<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
-----------------
SCHEDULE 13D
(Rule 13d-101)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)/1/
Neurogen Corporation
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
64124 E 106
-----------
(CUSIP Number)
Hope Flack
BVF Partners L.P.
333 West Wacker Drive, Suite 1600
Chicago, Illinois 60606
(312) 263-7777
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 16, 1997
--------------
(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 which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom
copies are to be sent.
(Continued on following pages)
(Page 1 of 7 Pages)
- -------------------------
/1/ 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).
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CUSIP NO. 64124 E 106 13D PAGE 2 OF 7 PAGES
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- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Biotechnology Value Fund, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
5 REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF -0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
566,920
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING -0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
566,920
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
566,920
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
13
4.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP NO. 64124 E 106 13D PAGE 3 OF 7 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BVF Partners L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
5 REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF -0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,055,106
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING -0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,055,106
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,055,106
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
13
7.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 64124 E 106 13D PAGE 4 OF 7 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BVF Inc.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC, OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
5 REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF -0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,055,106
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING -0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,055,106
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,055,106
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
13
7.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IA,CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 64124 E 106 13D PAGE 5 OF 7 PAGES
- ----------------------- ---------------------
This Amendment No. 1 (this "Amendment") relates to the Statement on
Schedule 13D (the "Statement") dated March 18, 1997, filed with the Securities
and Exchange Commission on behalf of Biotechnology Value Fund, L.P., a Delaware
limited partnership ("BVF"), BVF Partners L.P., a Delaware limited partnership
("Partners"), and BVF Inc., a Delaware corporation ("BVF Inc." and, together
with BVF and Partners, the "Reporting Persons") with respect to the Common
Stock, par value $.025 per share (the "Stock"), of Neurogen Corporation
("Neurogen").
Item 3 is hereby amended to read in its entirety as follows:
ITEM 3: SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since March 5, 1997, Partners, in its capacity as general partner of BVF,
has purchased on behalf of such limited partnership an aggregate number of
125,300 shares of the Stock for an aggregate consideration of $2,078,262.50,
utilizing funds provided by BVF from its working capital pursuant to the terms
of its limited partnership agreement with Partners. In addition, Partners, in
its capacity as investment manager with respect to certain managed accounts, has
purchased on behalf of such managed accounts an aggregate number of 98,800
shares of the Stock for an aggregate consideration of $1,535,834.00, utilizing
funds under management by Partners pursuant to an investment management
agreement between Partners and such managed accounts.
Item 5 is hereby amended to read in its entirety as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 566,920 shares of the Stock, Partners
beneficially owns 1,055,106 shares of the Stock, and BVF Inc. beneficially owns
1,055,106 shares of the Stock, approximately 4.0%, 7.4% and 7.4%, respectively,
of the aggregate number of shares outstanding as of May 2, 1997.
(b) BVF shares voting and dispositive power over the 566,920 shares of the
Stock it beneficially owns with Partners. Partners and BVF Inc. share voting
and dispositive power over the 1,055,106 shares of the Stock they beneficially
own with, in addition to BVF, the managed accounts on whose behalf Partners, as
investment manager, purchased such shares. The managed accounts on whose behalf
Partners owns shares of the Stock are Investment 10 L.L.C., an Illinois limited
liability company ("ILL10"), Palamundo, L.D.C., a limited duration company
organized under the laws of the Cayman Islands ("Palamundo"), ZPG Securities,
L.L.C., a New York limited liability company ("ZPG") and Biotechnology Value
Fund, Ltd., a Cayman Islands Corporation ("BVF Ltd."). ILL10, Palamundo, ZPG
and BVF Ltd. are collectively referred to herein as the "Accounts." The
Accounts specialize in holding biotechnology stocks for investment purposes and
the business address of each is c/o BVF Partners L.P., 333 West Wacker
<PAGE>
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CUSIP NO. 64124 E 106 13D PAGE 6 OF 7 PAGES
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Drive, Suite 1600, Chicago, Illinois 60606.
(c) Exhibit B attached hereto contains information as to all transactions
in the Stock by the Reporting Persons since the most recent filing on Schedule
13D. All such transactions were made for cash in open market, over-the-counter
transactions. No other transactions in the Stock have been effected by the
Reporting Persons since the most recent filing on Schedule 13D.
(d) The Accounts are entitled to receive dividends and any sale proceeds
with respect to the Stock in proportion to their respective ownership interests
therein.
Item 7 is hereby amended to read in its entirety as follows:
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A - Agreement Regarding Joint Filing
Exhibit B - Transactions in the Stock by the Reporting Persons since the
most recent filing on Schedule 13D.
<PAGE>
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CUSIP NO. 64124 E 106 13D PAGE 7 OF 7 PAGES
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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.
Dated: May 2, 1997
BIOTECHNOLOGY VALUE FUND, L.P.
By: BVF Partners L.P., its general partner
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
-------------------
Mark N. Lampert
President
BVF PARTNERS L.P.
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
-------------------
Mark N. Lampert
President
BVF INC.
