<PAGE>
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)(1)
PROTEIN POLYMER TECHNOLOGIES, INC.
----------------------------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
74369 7 104
-----------
(CUSIP Number)
Hope Flack
BVF Partners L.P.
333 West Wacker Drive, Suite 1600
Chicago, Illinois 60606
(312) 263-7777
--------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 6, 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 8 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).
<PAGE>
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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.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
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3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 340,000
REPORTING ------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
340,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
340,000
- --------------------------------------------------------------------------------
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)
3.3%
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14 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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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.
- --------------------------------------------------------------------------------
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* / /
- --------------------------------------------------------------------------------
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!
<PAGE>
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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
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 680,000
REPORTING ------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
680,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
680,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
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14 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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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) / /
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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 680,000
REPORTING ------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
680,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
680,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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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.
<PAGE>
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CUSIP NO. 74369 7 104 13D Page 7 of 9 Pages
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since November 6, 1996, Partners, in its capacity as general partner of
BVF, has purchased on behalf of such limited partnership an aggregate number of
340,000 shares of the Stock for an aggregate consideration of $850,000.00,
utilizing funds provided by BVF from its working capital pursuant to the terms
of its limited partnership agreement with Partners. Partners, in its capacity
as general partner of Ventures, has purchased on behalf of such limited
partnership an aggregate number of 240,000 shares of the Stock for an aggregate
consideration of $600,000, 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 100,000 shares of the Stock for an aggregate
consideration of $250,000, utilizing funds under management by Partners
pursuant to investment management agreements between Partners and such managed
accounts.
ITEM 4. PURPOSE OF TRANSACTIONS.
The sole purpose of the acquisitions and dispositions of the Stock reported
herein is and was for investment. The Reporting Persons did not at the time of
such acquisitions or dispositions of the Stock, and do not presently, have any
plan to acquire control of PPT. The Reporting Persons may acquire or dispose of
additional shares of the Stock from time to time.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 340,000 shares of the Stock, Venture
beneficially owns 240,000 shares of the Stock Partners beneficially owns 680,000
shares of the Stock, and BVF Inc. beneficially owns 680,000 shares of the Stock,
approximately 3.3%, 2.3%, 6.5% and 6.5%, respectively, of the aggregate number
of shares outstanding as of February 3, 1998.
(b) BVF shares voting and dispositive power over the 340,000 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
680,000 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.
<PAGE>
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CUSIP NO. 74369 7 104 13D Page 8 of 9 Pages
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(c) Exhibit B attached hereto contains information as to all transactions
in the Stock by the Reporting Persons since the 60 day period preceding the date
of the event requiring filing. The Stock was purchased with cash directly from
PPT pursuant to that certain Securities Purchase Agreement dated January 6,
1997, as reported by PPT on the Form 8-K filed January 7, 1997. No other
transactions in the Stock have been effected by the Reporting Persons other than
those listed on Exhibit B.
(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 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
Exhibit B - Transactions in the Stock by the Reporting Persons since
November 6, 1996.
<PAGE>
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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: April 17, 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
<PAGE>
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
The undersigned, Biotechnology Value Fund, L.P., a Delaware limited
partnership, BVF Partners L.P., a Delaware limited partnership, Biotechnology
Venture 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: April 17, 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
<PAGE>
BVF INC.
By: /s/ MARK N. LAMPERT
------------------------------------------------------------
Mark N. Lampert
President
<PAGE>
EXHIBIT B
TRANSACTIONS IN THE STOCK BY THE REPORTING PERSONS
SINCE NOVEMBER 1996
<TABLE>
<CAPTION>
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Settlement For the Price per Type of
---------- ------- --------- -------
Date By Account of Quantity Share Trade Broker
---- -- ---------- -------- ----- ----- ------
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<S> <C> <C> <C> <C> <C> <C>
01/03/97 Partners ILL10 30,000 $2.5000 Purchase NB
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01/03/97 Partners BVL Ltd. 70,000 $2.5000 Purchase NB
- ---------------------------------------------------------------------------------
01/03/97 Partners Venture 240,000 $2.5000 Purchase NB
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01/06/97 Partners BVF 340,000 $2.5000 Purchase NB
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</TABLE>
NB = No Broker
