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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Pharmchem Laboratories, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
717133102
(CUSIP Number)
December 31, 1999
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
/_X_/ Rule 13d-1(b)
/___/ Rule 13d-1(c)
/___/ Rule 13d-1(d)
* 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).
Potential persons who are to respond to the collection of
information contained in this form are not required to respond
unless the form displays a currently valid OMB control number.
SEC 1745 (3-98) Page 1 of 6
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CUSIP No. 717133102 13G Page 2 of 6 Pages
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1 NAME OF REPORTING PERSONS
IRS IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Willow Creek Capital Management
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
(a)/X /
(b)/ /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF 5 SOLE VOTING POWER
SHARES *
BENEFICIALLY ---------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 489,800
REPORTING ---------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH *
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8 SHARED DISPOSITIVE POWER
489,800
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
489,800
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (See Instructions)
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.5
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12 TYPE OF REPORTING PERSON (See Instructions)
IA
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CUSIP No. 717133102 13G Page 3 of 6 Pages
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1 NAME OF REPORTING PERSONS
IRS IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Aaron H. Braun
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
(a)/X /
(b)/ /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5 SOLE VOTING POWER
SHARES *
BENEFICIALLY ---------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 489,800
REPORTING ---------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH *
---------------------------------------
8 SHARED DISPOSITIVE POWER
489,800
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
489,800
- ----------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (See Instructions)
- ----------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.5
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12 TYPE OF REPORTING PERSON (See Instructions)
IN
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CUSIP No. 717133102 13G Page 4 of 6 Pages
ITEM 1.
(a) The name of the issuer is Pharmchem Laboratories, Inc.
(the "Issuer").
(b) The principal executive office of the Issuer is located
at 1505A O'Brien Drive, Menlo Park, CA 94025.
ITEM 2.
(a) The names of the persons filing this statement are
Willow Creek Capital Management ("Willow Creek") and Aaron H.
Braun (collectively, the "Filers").
(b) The principal business office of the Filers is located
at 17 East Sir Francis Drake Blvd., Suite 100, Larkspur,
California 94939.
(c) See Item 4 of the cover sheet for each Filer.
(d) This statement relates to shares of common stock of the
Issuer (the "Stock").
(e) The CUSIP number of the Stock is 46185810.
ITEM 3. If this statement is filed pursuant to rule 240.13d-1(b)
or 240.13d-2(b) or (c), check whether the person filing is a:
(a) ___ Broker or dealer registered under section 15 of
the Act (15 U.S.C. 78o).
(b) ___ Bank as defined in section 3(a)(6) of the Act (15
U.S.C. 78c).
(c) ___ Insurance company as defined in section 3(a)(19)
of the Act (15 U.S.C. 78c).
(d) ___ Investment company registered under section 8 of
the Investment Company Act of 1940 (15 U.S.C. 80a-8).
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CUSIP No. 717133102 13G Page 5 of 6 Pages
(e) ___ An investment adviser in accordance with 240.13d-
1(b)(1)(ii)(E).
(f) ___ An employee benefit plan or endowment fund in
accordance with 240.13d-1(b)(1)(ii)(F).
(g) ___ A parent holding company or control person in
accordance with 240.13d-1(b)(1)(ii)(G)
(h) ___ A savings association as defined in section 3(b)
of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(i) ___ A church plan that is excluded from the definition
of an investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3).
(j) _X__ Group, in accordance with section 240.13d-
1(b)(1)(ii)(J)
ITEM 4. OWNERSHIP
See Items 5-9 and 11 on the cover page for each Filer.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following /___/.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON
Willow Creek is a registered investment adviser whose clients
have the right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of, the Stock. No
individual client's holdings of the Stock are more than five
percent of the outstanding Stock.
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CUSIP No. 46185810 13G Page 6 of 6 Pages
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
Willow Creek is a registered investment adviser. Mr. Braun is
the controlling shareholder of Willow Creek.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and
are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
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.
Dated: February 10, 2000
\s\ Aaron H. Braun Willow Creek Capital Management
\s\ Aaron H. Braun
Aaron H. Braun
President
ETR/4023/003/1086381
