UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue.
[ ] Form 3 Holdings Reported
[ ] Form 4 Transactions Reported
1. Name and Address of Reporting Person(s)
Venkatadri, Bobba
10030 Barnes Canyon Road
San Diego, CA 92121-2789
2. Issuer Name and Ticker or Trading Symbol
Molecular Biosystems, Inc. (MB)
3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
4. Statement for Month/Year
03/99
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)
President and 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
<TABLE>
<CAPTION>
Table I Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1)Title of Security 2)Trans- 3.Trans- 4.Securities Acquired(A) 5)Amount of 6) 7)Nature of
action action or Disposed of (D) Securities Indirect
Date Code A Beneficially D Beneficial
(Month/ or Owned at or Ownership
Day/Year) Code Amount D Price End of Year I
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<S> <C> <C> <C> <C><C> <C> <C><C>
Common Stock 12/01/98 A 25,000 (1) A 39,197 D Direct
<CAPTION>
Table II (PART 1) Derivative Securitites Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
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1)Title of Derivative 2)Conversion 3)Trans- 4)Trans- 5)Number of Derivative 6)Date Exercisable and
Security or Exercise action action Securities Acquired (A) Expiration Date
Price of Date Code or Disposed of (D)
Derivative
Security Code A D Exercisable Expiration
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Incentive Stock Option (right $2.7500 01/21/99 A 100,000 01/21/00 (2) 01/21/09
to buy)
Incentive Stock Option (right $9.6875 05/12/98 A 10,322 04/01/99 05/12/08
to buy)
Non-Qualified Stock Option $0.9281 01/04/99 J (3) 10,613 02/04/99 (4) 01/04/09
(right to buy)
Non-Qualified Stock Option $3.3125 11/17/98 A 45,000 11/17/99 11/17/08
(right to buy)
Non-Qualified Stock Option $9.6875 05/12/98 A 47,578 04/01/99 05/12/08
(right to buy)
<CAPTION>
Table II (PART 2) Derivative Securitites Acquired, Disposed of, or Beneficially Owned (Columns 1,3 and 7 through 11)
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1)Title of Derivative 3)Trans- 7)Title and Amount 8)Price 9)Number of 10) 11)Nature of
Security action of Underlying of Deri- Derivative Indirect
Date Securities vative Securities D Beneficial
Amount or Security Beneficially or Ownership
Number of Owned at I
- Title Shares End of Year
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Incentive Stock Option (right 01/21/99 Common Stock 100,000 100,000 D Direct
to buy)
Incentive Stock Option (right 05/12/98 Common Stock 10,322 10,322 D Direct
to buy)
Non-Qualified Stock Option 01/04/99 Common Stock 10,613 10,613 D Direct
(right to buy)
Non-Qualified Stock Option 11/17/98 Common Stock 45,000 45,000 D Direct
(right to buy)
Non-Qualified Stock Option 05/12/98 Common Stock 47,578 47,578 D Direct
(right to buy)
<FN>
Explanation of Responses:
(1)
Restricted stock grant which vests on February 1, 2000
(2)
Options vest in equal yearly installments of 25% beginning 1/21/00.
(3)
Stock option grant pursuant to Deferred Compensation Program in the 1998 Stock Option Plan
(4)
Options vest in a series of 12 successive equal monthly installments beginning 2/4/99.
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ Venkatadri, Bobba
DATE