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OMB APPROVAL
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. *)
*
Penederm Inc.
*
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Common Stock
*
706867108
*
Elizabeth D. Giorgis
Gruber and McBaine Capital Management
50 Osgood Place, Penthouse
San Francisco, CA 94133
(415) 981-2101
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
*
February 18, 1998
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 / /.
Check the following box if a fee is being paid with the statement / /. (A
fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent
of the class of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership of five percent
or less of such class.) (See Rule 13d-7.)
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.
* 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 ("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).
SEC 1746 (12-91)
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SCHEDULE 13D
CUSIP No. 706867108 Page 2 of 12 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GRUBER & McBAINE CAPITAL MANAGEMENT, L.L.C.
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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
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
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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
CALIFORNIA
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 212,400
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
- --------------------------------------------------
10 SHARED DISPOSITIVE POWER
212,400
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
212,400
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.6
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 706867108 Page 3 of 12 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
JON D. GRUBER
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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*
AF, PF
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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
UNITED STATES
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 57,400
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 413,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 57,400
- --------------------------------------------------
10 SHARED DISPOSITIVE POWER
413,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
470,900
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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)
5.8
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 706867108 Page 4 of 12 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
J. PATTERSON McBAINE
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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
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, PF
- ---------------------------------------------------------------------------
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
UNITED STATES
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 34,300
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 413,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 34,300
- --------------------------------------------------
10 SHARED DISPOSITIVE POWER
413,500
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
447,800
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 706867108 Page 5 of 12 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
LAGUNITAS PARTNERS, A California Limited Partnership
- ---------------------------------------------------------------------------
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)/ /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 193,800
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
- --------------------------------------------------
10 SHARED DISPOSITIVE POWER
193,800
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
193,800
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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)
2.4
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14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 706867108 Page 6 of 12 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GMJ INVESTMENTS, A California Limited Partnership
- ---------------------------------------------------------------------------
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)/ /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 7,300
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
- --------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,300
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,300
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 706867108 Page 7 of 12 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of Penederm,
Inc. ("DERM"). The principal executive office of DERM is located at 320
Lakeside Drive, Suite A, Foster City, CA 94404-1146.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and 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 the information regarding them, are as follows:
(a) Gruber and McBaine Capital Management, L.L.C. (LLC); Jon D.
Gruber (Gruber); J. Patterson McBaine (McBaine); Lagunitas Partners, L.P.,
a California limited partnership (Lag); GMJ Investments, L.P., a California
limited partnership (GMJ).
(b) The business address of LLC, Gruber, McBaine, Lag and GMJ is 50
Osgood Place, Penthouse, San Francisco, CA 94133.
(c) LLC is an investment adviser. Gruber and McBaine are the
Managers of LLC. Lag and GMJ are investment limited partnerships. LLC is
the general partner of Lag and GMJ.
(d) During the last five years, none of such persons has been
convicted in a criminal proceeding (excluding traffic violations or 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) All such persons are citizens of the United States of America.
<PAGE>
SCHEDULE 13D
CUSIP No. 706867108 Page 8 of 12 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as
follows:
Purchaser Source of Funds Amount
LLC Capital Under Management $1,268,779
Gruber Personal Funds $247,080
McBaine Personal Funds $267,180
Lag Working Capital $935,296
GMJ Working Capital $45,986
