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| FORM 3 | UNITED STATES SECURITIES AND EXCHANGE COMMISSION
+--------+ Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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(f) of the Investment Company Act of 1940
(Print or Type Responses)
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1. Name and Address of Reporting Person*
Gates Peter R.
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(Last) (First) (Middle)
36 Washington Street, Suite 170
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(Street)
Wellesley Hills MA 02481-1904
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(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year) 10/25/00
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3. I.R.S or Social Security Number of Reporting Person, if an
entity (voluntary)
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4. Issuer Name and Ticker or Trading Symbol MediChem Life Sciences, Inc. (MCLS)
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5. Relationship of Reporting Persons to Issuer (Check all applicable)
_X_ Director ___ Officer _X_ 10% Owner ___ Other
(give title below) (specify below)
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6. If Amendment, Date of Original (Month/Day/Year)
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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 Beneficially Owned
<TABLE>
<CAPTION>
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1. Title 2. Amount of 3. Ownership Form: 4. Nature of Indirect
of Securities Direct (D) or Beneiial
Security Beneficially Indirect (I) Ownership
(Instr. 4) Owned (Instr. 4) (Instr. 5) (Instr. 5)
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<S> <C> <C> <C>
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Common Stock 6,139,416 I By LLC(1)
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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
5(b)(v).
(Over)
SEC 1473(7-97)
Table II--Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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1. Title of Derivative 2. Date Exer- 3. Title and Amount of Securities 4. Conversion 5. Ownership 6. Nature of
Security (Instr. 4) cisable and Underlying Derivative Security or Form of Indirect
Expiration (Instr. 4) Exercise Derivative Beneficial
Date Price Security: Ownership
(Month/Day/ of Direct (D) (Instr. 5)
Year) Derivative or Indirect (I)
Security (Instr. 5)
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Date Expira- Amount or
Exer- tion Title Number of
cisable Date Shares
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<S> <C> <C> <C> <C> <C> <C> <C>
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</TABLE>
Explanation of Responses:
(1) Mr. Gates is a non-managing member of MedEquity Investors, LLC, which is
the Managaing Member of ChaseMedichem Partners, LLC, MedEquity Investors
Partners, LLC and Peachtree Medichem Partners, LLC (the "LLC
Stockholders"). The LLC Stockholders hold, in the aggregate, 6,139,416
shares of Common Stock. Mr. Gates disclaims beneficial ownership of these
securities, except to the extent of his pecuniary interest.
** International 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 sufficient, 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
/s/ Peter R. Gates October 19, 2000
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**Signature of Reporting Person Date
Page 2
SEC 1473(7-97)
