4 1 form4-040703.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C 20549 FORM 4 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 [X] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1 (b). OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response....0.5 (Print or Type Responses) ________________________________________________________________________________ 1. Name and Address of Reporting Person* Asset Value Fund Limited Partnership ________________________________________________________________________________ (Last) (First) (Middle) 376 Main Street, P.O. Box 74 ________________________________________________________________________________ (Street) Bedminster, New Jersey 07921 ________________________________________________________________________________ (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol Gish Biomedical, Inc. ("GISH") ________________________________________________________________________________ 3. IRS or Social Security Number of Reporting Person (Voluntary) ________________________________________________________________________________ 4. Statement for Month/Day/Year April 7, 2003 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Day/Year) ________________________________________________________________________________ 6. Relationship of Reporting Person to Issuer (Check all applicable) [_] Director [_} 10% Owner [_] Officer (give title below) [X] Other (specify below) Former 10% owner ________________________________________________________________________________ 7. Individual or Joint/Group Filing (Check applicable line) [X] Form filed by One Reporting Person [_] Form filed by More than One Reporting Person ________________________________________________________________________________ ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================

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). 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 control number. (Over) SEC 1474 (3-99) Form 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

Explanation of Responses: Note (1) On April 7, 2003, stockholders of Gish Biomedical, Inc., exchanged shares of Gish for 1.3422 shares of common stock of CardioTech International, Inc. After the transaction Asset Value Fund Limited Partnership did not own more than 10% of the shares of CardioTech. By: /s/ John W. Galuchie, Jr. 4/10/03 ------------------------------- ------------------- ** Signature of Reporting Person Date John W. Galuchie, Jr. Treasurer ** 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 SEC 1474 (3-99)

GISH BIOMEDICAL INC 4