SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 4) *
A.P. Pharma, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
(Title of Class of Securities)
00202J203
(CUSIP Number)
December 31, 2010
(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)
(Page 1 of 11 Pages)
_____________
* 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 in 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).
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CUSIP No.
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00202J203
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13G
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Page 2 of 11
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1.
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NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Deerfield Capital, L.P.
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2.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a) o
(b) ý
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3.
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SEC USE ONLY
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4.
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
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5.
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SOLE VOTING POWER
0
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6.
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SHARED VOTING POWER
92,557(1)
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7.
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SOLE DISPOSITIVE VOTING POWER
0
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8.
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SHARED DISPOSITIVE VOTING POWER
92,557(1)
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9.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
92,557(1)
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10.
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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¨
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11.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
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12.
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TYPE OF REPORTING PERSON*
PN
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(1) Comprised of warrants to purchase 92,557 shares of common stock held by Deerfield Special Situations Fund, L.P.
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CUSIP No.
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00202J203
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13G
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Page 3 of 11
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1.
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NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Deerfield Special Situations Fund, L.P.
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2.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a) o
(b) ý
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3.
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SEC USE ONLY
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4.
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
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5.
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SOLE VOTING POWER
0
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6.
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SHARED VOTING POWER
92,557(2)
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7.
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SOLE DISPOSITIVE VOTING POWER
0
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8.
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SHARED DISPOSITIVE VOTING POWER
92,557(2)
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9.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
92,557(2)
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10.
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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¨
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11.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
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12.
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TYPE OF REPORTING PERSON*
PN
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(2) Comprised of warrants to purchase shares of common stock.
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CUSIP No.
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00202J203
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13G
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Page 4 of 11
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1.
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NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Deerfield Management Company, L.P.
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2.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a) o
(b) ý
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3.
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SEC USE ONLY
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4.
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
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5.
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SOLE VOTING POWER
0
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6.
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SHARED VOTING POWER
163,124(3)
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7.
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SOLE DISPOSITIVE VOTING POWER
0
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8.
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SHARED DISPOSITIVE VOTING POWER
163,124(3)
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9.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
163,124(3)
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10.
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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¨
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11.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.41%
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12.
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TYPE OF REPORTING PERSON*
PN
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(3) Comprised of warrants to purchase 163,124 shares of common stock held by Deerfield Special Situations Fund International Limited.
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CUSIP No.
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00202J203
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13G
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Page 5 of 11
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1.
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NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Deerfield Special Situations Fund International Limited
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2.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a) o
(b) ý
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3.
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SEC USE ONLY
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4.
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CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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NUMBER OF SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
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5.
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SOLE VOTING POWER
0
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6.
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SHARED VOTING POWER
163,124(4)
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7.
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SOLE DISPOSITIVE VOTING POWER
0
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8.
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SHARED DISPOSITIVE VOTING POWER
163,124(4)
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9.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
163,124(4)
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10.
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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¨
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11.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.41%
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12.
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TYPE OF REPORTING PERSON*
CO
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(4) Comprised of warrants to purchase shares of common stock.
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CUSIP No.
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00202J203
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13G
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Page 6 of 11
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1.
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NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
James E. Flynn
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2.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a) o
(b) ý
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3.
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SEC USE ONLY
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4.
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CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
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5.
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SOLE VOTING POWER
0
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6.
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SHARED VOTING POWER
255,681(5)
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7.
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SOLE DISPOSITIVE VOTING POWER
0
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8.
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SHARED DISPOSITIVE VOTING POWER
255,681(5)
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9.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
255,681(5)
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10.
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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¨
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11.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.63%
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12.
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TYPE OF REPORTING PERSON*
IN
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(5) Comprised of warrants to purchase 92,557 shares of common stock held by Deerfield Special Situations Fund, L.P. and warrants to purchase 163,124 shares of common stock held by Deerfield Special Situations Fund International Limited.
