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OMB Number 3235-0145
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
INTRABIOTICS PHARMACEUTICALS, INC.
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(Name of Issuer)
Common Stock, $.001 par value
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(Title of Class of Securities)
46116T 10 0
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(CUSIP Number)
Kevin C. Tang
Tang Capital Management, LLC
4401 Eastgate Mall
San Diego, CA 92121
(858) 200-3831
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 14, 2003
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(Date of Event which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of ss. 240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box [ ].
* 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 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 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).
CUSIP No. 46116T 10 0
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Tang Capital Partners, LP
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2. Check the Appropriate Box If a Member of a Group (See Instructions)
(a) [_]
(b) [x] Joint-Filing
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3. SEC Use Only
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4. Source of Funds (See Instructions)
WC
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5. Check If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) [_]
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6. Citizenship or Place of Organization
United States
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7. Sole Voting Power
NUMBER OF 1,471,041*
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY 0
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 1,471,041*
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
0
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,471,041*
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12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [_]
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13. Percent of Class Represented by Amount in Row (11)
32.3%
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14. Type of Reporting Person (See Instructions)
PN
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* Represents 192,579 shares of common stock, shares of preferred stock
convertible into 852,308 shares of common stock, and warrants to purchase
up to 426,154 shares of common stock.
CUSIP No. 46116T 10 0
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Tang Capital Management, LLC
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2. Check the Appropriate Box If a Member of a Group (See Instructions)
(a) [_]
(b) [x] Joint-Filing
--------------------------------------------------------------------------------
3. SEC Use Only
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4. Source of Funds (See Instructions)
WC
--------------------------------------------------------------------------------
5. Check If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) [_]
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6. Citizenship or Place of Organization
United States
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7. Sole Voting Power
NUMBER OF 1,471,041*
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY 0
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 1,471,041*
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
0
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,471,041*
--------------------------------------------------------------------------------
12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [_]
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
32.3%
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14. Type of Reporting Person (See Instructions)
OO
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* Represents 192,579 shares of common stock, shares of preferred stock
convertible into 852,308 shares of common stock, and warrants to purchase
up to 426,154 shares of common stock.
CUSIP No. 46116T 10 0
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Kevin C. Tang
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2. Check the Appropriate Box If a Member of a Group (See Instructions)
(a) [_]
(b) [x] Joint-Filing
--------------------------------------------------------------------------------
3. SEC Use Only
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4. Source of Funds (See Instructions)
WC
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5. Check If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) [_]
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6. Citizenship or Place of Organization
United States
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7. Sole Voting Power
NUMBER OF 1,471,041*
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY 0
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 1,471,041*
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
0
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,471,041*
--------------------------------------------------------------------------------
12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [_]
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
32.3%
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14. Type of Reporting Person (See Instructions)
IN
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* Represents 192,579 shares of common stock, shares of preferred stock
convertible into 852,308 shares of common stock, and warrants to purchase
up to 426,154 shares of common stock.
CUSIP No. 46116T 10 0
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Oscar L. Tang
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2. Check the Appropriate Box If a Member of a Group (See Instructions)
(a) [_]
(b) [x] Joint-Filing
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3. SEC Use Only
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4. Source of Funds (See Instructions)
PF
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5. Check If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) [_]
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6. Citizenship or Place of Organization
United States
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7. Sole Voting Power
NUMBER OF 23,408
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY 9,539
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 23,408
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
9,539
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
32,947
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12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [_]
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13. Percent of Class Represented by Amount in Row (11)
1.0%
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14. Type of Reporting Person (See Instructions)
IN
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ITEM 1. SECURITY AND ISSUER
This Amendment No. 1 to Schedule 13D ("Amendment No. 1") is being filed as
an amendment to the initial statement on Schedule 13D relating to the
common stock $.001 par value per share of IntraBiotics Pharmaceuticals, Inc., a
Delaware Corporation (the "Issuer" or "IBPI" herein), as filed with the
Securities and Exchange Commission (the "SEC") on May 1, 2003. The principal
executive offices of the issuer are located at 2483 East Bayshore Road,
Suite 100, Palo Alto, CA 94303.
The Schedule 13D is hereby further amended and supplemented as follows:
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The funds used to purchase the securities referenced in Item 5 of this
Amendment No. 1 were from working capital of Tang Capital Partners, LP. No
funds used to acquire the issuer's securities by the reporting persons
were borrowed or otherwise obtained.
ITEM 4. PURPOSE OF TRANSACTION
The securities purchased by Tang Capital Partners, LP referenced in Item 5
of this Amendment No. 1 were purchased on the open market for investment
purposes based on price and favorable market conditions. The reporting persons
may dispose of issuer securities or purchase issuer securities for
investment purposes based on available price and other general market conditions
for the securities and in compliance with the issuer's internal trading
restrictions applicable to its directors (by virtue of the fact that Kevin C.
