UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(Amendment No. 2)*
UNDER THE SECURITIES EXCHANGE ACT OF 1934
PENEDERM INCORPORATED
------------------------------
(Name of Issuer)
Common Stock
------------------------------
(Title of Class of Securities)
706867-10-8
------------------------------
(CUSIP Number)
*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 ("Act") 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).
Page 1 of 11 pages
<PAGE>
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CUSIP No. 706867-10-8 13G Page 2 of 11 Pages
- --------------------------- ---------------------------
- --------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
ONSET Enterprise Associates, L.P.
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |X|
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
4 Citizenship or place of organization
Delaware
- --------- ----------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 225,000
SHARES -------- -----------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH REPORTING - 0 -
PERSON WITH -------- -----------------------------------------
7 SOLE DISPOSITIVE POWER
225,000
-------- -----------------------------------------
8 SHARED DISPOSITIVE POWER
- 0 -
- --------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
225,000
- --------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.08%
- --------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------- ----------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 11 pages
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CUSIP No. 706867-10-8 13G Page 3 of 11 Pages
- --------------------------- ---------------------------
- --------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
OEA Management, L.P.
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |X|
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
4 Citizenship or place of organization
Delaware
- --------- ----------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 225,000
SHARES -------- -----------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH REPORTING - 0 -
PERSON WITH -------- -----------------------------------------
7 SOLE DISPOSITIVE POWER
225,000
-------- -----------------------------------------
8 SHARED DISPOSITIVE POWER
- 0 -
- --------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
225,000
- --------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.08%
- --------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------- ----------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 3 of 11 Pages
<PAGE>
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CUSIP No. 706867-10-8 13G Page 4 of 11 Pages
- --------------------------- ---------------------------
- --------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Robert F. Kuhling, Jr.
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |X|
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
4 Citizenship or place of organization
United States
- --------- ----------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 8,572
SHARES -------- -----------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH REPORTING 500,000
PERSON WITH -------- -----------------------------------------
7 SOLE DISPOSITIVE POWER
8,572
-------- -----------------------------------------
8 SHARED DISPOSITIVE POWER
500,000
- --------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
508,572
- --------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.95%
- --------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- --------- ----------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 4 of 11 pages
<PAGE>
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CUSIP No. 706867-10-8 13G Page 5 of 11 Pages
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- --------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Terry L. Opdendyk
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |X|
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
4 Citizenship or place of organization
United States
- --------- ----------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 8,572
SHARES -------- -----------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH REPORTING 500,000
PERSON WITH -------- -----------------------------------------
7 SOLE DISPOSITIVE POWER
8,572
-------- -----------------------------------------
8 SHARED DISPOSITIVE POWER
500,000
- --------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
508,572
- --------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.95%
- --------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- --------- ----------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 5 of 11 pages
<PAGE>
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CUSIP No. 706867-10-8 13G Page 6 of 11 Pages
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- --------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
ONSET, a California limited partnership
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |X|
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
4 Citizenship or place of organization
California
- --------- ----------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 275,000
SHARES -------- -----------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH REPORTING - 0 -
PERSON WITH -------- -----------------------------------------
7 SOLE DISPOSITIVE POWER
275,000
-------- -----------------------------------------
8 SHARED DISPOSITIVE POWER
- 0 -
- --------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
275,000
- --------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.76%
- --------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------- ----------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 6 of 11 pages
<PAGE>
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CUSIP No. 706867-10-8 13G Page 7 of 11 Pages
- --------------------------- ---------------------------
- --------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
ONSET Management, a California limited partnership
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |X|
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
4 Citizenship or place of organization
California
- --------- ----------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 275,000
SHARES -------- -----------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH REPORTING - 0 -
PERSON WITH -------- -----------------------------------------
7 SOLE DISPOSITIVE POWER
275,000
-------- -----------------------------------------
8 SHARED DISPOSITIVE POWER
- 0 -
- --------- ----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
275,000
- --------- ----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------- ----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.76%
- --------- ----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------- ----------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 7 of 11 pages
<PAGE>
Item 1.
(a) Name of Issuer: Penederm Incorporated ("Issuer")
(b) Address of Issuer's Principal Executive Offices:
320 Lakeside Drive
Foster City, CA 94404
Item 2.
(a) Name of Person Filing:
ONSET Enterprise Associates, L.P. ("OEA")
OEA Management, L.P. ("OEAM")
Robert F. Kuhling, Jr. ("Kuhling")
Terry L. Opdendyk ("Opdendyk")
ONSET, a California limited partnership ("ONSET")
ONSET Management, a California limited partnership ("ONSET Management")
(b) Address of Principal Business Office:
2490 Sand Hill Road
Menlo Park, CA 94025
(c) Citizenship/Place of Organization:
OEA: Delaware
OEAM: Delaware
Kuhling: United States
Opdendyk: United States
ONSET: California
ONSET Management: California
(d) Title of Class of Securities: Common Stock
(e) CUSIP Number: 706867-10-8
Item 3. Not applicable.
