FORM
      4
    
      
UNITED STATES
      SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
    OMB APPROVAL
  
    
      


          Check this box if no longer
      subject to Section 16. Form 4 or Form 5 obligations may continue. See
      Instruction 1(b).
    
      
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
      
Filed pursuant to
      Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the
      Public Utility Holding Company Act of 1935 or Section 30(h) of the
      Investment Company Act of 1940
    
      
OMB
      Number: 3235-0287
Expires: January 31, 2005
Estimated average
      burden
hours per response. . .0.5
      


      




  
    
      
1. Name and Address
      of Reporting Person*
      
             
      Globus,  Kenneth  H. 
    
      
2. Issuer Name and Ticker or Trading Symbol


          UNITED-GUARDIAN, INC. ("UG")

 
    
      
6. Relationship of
      Reporting Person(s)
    to Issuer (Check all
      applicable)


             X 
      Director                                   
       X  10% Owner
      
      X
      Officer (give title below)        __  Other (specify below)
      


              President,
      General Counsel, and Chief Financial Officer
  
    
      
(Last)
           (First)     (Middle)
      
19 McCulloch Drive

 
    
      
3. I.R.S.
      Identification Number
of Reporting Person, 
if an entity
      (voluntary)
      
  
    4. Statement
      for
Month/Day/Year 
  

  January, 2003

 
  
    
      
(Street)
      
Dix Hills, NY 
      11746
      
    5. If
      Amendment,
Date of
    Original
(Month/Day/Year)
 
    7.
      Individual or Joint/Group Filing (Check Applicable
      Line)

    
    X    Form filed by One Reporting
      Person
    __  Form filed by More than One
      Reporting Person

 
  
    
      
(City)     (State)     (Zip)
    
      
Table
      I - Non-Derivative Securities Acquired, Disposed of, or Beneficially
      Owned

  
    
      
1. Title of
      Security
(Instr. 3)
    
      
2. Trans-
action
      
Date
(Month/ Day/
Year) 
    
      
2A. Deemed 
Execution
Date,
if any 
(Month/Day/
Year)
    
      
3. Trans-
action
      Code
(Instr. 8)
    
      
4. Securities
      Acquired (A) or Disposed of (D)
(Instr. 3, 4 & 5)
    
      
5. Amount of
      
Securities 
Beneficially 
Owned Follow-
ing Reported
      Transactions(s) 
(Instr. 3 & 4)
    
      
6. Owner-
ship
      Form:
Direct (D)
or Indirect (I)
(Instr. 4)
    
      
7. Nature of Indirect
      
Beneficial Ownership
(Instr. 4)
  
    
      
Code
    
      
V
    
      
Amount
    
      
(A)
or
(D)
    
      
Price
  
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
  
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       

  
    Reminder: Report on a separate
      line for each class of securities beneficially owned directly or
      indirectly. 
* If the form is filed by more than one reporting person,
      see Instruction 4(b)(v). 

Persons who respond to the collection
      of information contained in this form are not required to respond unless
      the form displays a currently valid OMB control number 

    

    

 
 



  
    FORM 4
    (continued)
    
      
Table II
      -
      Derivative Securities Acquired, Disposed of, or Beneficially
      Owned
(e.g., puts, calls, warrants, options, convertible
      securities)

  
    
      
1. Title of
      Derivative Security

(Instr. 3)
    
      
2. Conver-
sion or
      
Exercise 
Price of Derivative Security
    
      
3. Trans-
action
      Date

(Month/
Day/
Year)  
    3A. Deemed 
Execution
Date,
if any
      
(Month/
Day/
Year)
    
      
4.
      Trans-
action
Code

(Instr. 8)
    
      
5. Number of
      Derivative Securities Acquired (A) or Disposed of (D)

(Instr. 3, 4
      & 5)

    
      
6. Date
      Exercisable
and Expiration
Date
(Month/Day/
Year)
    
      
7. Title and Amount
      of Underlying Securities
(Instr. 3 & 4)
    
      
8. Price of
      Derivative Security
(Instr. 5)
    
      
9. Number
      of
Derivative
Securities
Beneficially
Owned
Following
      
Reported Transaction(s) 
(Instr. 4)
    
      
10. Owner-
ship
      Form
of Deriv-
ative
Security:
Direct (D)
or Indirect
      (I)
(Instr. 4)
    
      
11. Nature of
      Indirect Beneficial Ownership
(Instr. 4)
  
    
      
Code
    
      
V
    
      
(A)
    
      
(D)
    
      
Date

      Exercisable
    
      
Expiration
Date
    
      
Title
    
      
Amount or Number
      of
Shares
  
    
      
StockOption     
    
      $ 3.51
    
      1/15/03   
      
    
      
 
    
      
A
    
      
          
    
      
2,000
    
              
    
      
12/6/02     
    
      12/6/07
    
      
 Common Stock
    
      2,000
    
      
 
    
      
9,000
    
      
D
    
      
 
  
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       
    
       

  
    
      
Explanation of Responses:

 
      

  
     
    

    By: /s/ Kenneth H. Globus

    

    
    **Signature of Reporting Person
     
    

    January 15, 2003

    _____________
             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 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.