By: /s/ MARK N. LAMPERT
-------------------
Mark N. Lampert
President
<PAGE>
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
--------------------------------
The undersigned, Biotechnology Value Fund, L.P., a Delaware limited
partnership, and BVF Partners L.P., a Delaware limited partnership, and BVF
Inc., a Delaware corporation, hereby agree and acknowledge that the Amendment
containing the information required by Schedule 13D, to which this Agreement is
attached as an exhibit, is filed on behalf of each of them. The undersigned
further agree that any further amendments or supplements thereto shall also be
filed on behalf of each of them.
Dated: May 2, 1997
BIOTECHNOLOGY VALUE FUND, L.P.
By: BVF Partners L.P., its general partner
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
-------------------
Mark N. Lampert
President
BVF PARTNERS L.P.
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
-------------------
Mark N. Lampert
President
BVF INC.
By: /s/ MARK N. LAMPERT
-------------------
Mark N. Lampert
President
<PAGE>
EXHIBIT B
TRANSACTIONS IN THE STOCK BY THE REPORTING PERSONS
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SINCE THE MOST RECENT FILING ON SCHEDULE 13D
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<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Settlement For the Price Per Type of
- ---------- ------- --------- -------
Date By Account of Quantity Share Trade Broker
---- -- ---------- -------- ----- ----- ------
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
03/06/97 Partners BVF 20,000 17.1875 Purchase GROW
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03/06/97 Partners ILL10 4,000 17.1875 Purchase GROW
- -----------------------------------------------------------------------------
03/06/97 Partners PAL 2,000 17.1875 Purchase GROW
- -----------------------------------------------------------------------------
03/06/97 Partners ZPG 2,000 17.1875 Purchase GROW
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03/06/97 Partners BVF, Ltd. 12,000 17.1875 Purchase GROW
- -----------------------------------------------------------------------------
03/10/97 Partners BVF 2,500 17.2500 Purchase GROW
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03/11/97 Partners BVF 8,000 17.2500 Purchase RSSF
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03/11/97 Partners PAL 4,000 17.2500 Purchase RSSF
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03/11/97 Partners ZPG 3,000 17.2500 Purchase RSSF
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03/11/97 Partners BVF 35,000 17.5000 Purchase GROW
- -----------------------------------------------------------------------------
03/11/97 Partners BVF, Ltd. 15,000 17.5000 Purchase GROW
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03/13/97 Partners BVF 25,000 17.8750 Purchase GROW
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03/21/97 Partners ILL10 800 19.0000 Purchase INET
- -----------------------------------------------------------------------------
04/03/97 Partners BVF 300 19.0000 Purchase MIST
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04/16/97 Partners BVF 4,000 14.3750 Purchase GROW
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04/16/97 Partners ILL10 1,000 14.3750 Purchase GROW
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04/16/97 Partners PAL 2,000 14.3750 Purchase GROW
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04/16/97 Partners ZPG 1,000 14.3750 Purchase GROW
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04/16/97 Partners BVF, Ltd. 2,000 14.3750 Purchase GROW
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04/25/97 Partners ILL10 3,500 14.1250 Purchase GROW
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04/25/97 Partners BVF, Ltd. 4,000 14.1250 Purchase GROW
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04/28/97 Partners BVF 3,200 14.1250 Purchase GROW
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04/28/97 Partners BVF, Ltd. 1,800 14.1250 Purchase GROW
- -----------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Settlement For the Price Per Type of
- ---------- ------- --------- -------
Date By Account of Quantity Share Trade Broker
---- -- ---------- -------- ----- ----- ------
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
04/29/97 Partners BVF 27,300 14.1250 Purchase GROW
- -----------------------------------------------------------------------------
04/29/97 Partners ILL10 4,000 14.1250 Purchase GROW
- -----------------------------------------------------------------------------
04/29/97 Partners PAL 2,000 14.1250 Purchase GROW
- -----------------------------------------------------------------------------
04/29/97 Partners ZPG 1,800 14.1250 Purchase GROW
- -----------------------------------------------------------------------------
04/29/97 Partners BVF, Ltd. 14,900 14.1250 Purchase GROW
- -----------------------------------------------------------------------------
04/30/97 Partners PAL 2,500 14.1250 Purchase GROW
- -----------------------------------------------------------------------------
04/30/97 Partners ZPG 2,500 14.1250 Purchase GROW
- -----------------------------------------------------------------------------
05/01/97 Partners ILL10 1,500 13.9380 Purchase GROW
- -----------------------------------------------------------------------------
05/01/97 Partners PAL 800 13.9380 Purchase GROW
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05/01/97 Partners ZPG 700 13.9380 Purchase GROW
- -----------------------------------------------------------------------------
05/01/97 Partners BVF, Ltd. 5,000 13.9380 Purchase GROW
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05/05/97 Partners ILL10 1,000 14.625 Purchase GROW
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05/05/97 Partners ZPG 1,000 14.625 Purchase GROW
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05/05/97 Partners BVF, Ltd. 3,000 14.625 Purchase GROW
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</TABLE>
INET = Instinet
GROW = Pacific Growth Inc.
MIST = Mr. Stock Inc.
RSSF = Robertson Stephens & Co.
