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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13d
(RULE 13D-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(AMENDMENT NO. __)(1)
PROTEIN POLYMER TECHNOLOGIES, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
74369 7 104
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(CUSIP Number)
MARC SCHNEIDMAN
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BVF Partners L.P.
333 West Wacker Drive, Suite 1600
Chicago, Illinois 60606
(415) 288-2396
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 8, 1998
-----------------
(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 8 Pages)
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(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. 74369 7 104 13D Page 2 of 9 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BIOTECHNOLOGY VALUE FUND, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /x/ (b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES -------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 322,000
REPORTING -------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------
10 SHARED DISPOSITIVE POWER
322,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
322,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.1%
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14 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 74369 7 104 13D Page 3 of 9 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BIOTECHNOLOGY VENTURE PARTNERS, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /x/ (b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES --------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 240,000
REPORTING --------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------
10 SHARED DISPOSITIVE POWER
240,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
240,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.3%
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14 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 74369 7 104 13D Page 4 of 9 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BVF PARTNERS L.P.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /x/ (b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES --------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 652,000
REPORTING --------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------
10 SHARED DISPOSITIVE POWER
652,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
652,000
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
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14 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 74369 7 104 13D Page 5 of 9 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BVF INC.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /x/ (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES --------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 652,000
REPORTING --------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------
10 SHARED DISPOSITIVE POWER
652,000
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
652,000
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
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14 TYPE OF REPORTING PERSON*
IA, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 74369 7 104 13D Page 6 of 9 Pages
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ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D (this "Statement") relates to the Common
Stock, par value $.01 per share (the "Stock"), of Protein Polymer Technologies,
Inc., a Delaware corporation ("PPT"). The principal executive office of PPT is
located at 10655 Sorrento Valley Road, San Diego, CA 92121.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this Statement, the persons enumerated in Instruction C
of Schedule 13D and, where applicable, their respective places of organization,
general partners, directors, executive officers and controlling persons, and
certain information regarding each of them, are as follows:
(a) Biotechnology Value Fund, L.P., a Delaware limited partnership
("BVF"), Biotechnology Venture Partners, L.P., a Delaware limited partnership
("Venture"), BVF Partners L.P., a Delaware limited partnership ("Partners"), BVF
Inc., a Delaware corporation ("BVF Inc."), and Mark N. Lampert, an individual
("Lampert") (collectively, the "Reporting Persons").
(b) The business address of BVF, Venture and Partners is 333 West Wacker
Drive, Suite 1600, Chicago, Illinois 60606. The business address of BVF Inc.
and Lampert is One Sansome Street, 39th Floor, San Francisco, California 94104.
(c) Partners is the general partner of BVF and Venture, both of which is
are investment limited partnerships. BVF Inc. is an investment adviser to and
general partner of Partners. Lampert is the sole shareholder, sole director and
an officer of BVF Inc.
(d) During the last five years, none of such persons has been convicted in
a criminal proceeding (excluding traffic violations and similar misdemeanors).
(e) During the last five years, none of such persons was a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding was or is subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any violation
with respect to such laws.
(f) Lampert is a citizen of the United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Not applicable.
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CUSIP NO. 74369 7 104 13D Page 7 of 9 Pages
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ITEM 4. PURPOSE OF TRANSACTIONS.
The external environment for small, quality biotechnology companies is
undergoing a period of rapid and profound change. The convergence of a
depressed equity market, the possible slowing pace of a corporate partnering
activity, and escalating cash burn rates could produce an industry shake-out in
which financially conservative companies prosper and financially weak companies
falter. This changing environment may call for managements and Boards to
husband capital by significantly reducing cash burn rates and to otherwise alter
preconceived business plans. If managed pro-actively and intelligently, this
period could yield attractive returns for shareholders. However, the
consequences of complacency and the potential for irreparable missteps are
great. BVF may seek to work with company managements, Boards and shareholders
to maximize shareholder value and, specifically, to protect the substantial
value of funded, partnered programs from unnecessary dilution. BVF IS AMENDING
ALL ITS 13-D FILINGS WITH THIS NOTICE.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 322,000 shares of the Stock, Venture
beneficially owns 240,000 shares of the Stock, Partners beneficially owns
652,000 shares of the Stock, and BVF Inc. beneficially owns 652,000 shares of
the Stock, approximately 3.1%, 2.3%, 6.2% and 6.2%, respectively, of the
aggregate number of shares outstanding as of August 13, 1998 (as reported in
PPT's most recent quarterly statement on Form 10-Q).
(b) BVF shares voting and dispositive power over the 322,000 shares of
the Stock it beneficially owns with Partners. Venture shares voting and
dispositive power over the 240,000 shares of the Stock it beneficially owns with
Partners. Partners and BVF Inc. share voting and dispositive power over the
652,000 shares of the Stock they beneficially own with, in addition to BVF and
Venture, 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"), and Biotechnology Value Fund, Ltd., a Cayman Islands
Corporation ("BVF Ltd."). ILL10, 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 Drive, Suite 1600, Chicago, Illinois 60606.
(c) No transactions in the Stock have been effected by the Reporting
Persons during the past 60 days.
(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.
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CUSIP NO. 74369 7 104 13D Page 8 of 9 Pages
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ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Partners is the general partner of BVF pursuant to a limited partnership
agreement which authorizes Partners, among other things, to invest the funds of
BVF in the Stock and to vote and dispose of the Stock. Pursuant to such limited
partnership agreement, Partners is entitled to allocations based on assets under
management and realized and unrealized gains thereon. Pursuant to investment
management agreements with the Accounts, Partners and BVF Inc. have the
authority, among other things, to invest funds of the Accounts in the Stock and
to vote and dispose of the Stock. Pursuant to such agreements, Partners and BVF
Inc. receive fees based on assets under management and realized and unrealized
gains thereon. BVF Inc. is the general partner of Partners and may be deemed to
own beneficially securities over which Partners exercises voting and dispositive
power.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A - Agreement Regarding Joint Filing
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CUSIP NO. 74369 7 104 13D Page 9 of 9 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: September 8, 1998
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
BIOTECHNOLOGY VENTURE PARTNERS, 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
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EXHIBIT A
AGREEMENT REGARDING JOINT FILING
The undersigned, Biotechnology Value Fund, L.P., a Delaware limited
partnership, Biotechnology Venture Partners, L.P., a Delaware limited
partnership, BVF Partners L.P., a Delaware limited partnership, and BVF Inc.,
a Delaware corporation, hereby agree and acknowledge that the statement
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 amendments or supplements thereto shall
also be filed on behalf of each of them.
Dated: September 8, 1998
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
BIOTECHNOLOGY VENTURE PARTNERS, 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
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BVF INC.
By: /s/ Mark N. Lampert
---------------------------------
Mark N. Lampert
President