<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)
(Amendment No. _2_)(1)
PROTEIN POLYMER TECHNOLOGIES, INC.
----------------------------------
(Name of Issuer)
Common Stock
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(Title of Class of Securities)
74369 7 104
-----------
(CUSIP Number)
Hope Flack
BVF Partners L.P
227 West Monroe Street, Suite 4800
Chicago, Illinois 60606
(312) 263-7777
-----------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 17, 2000
-----------------
(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)
(Pages 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>
CUSIP NO. 74369 7 104 13D Page 2 of 8 Pages
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1 NAME OF REPORTING PERSON:
BIOTECHNOLOGY VALUE FUND, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------------------------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF 0
SHARES --------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 272,000
EACH --------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------
8 SHARED DISPOSITIVE POWER
272,000
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
272,000
- -------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
2.0%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 74369 7 104 13D Page 3 of 8 Pages
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1 NAME OF REPORTING PERSON:
BIOTECHNOLOGY VENTURE PARTNERS, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------------------------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF 0
SHARES --------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 240,000
EACH --------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------
8 SHARED DISPOSITIVE POWER
240,000
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
240,000
- -------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
1.8%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 74369 7 104 13D Page 4 of 8 Pages
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1 NAME OF REPORTING PERSON:
BVF PARTNERS L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------------------------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF 0
SHARES --------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 552,000
EACH --------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------
8 SHARED DISPOSITIVE POWER
552,000
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
552,000
- -------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.1%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 74369 7 104 13D Page 5 of 8 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON:
BVF INC.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------------------------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF 0
SHARES --------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 552,000
EACH --------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------
8 SHARED DISPOSITIVE POWER
552,000
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
552,000
- -------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.1%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA, CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 74369 7 104 13D Page 6 of 8 Pages
This Amendment No. 2 (the "Amendment") to the Statement on Schedule 13D,
dated April 17, 1998, as amended first by Amendment No. 1, dated September 8,
1998 (as amended, the "Statement"), is being filed with the Securities and
Exchange Commission on behalf of 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"), and BVF Inc., a Delaware corporation ("BVF Inc."
and, together with BVF, Venture and Partners, the "Reporting Persons") with
respect to the Common Stock, par value $0.01 per share (the "Stock"), of
Protein Polymer Technologies Inc., a Delaware corporation ("PPT"). The
principle office of PPT is located at 10655 Sorrento Valley Road, San Diego,
CA, 92121.
Item 3 is hereby amended to read in its entirety as follows:
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since December 17, 1999, the following are the only transactions
undertaken by the Reporting Persons. Partners, in its capacity as general
partner of BVF, has sold on behalf of such limited partnership 50,000 shares
of the Stock for consideration of $78,512.38. In addition, Partners, in its
capacity as investment manager with respect to certain managed accounts, has
sold on behalf of such managed accounts 50,000 shares of the Stock for
consideration of $78,512.38.
Item 5 is hereby amended to read in its entirety as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 272,000 shares of the Stock, Venture
beneficially owns 240,000 shares of the Stock, Partners beneficially owns
552,000 shares of the Stock, and BVF Inc. beneficially owns 552,000 shares of
the Stock, approximately 2.0%, 1.8%, 4.1% and 4.1%, respectively, of the
aggregate number of shares outstanding as of November 1, 1999 (as reported in
PPT's most recent quarterly statement on Form 10-Q).
(b) BVF shares voting and dispositive power over the 272,000 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 552,000 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 BVF Partners L.P., 227 West Monroe Street, Suite 4800, Chicago, Illinois
60606.
(c) Exhibit B attached hereto contains information as to all
transactions in the Stock by the Reporting Persons during the past sixty
days. All of the transactions were made for cash
<PAGE>
CUSIP NO. 74369 7 104 13D Page 7 of 8 Pages
in open market, over-the-counter transactions. No other transactions in the
Stock have been effected by the Reporting Persons during the past sixty days.
(d) The Accounts are entitled to receive dividends and any sale
proceeds with respect to the Stock in proportion to its respective ownership
interest 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 during
the last 60 days.
<PAGE>
CUSIP NO. 74369 7 104 13D Page 8 of 8 Pages
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: February 24, 2000
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 99(a)
AGREEMENT REGARDING JOINT FILING
The undersigned, Biotechnology Value Fund, L.P., a Delaware limited
partnership, Biotechnology Value Fund II, 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 information
required by 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: February 24, 2000
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 99(b)
TRANSACTIONS IN THE STOCK BY THE REPORTING PERSONS
DURING THE PAST SIXTY DAYS
<TABLE>
<CAPTION>
For the Account Price per
Settlement Date By of Quantity Share Type of Trade Broker
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
2/17/99 Partners BVF 50,000 $1.5703 Sale HRZG
- ---------------------------------------------------------------------------------------------
2/17/99 Partners BVF Ltd. 50,000 $1.5703 Sale HRZG
- ---------------------------------------------------------------------------------------------
</TABLE>
HRZG = Herzog, Hein & Geduld