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CUSIP No.
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00202J203
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13G
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Page 7 of 11
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| Item 1(a). | Name of Issuer: | |
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A.P. Pharma, Inc.
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| Item 1(b). | Address of Issuer's Principal Executive Offices: | |
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123 Saginaw Drive
Redwood City, CA 94063
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| Item 2(a). | Name of Person Filing: | |
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James E. Flynn, Deerfield Capital, L.P., Deerfield Special
Situations Fund, L.P., Deerfield Management Company, L.P., Deerfield
Special Situations Fund International Limited
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| Item 2(b). | Address of Principal Business Office, or if None, Residence: | |
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James E. Flynn, Deerfield Capital, L.P., Deerfield Special
Situations Fund, L.P., Deerfield Management Company, L.P., 780 Third
Avenue, 37th Floor, New York, NY 10017, Deerfield Special Situations
Fund International Limited, c/o Citi Hedge Fund Services (B.V.I.) Ltd.,
Bison Court, Columbus Centre, P.O. Box 3460, Road Town, Tortola, D8,
British Virgin Islands
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| Item 2(c). | Citizenship: | |
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Deerfield Capital, L.P., Deerfield Management Company, L.P. and Deerfield
Special Situations Fund, L.P. - Delaware limited partnerships
Deerfield Special Situations Fund International Limited- British Virgin
Islands corporation
James E. Flynn - United States citizen
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| Item 2(d). | Title of Class of Securities: | |
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Common Stock
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| Item 2(e). | CUSIP Number: | |
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00202J203
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| 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:
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| (a) | o | Broker or dealer registered under Section 15 of the Exchange Act. | |
| (b) | o | Bank as defined in Section 3(a)(6) of the Exchange Act. | |
| (c) | o | Insurance company as defined in Section 3(a)(19) of the Exchange Act. | |
| (d) | o | Investment company registered under Section 8 of the Investment Company Act. | |
| (e) | o | An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); |
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CUSIP No.
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00202J203
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13G
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Page 8 of 11
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| (f) | o | An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); | |
| (g) | o | A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); |
| (h) | o | A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act; |
| (i) | o | A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act; | |
| (j) | o | Group, in accordance with Rule 13d-1(b)(1)(ii)(J). |
| Item 4. | Ownership. |
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
| (a) | Amount beneficially owned**: | ||
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Deerfield Capital, L.P. – 92,557 shares
Deerfield Special Situations Fund, L.P. – 92,557 shares
Deerfield Management Company, L.P. – 163,124 shares
Deerfield Special Situations Fund International Limited – 163,124 shares
James E. Flynn – 255,681 shares
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| (b) | Percent of class**: | ||
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Deerfield Capital, L.P. – 0.23%
Deerfield Special Situations Fund, L.P. – 0.23%
Deerfield Management Company, L.P. – 0.41%
Deerfield Special Situations International Limited – 0.41%
James E. Flynn – 0.63%
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| (c) | Number of shares as to which such person has**: | ||||
| (i) | Sole power to vote or to direct the vote |
All Reporting Persons 0
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| (ii) | Shared power to vote or to direct the vote |
Deerfield Capital,
L.P. – 92,557
Deerfield Special
Situations Fund,
L.P. – 92,557
Deerfield
Management Company,
L.P. – 163,124
Deerfield Special
Situations Fund
International
Limited – 163,124
James E. Flynn -
255,681
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CUSIP No.
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00202J203
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13G
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Page 9 of 11
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| (iii) | Sole power to dispose or to direct the disposition of |
All Reporting Persons - 0
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| (iv) | Shared power to dispose or to direct the disposition of |
Deerfield Capital,
L.P. – 92,557
Deerfield Special
Situations Fund,
L.P. – 92,557
Deerfield
Management Company,
L.P. – 163,124
Deerfield Special
Situations Fund
International
Limited – 163,124
James E. Flynn -
255,681
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**See footnotes on cover pages which are incorporated by reference herein.
