:			MA
	ZIP:			02493

MAIL ADDRESS:	
	STREET 1:		26 DRIFTWOOD LANE
	CITY:			WESTON
	STATE:			MA
	ZIP:			02493
</REPORTING-OWNER>

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ATLANTIC TECHNOLOGY VENTURES INC
		CENTRAL INDEX KEY:			0001001316
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				363898269
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27282
		FILM NUMBER:		02546991

	BUSINESS ADDRESS:	
		STREET 1:		1017 MAIN CAMPUS DRIVE
		STREET 2:		SUITE 3900
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27606
		BUSINESS PHONE:		9195137020

	MAIL ADDRESS:	
		STREET 1:		1017 MAIN CAMPUS DRIVE
		STREET 2:		SUITE 3900
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATLANTIC PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19960703
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>kl02033_form5.txt
<DESCRIPTION>FORM 5
<TEXT>
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
FORM 5
              ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

|_| Check box if no longer subject to Section 16.  Form 4 or Form 5
    obligations may continue. See Instruction 1(b).
|_| Form 3 Holdings Reported
|_| Form 4 Transactions Reported

1. Name and Address of Reporting Person

   Kliem, Peter O.
   c/o Atlantic Technology Ventures, Inc.
   350 Fifth Avenue, Suite 5507
   New York, NY 10118

2. Issuer Name and Ticker or Trading Symbol

   Atlantic Technology Ventures, Inc. ("ATLC.OB")

3. IRS or Social Security Number of Reporting Person (Voluntary)

4. Statement for Month/Year

   December 2001

5. If Amendment, Date of Original (Month/Year)

6. Relationship  of Reporting  Person(s) to Issuer  (Check all  applicable)
   (X) Director  ( ) 10% Owner  ( ) Officer (give title below)
   ( ) Other  (specify below)


7. Individual or Joint/Group Reporting (Check Applicable Line)
   (X) Form filed by One Reporting Person
   ( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
 Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                 |
- -----------------------------------------------------------------------------------------------------------------------------------|
1. Title of Security         |2.    |3.  |4.Securities Acquired (A)         |5.Amount of        |6.Dir |7.Nature of Indirect       |
                             |Transaction|  or Disposed of (D)              |  Securities       |ect   |  Beneficial Ownership     |
                             |Date  |Code|  (Instr.3,4 and 5)               |  Beneficially     |(D)or |  (Instr. 4)               |
                             |      |(Ins|                  | A/|           |  Owned at         |Indir |                           |
                             |      |tr.8)    Amount        | D |    Price  |  End of Year      |ect(I)|                           |
                             |           |                  |   |           |  (Instr. 3 and 4) |(Ins  |                           |
                             |           |                  |   |           |                   | tr.4)|                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
<S>                          <C>    <C>  <C>                <C> <C>         <C>                 <C>    <C>
                             |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
                             |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
                             |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
                             |      |    |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
</TABLE>

Reminder:  Report on a separate line for each class of  securities  beneficially
owned directly or indirectly.

*If form is filed by more than one reporting person, see instruction 4(b)(v).

                                                                          (Over)
                                                                  SEC 2270(7-96)

<PAGE>

FORM 5 (continued)

  Table  II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
 Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned                                                   |
- -----------------------------------------------------------------------------------------------------------------------------------|
1.Title of Derivative   |2.Con   |3.   |4.  |5.Number of De |6.Date Exer|7.Title and Amount  |8.Price|9.Number    |10.|11.Nature of|
  Security              |version |Transaction rivative Secu |cisable and|  of Underlying     |of Deri|of Deriva   |Dir|Indirect    |
                        |or Exer |Date |Code| rities Acqui  |Expiration |  Securities        |vative |tive        |ect|Beneficial  |
                        |cise Pr |     |(In | red(A) or Dis |Date(Month/|  (Instr. 3 and 4   |Secu   |Securities  |(D)|Ownership   |
                        |ice  of |     |str.| posed of(D)   |Day/Year)  |                    |rity   |Benefi      |or |            |
                        |Deriva  |     | 8) | (Instr.3,4 and|Date |Expir|                    |(Instr.|ficially    |Ind|            |
                        |tive    |     |    |  5)       |   |Exer-|ation|   Title and Number | 5)    |Owned at    |ire|            |
                        |Secu    |     |    |           |   |cisa-|Date |   of Shares        |       |End of      |ct |            |
                        |rity    |     |    |    A      | D |ble  |     |                    |       |Year        |(I)|            |
                        |        |     |    |           |   |     |     |                    |       |(Instr. 4)  |(Instr. 4)      |
- -----------------------------------------------------------------------------------------------------------------------------------|
<S>                     <C>      <C>   <C>   <C>        <C>  <C>  <C>    <C>         <C>      <C>     <C>          <C> <C>
Option (Right to buy)   |0.875   |2/20/| A  |  50,000   |   |2/20 |2/20/|Common Stock |50,000|       | 110,000    | D |            |
                        |        |01   |    |           |   |01   |11   |             |      |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                        |        |      |   |           |   |     |     |             |      |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                        |        |      |   |           |   |     |     |             |      |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
</TABLE>

Explanation of Responses:


                            /s/ Peter Kliem                   February 14, 2002
                            -------------------------------   ---------------
                            **Signature of Reporting Person       Date

** Intentional misstatements or omissions of facts constitute Federal Criminal
   Violations.
   See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed.
        If space provided is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.


                                   Page 2 of 2


</TEXT>
</DOCUMENT>
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