Tang is a director of the issuer). Except as may arise in connection with the
normal execution of Mr. Tang's position as a director, or as provided in this
paragraph, none of the persons filing this statement has any present plans or
proposals which relate to or would result in (a) the acquisition by any person
of additional securities of the issuer (other than the acquisition of Common
Stock upon conversion of Series A Preferred Stock or exercise of Warrants held
by Tang Capital Partners, LP), or the disposition of securities of the issuer;
(b) an extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the issuer or any of its subsidiaries; (c) a sale or
transfer of a material amount of assets of the issuer or any of its
subsidiaries; (d) any change in the present board of directors or management
of the issuer (other than the designation of an additional Series A Preferred
Stockholder representative to the board as described in the Schedule 13D),
including any plans or proposals to change the number or term of directors or
to fill any existing vacancies on the board; (e) any material change in the
present capitalization or dividend policy of the issuer; (f) any other material
change in the issuer's business or corporate structure; (g) changes in the
issuer's charter, bylaws or instruments corresponding thereto or other actions
which may impede the acquisition of control of the issuer by any person;
(h) causing a class of securities of the issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association;
(i) a class of equity securities of the issuer becoming eligible for termination
of registration pursuant to Section 12(g)(4) of the Act; or (j) any action
similar to any of those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 of the Schedule 13D is amended and restated in its entirety as
follows:
(a) The aggregate number and percentage of securities to which this
Schedule 13D relates is 1,503,988 shares, representing approximately 33.07% of
the 3,269,168 shares of Common Stock outstanding as reported by the issuer in
its Definitive Proxy Statement filed with the Securities and Exchange Commission
on April 30, 2003 (and taking into account in accordance with Rule 13d-3 under
the Securities Exchange Act of 1934, as amended, a total of 852,308 shares of
Common Stock issuable upon conversion of Series A Preferred Stock held as
described herein and 426,154 shares of Common Stock issuable upon exercise of
the Warrants held as described herein.) The reporting persons beneficially own
the securities set forth below:
Name Shares % of Class
----------------------------- --------- ----------
Tang Capital Partners, LP 1,471,041 32.3%
Tang Capital Management, LLC 1,471,041 32.3%
Kevin C. Tang 1,471,041 32.3%
Oscar L. Tang 32,947 1.0%
(b) Number of shares to which such person has:
(i) Sole power to vote or direct the vote:
Tang Capital Partners, LP 1,471,041 shares
Tang Capital Management, LLC 1,471,041 shares
Kevin C. Tang 1,471,041 shares
Oscar L. Tang 23,408 shares
(ii) Shared power to vote or direct the vote:
Tang Capital Partners, LP 0 shares
Tang Capital Management, LLC 0 shares
Kevin C. Tang 0 shares
Oscar L. Tang 9,539 shares
(iii) Sole power to dispose or direct the disposition of:
Tang Capital Partners, LP 1,471,041 shares
Tang Capital Management, LLC 1,471,041 shares
Kevin C. Tang 1,471,041 shares
Oscar L. Tang 23,408 shares
(iv) Shared power to dispose or direct the disposition of:
Tang Capital Partners, LP 0 shares
Tang Capital Management, LLC 0 shares
Kevin C. Tang 0 shares
Oscar L. Tang 9,539 shares
Oscar L. Tang's shares' voting and dispositive powers are through an
investment advisor or trustee relationship for various family members.
(c) Transactions effected since the filing of Schedule 13D filed
with the SEC on May 1, 2003:
The following open market purchases were effected by
Tang Capital Partners, LP:
TRADE DATE NO. SHARES PRICE
05/12/03 7,400 $1.8564
05/14/03 30,000 $1.7969
05/15/03 15,000 $1.7672
05/16/03 900 $1.7788
There were no other purchases by any of the reporting persons since
May 1, 2003.
(d) Not applicable.
(e) Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A Agreement of Joint Filing, dated May 21, 2003 (filed as
Exhibit A with an earlier filed version of this Schedule 13D.)
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
TANG CAPITAL PARTNERS, LP
By: Tang Capital Management, LLC
By: /s/ Kevin C. Tang
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Kevin C. Tang, Manager
TANG CAPITAL MANAGEMENT, LLC
By: /s/ Kevin C. Tang
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Kevin C. Tang, Manager
/s/ Kevin C. Tang
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KEVIN C. TANG
/s/ Oscar L. Tang
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OSCAR L. TANG
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)