UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Kabakoff, David S.
c/o Spiros Development Corporation II, Inc.
7475 Lusk Blvd.
San Diego, CA 92121
USA
2. Issuer Name and Ticker or Trading Symbol
Spiros Development Corporation II, Inc.
SDCO
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
12-31-97
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Chairman, President & CEO
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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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 |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Callable Common Stock, par |12-18-|P | |6,660 |A |$16.00(2) |6,660 |D | |
value $.001 per share(1) |97 | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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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 | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option |$14.00 |12-16|A |V|65,000 |A |12-16|12-16|Callable Com|65,000 | |65,000 |D | |
(right to buy) | |-97 | | | | |-02 |-07 |mon Stock | | | | | |
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Allocation from Deferr| |12-22|J(3)| |3,984 |A | | |Callable Com|3,984 | |3,984 |I |(3) |
ed Compensation Plan -| |-97 | | | | | | |mon Stock | | | | | |
Callable Common Stock| | | | | | | | | | | | | | |
(3) | | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Callable Common Stock was issued as a component of Units consisting of one
share of Callable Common Stock of Spiros Development Corporation
II, Inc. ("SDCII") and one Warrant to purchase one-fourth of one share of
Common Stock of Dura Pharmaceuticals, Inc. ("Dura") (the "Units").
(2) The purchase price reflects the full price of the Units described in
Footnote (1) above and does not attempt to allocate the purchase price of the
securities comprising the
Units.
(3) Allocation (based upon participation and payroll deduction) of shares of
Callable Common Stock, which are a component of Units described in
Footnote (1) above which were purchased and are held by the Trustee for the
Deferred Compensation Plan of Dura. Source of funds for the
purchase is the participant's contribution. Reporting person has no direct
ownership in, and has no voting rights associated with, the shares of
Callable Common Stock, which are a component of the
Units.
SIGNATURE OF REPORTING PERSON
/s/ David S. Kabakoff
DATE
January 9, 1998