Page 8 of 11 pages
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<TABLE>
Item 4 Ownership.
<CAPTION>
- ------ ---------------------- ------------ --------------- ------------- --------------- ------------ -------------
OEA OEAM Kuhling Opdendyk ONSET ONSET
Management
- ------ ---------------------- ------------ --------------- ------------- --------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
(a) Beneficial Ownership 225,000 225,000 508,572 508,572 275,000 275,000
- ------ ---------------------- ------------ --------------- ------------- --------------- ------------ -------------
(b) Percentage of Class 3.08% 3.08% 6.95% 6.95% 3.76% 3.76%
- ------ ---------------------- ------------ --------------- ------------- --------------- ------------ -------------
(c) Sole Voting Power 225,000 225,000 8,572 8,572 275,000 275,000
- ------ ---------------------- ------------ --------------- ------------- --------------- ------------ -------------
Shared Voting Power -0- -0- 500,000 500,000 -0- -0-
- ------ ---------------------- ------------ --------------- ------------- --------------- ------------ -------------
Sole Dispositive Power 225,000 225,000 8,572 8,572 275,000 275,000
- ------ ---------------------- ------------ --------------- ------------- --------------- ------------ -------------
Shared Dispositive -0- -0- 500,000 500,000 -0- -0-
Power
- ------ ---------------------- ------------ --------------- ------------- --------------- ------------ -------------
</TABLE>
*In addition to the above, NEA ONSET Partners, Limited Partnership ("NEA ONSET")
is a general partner of OEAM and hence, may be deemed to share voting and
dispositive power over the 225,000 shares beneficially owned by OEAM and OEA.
Similarly, each of Cornelius C. Bond, Jr., Frank A. Bonsal, Jr., Nancy L.
Dorman, C. Richard Kraunlich, Arthur J. Marks, Thomas C. McConnell, Charles W.
Newhall, and C. Woodrow Rea, Jr., the eight general partners of NEA ONSET may be
deemed to share any voting and dispositive power deemed to be held by NEA ONSET.
Item 5. Ownership of Five Percent or Less of a Class
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person
Under certain circumstances set forth in the partnership agreements of each of
OEA and OEAM, the general and/or limited partners of each such partnership have
the right to receive dividends from, or the proceeds from the sale of, the
Common Stock of Issuer beneficially owned by each such partnership.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group
No reporting person is a member of a group as defined in Section
240.13d-1(b)(1)(ii)(H) of the Act.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
Not applicable.
EXHIBITS
A: Joint Filing Statement
Page 9 of 11 pages
<PAGE>
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.
Date: February 13, 1997
ONSET, a California limited partnership
By: ONSET Management, a California limited partnership,
its general partner
By: /s/ Terry L. Opdendyk
-----------------------------
General Partner
ONSET Management, a California limited partnership
By: /s/ Terry L. Opdendyk
--------------------------------------
General Partner
ONSET Enterprise Associates, L.P.
By: OEA Management, L.P., its general partner
By: /s/ Terry L. Opdendyk
-----------------------------
General Partner
OEA Management, L.P.
By: /s/ Terry L. Opdendyk
-------------------------------------
General Partner
/s/ Robert F. Kuhling, Jr.
- ----------------------------------------
Robert F. Kuhling, Jr.
/s/ Terry L. Opdendyk
- ----------------------------------------
Terry L. Opdendyk
Page 10 of 11 pages
<PAGE>
EXHIBIT A
We, the undersigned, hereby express our agreement that the attached
Schedule 13G is filed on behalf of us.
Date: February 13, 1997
ONSET, a California limited partnership
By: ONSET Management, a California limited partnership,
its general partner
By: /s/ Terry L. Opdendyk
-----------------------------
General Partner
ONSET Management, a California limited partnership
By: /s/ Terry L. Opdendyk
-------------------------------------
General Partner
ONSET Enterprise Associates, L.P.
By: OEA Management, L.P., its general partner
By: /s/ Terry L. Opdendyk
-----------------------------
General Partner
OEA Management, L.P.
By: /s/ Terry L. Opdendyk
-------------------------------------
General Partner
/s/ Robert F. Kuhling, Jr.
- ----------------------------------------
Robert F. Kuhling, Jr.
/s/ Terry L. Opdendyk
- ----------------------------------------
Terry L. Opdendyk
Page 11 of 11 pages