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the purchase of the Stock reported herein was and is
for investment.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in Item 2 of
this statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
Lag 193,800 2.4 0 193,800 0 193,800
GMJ 7,300 0.1 0 7,300 0 7,300
LLC 212,400 2.6 0 212,400 0 212,400
Gruber 470,900 5.8 57,400 413,500 57,400 413,500
McBaine447,800 5.5 34,300 413,500 34,300 413,500
<PAGE>
SCHEDULE 13D
CUSIP No. 706867108 Page 9 of 12 Pages
The persons filing this statement effected the following transactions in
the Stock on the dates indicated, and such transactions are the only
transactions in the Stock by the persons filing this statement since
October 22, 1997:
Purchase Number Price Broker
Name or Sale Date of Shares Per Share Used
Lag P 10/22/97 8000 11.63 VOLP
LLC P 10/22/97 7500 11.63 VOLP
Gruber P 10/22/97 2500 11.63 VOLP
McBaine P 10/22/97 2000 11.63 VOLP
Lag P 10/23/97 2000 11.75 HRZG
LLC P 10/23/97 1000 11.75 HRZG
GMJ P 10/28/97 2000 12.25 VECT
LLC P 10/28/97 4000 12.25 VECT
Gruber P 10/28/97 6600 12.25 VECT
McBaine P 12/12/97 500 10.56 HRZG
LLC P 12/12/97 4500 10.56 HRZG
McBaine P 12/15/97 1000 10.13 VOLP
LLC P 12/15/97 6500 10.13 VOLP
Lag P 12/17/97 3500 9.63 VOLP
LLC P 12/17/97 1000 9.63 VOLP
McBaine P 12/17/97 500 9.63 VOLP
LLC P 12/17/97 1500 9.54 INCA
Lag P 12/29/97 1500 9.50 HRZG
McBaine P 12/29/97 200 9.50 HRZG
Gruber P 12/29/97 800 9.50 HRZG
Lag P 2/3/98 9500 11.97 INCA
McBaine P 2/3/98 500 11.97 INCA
McBaine P 2/3/98 2000 12.05 MONT
LLC P 2/3/98 19100 12.00 SBCW
McBaine P 2/3/98 3000 12.00 SBCW
Gruber P 2/3/98 2900 12.00 SBCW
Lag P 2/4/98 6000 12.08 INCA
LLC P 2/4/98 4100 12.08 INCA
McBaine P 2/4/98 1000 12.08 INCA
LLC P 2/5/98 2000 11.98 INCA
Lag P 2/12/98 14500 12.00 VOLP
LLC P 2/12/98 15500 12.00 VOLP
Gruber P 2/12/98 1500 12.00 VOLP
McBaine P 2/12/98 3500 12.00 VOLP
Lag P 2/18/98 3500 11.54 INCA
Gruber P 2/18/98 1000 11.54 INCA
LLC P 2/18/98 1500 11.54 INCA
Lag P 2/19/98 6000 11.33 VOLP
LLC P 2/19/98 8500 11.33 VOLP
McBaine P 2/19/98 500 11.33 VOLP
Lag P 2/20/98 3000 11.04 INCA
LLC P 2/20/98 2000 11.04 INCA
Gruber P 2/20/98 1000 11.04 INCA
Gruber P 2/24/98 3000 10.56 HRZG
LLC P 2/24/98 1500 10.56 HRZG
<PAGE>
SCHEDULE 13D
CUSIP No. 706867108 Page 10 of 12 Pages
Purchase Number Price Broker
Name or Sale Date of Shares Per Share Used
McBaine P 2/24/98 800 10.56 HRZG
GMJ P 2/24/98 2000 10.74 INCA
LLC P 2/24/98 5200 10.74 INCA
McBaine P 2/24/98 800 10.74 INCA
Lag P 2/25/98 7000 11.13 VOLP
LLC P 2/25/98 4500 11.13 VOLP
McBaine P 2/25/98 1000 11.13 VOLP
Lag P 3/13/98 17000 11.25 VOLP
LLC P 3/13/98 21100 11.25 VOLP
McBaine P 3/13/98 4000 11.25 VOLP
Gruber P 3/13/98 2000 11.25 VOLP
McBaine P 4/1/98 2000 12.99 MONT
[Key to brokers used:]
HRZG Herzog Heine Geduld
INCA Instinet Corporation
MONT Montgomery Securities
VOLP Volpe Brown Whelan
SBCW SBC Warburg
VECT Vector Securities
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
LLC is the general partner of Lag and GMJ, pursuant to limited partnership
agreements. These agreements provide to the general partner the authority,
among other things, to invest the funds of GMJ and Lag in the Stock, to
vote and dispose of those securities and to file this statement on behalf
of GMJ and Lag. Also pursuant to those limited partnership agreements, LLC
is entitled to fees based on assets under management and realized and
unrealized gains, if certain conditions are met. Pursuant to investment
management agreements, LLC is authorized, among other things, to invest
funds of its various investment advisory clients, and to vote and dispose
of those securities. Such investment management agreements may be
terminated by either party on thirty days notice, and provide for fees
payable to LLC based on assets under management and realized and unrealized
gains, if certain conditions are met. Pursuant to authority granted to LLC
orally and under a Power of Attorney, LLC is authorized, among other
things, to invest funds of various relatives and affiliates of Gruber and
McBaine. Such authority may be terminated at any time on notice and there
are no fees payable to LLC for those services.
<PAGE>
SCHEDULE 13D
CUSIP No. 706867108 Page 11 of 12 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
(previously filed).
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify
that the information set forth in this statement is true, complete and
correct.
DATED: May 20, 1998
Jon D. Gruber
J. Patterson McBaine
Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine,
Manager
GMJ Investments, L.P., by Gruber and McBaine Capital Management, L.L.C., by
J. Patterson McBaine, Manager
Lagunitas Partners, L.P., by Gruber and McBaine Capital Management, L.L.C.,
by J. Patterson McBaine, Manager
<PAGE>
SCHEDULE 13D
CUSIP No. 706867108 Page 12 of 12 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange
Commission (the "SEC") any and all statements on Schedule 13D or Schedule
13G (and any amendments or supplements thereto) required under section
13(d) of the Securities Exchange Act of 1934, as amended, in connection
with purchases by the undersigned of *[type of stock] of *. For that
purpose, the undersigned hereby constitute and appoint *, a * corporation,
as their true and lawful agent and attorney-in-fact, with full power and
authority for and on behalf of the undersigned to prepare or cause to be
prepared, sign, file with the SEC and furnish to any other person all
certificates, instruments, agreements and documents necessary to comply
with section 13(d) and section 16(a) of the Securities Exchange Act of
1934, as amended, in connection with said purchases, and to do and perform
every act necessary and proper to be done incident to the exercise of the
foregoing power, as fully as the undersigned might or could do if
personally present.
DATED: May 20, 1998.
Jon D. Gruber
J. Patterson McBaine
Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine,
Manager
GMJ Investments, L.P., by Gruber and McBaine Capital Management, L.L.C., by
J. Patterson McBaine, Manager
Lagunitas Partners, L.P., by Gruber and McBaine Capital Management, L.L.C.,
by J. Patterson McBaine, Manager
F:\DMS\M-CORP\INV_ADV\0113476.WP
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