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Item 5.
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Ownership of Five Percent or Less of a Class.
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If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities check the following x.
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Item 6.
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Ownership of More Than Five Percent on Behalf of Another Person. |
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than five percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
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N/A
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Item 7.
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Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
If a parent holding company or Control person has filed this schedule, pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company or control person has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
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N/A
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CUSIP No.
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00202J203
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13G
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Page 10 of 11
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Item 8.
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Identification and Classification of Members of the Group. |
If a group has filed this schedule pursuant to ss.240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to ss.240.13d-1(c) or ss.240.13d-1(d), attach an exhibit stating the identity of each member of the group.
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See Exhibit B
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Item 9.
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Notice of Dissolution of Group. |
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
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N/A
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Item 10.
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Certifications. |
"By signing below I certify that, to the best of my 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 such purpose or effect."
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CUSIP No.
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00202J203
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13G
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Page 11 of 11
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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.
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DEERFIELD CAPITAL, L.P.
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By:
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J.E. Flynn Capital LLC, General Partner
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By:
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/s/ Darren Levine
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Darren Levine, Attorney-In-Fact
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DEERFIELD SPECIAL SITUATIONS FUND, L.P.
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By:
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Deerfield Capital, L.P., General Partner
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By:
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J.E. Flynn Capital LLC, General Partner
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By:
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/s/ Darren Levine
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Darren Levine, Attorney-In-Fact
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DEERFIELD MANAGEMENT COMPANY, L.P.
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By:
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Flynn Management LLC, General Partner
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By:
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/s/ Darren Levine
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Darren Levine, Attorney-In-Fact
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DEERFIELD SPECIAL SITUATIONS FUND INTERNATIONAL LIMITED
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By:
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/s/ Darren Levine
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Darren Levine, Attorney-In-Fact
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JAMES E. FLYNN
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/s/ Darren Levine
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Darren Levine, Attorney-In-Fact
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Date: February 2, 2011
Exhibit List
Exhibit A. Joint Filing Agreement.
Exhibit B. Item 8 Statement.
Exhibit C. (1) Power of Attorney.
(1) Previously filed as Exhibit C to the Schedule 13G for Hi-Tech Pharmacal Co., Inc. filed with the Commission on July 13, 2010 by Deerfield Capital L.P.; Deerfield Partners, L.P.; Deerfield Management Company, L.P.; Deerfield International Limited; Deerfield Special Situations Fund, L.P.; Deerfield Special Situations Fund International Limited; and James E. Flynn.
Exhibit A
The undersigned agree that this Schedule 13G, and all amendments thereto, relating to the Common Stock of A.P. Pharma, Inc. shall be filed on behalf of the undersigned.
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DEERFIELD CAPITAL, L.P.
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By:
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J.E. Flynn Capital LLC, General Partner
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By:
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/s/ Darren Levine
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Darren Levine, Attorney-In-Fact
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DEERFIELD SPECIAL SITUATIONS FUND, L.P.
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By:
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Deerfield Capital, L.P., General Partner
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By:
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J.E. Flynn Capital LLC, General Partner
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By:
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/s/ Darren Levine
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Darren Levine, Attorney-In-Fact
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DEERFIELD MANAGEMENT COMPANY, L.P.
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By:
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Flynn Management LLC, General Partner
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By:
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/s/ Darren Levine
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Darren Levine, Attorney-In-Fact
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DEERFIELD SPECIAL SITUATIONS FUND INTERNATIONAL LIMITED
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By:
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/s/ Darren Levine
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Darren Levine, Attorney-In-Fact
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JAMES E. FLYNN
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/s/ Darren Levine
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Darren Levine, Attorney-In-Fact
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Exhibit B
Due to the relationships between them, the reporting persons hereunder may be deemed to constitute a “group” with one another for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934.