SEVIN ROSEN FUND IV LP
SC 13G/A, 1998-02-17
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                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  ------------

                                  SCHEDULE 13G
                                 (RULE 13d-102)

                           INFORMATION TO BE INCLUDED
                         IN STATEMENTS FILED PURSUANT TO
                      RULES 13D-1(b) AND (c) AND AMENDMENTS
                         THERETO FILED PURSUANT TO 13d-2

                               (AMENDMENT NO. 1)*

                             VIROPHARMA INCORPORATED
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                                     COMMON
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   928241 10 8
- --------------------------------------------------------------------------------
                                 (CUSIP Number)

                             ---------------------

                  *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 the disclosures provided in a prior cover page.

                  The  information  required in 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 1 of 14 Pages
                     

<PAGE>



CUSIP NO. 928241 10 8             13G          PAGE    2    OF     14      PAGES





1          NAMES OF REPORTING PERSONS
           I.R.S. IDENTIFICATIONS NOS. OF ABOVE PERSONS

           Sevin Rosen Fund IV L.P.


2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a)  [   ]
                                                                     (b)  [   ]


3          SEC USE ONLY


4          CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware


                     5        SOLE VOTING POWER
     NUMBER OF                1,258,727
      SHARES
   BENEFICIALLY      6        SHARED VOTING POWER
     OWNED BY                 6,233
       EACH
     REPORTING       7        SOLE DISPOSITIVE POWER
    PERSON WITH               1,258,727

                     8        SHARED DISPOSITIVE POWER
                              6,233


9          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,264,960

10         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
           CERTAIN SHARES*                                           |_|



11         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)


           11.0%

12         TYPE OF REPORTING PERSON*


           PN


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



                               Page 2 of 14 Pages

<PAGE>



CUSIP NO. 928241 10 8              13G          PAGE   3   OF    14    PAGES



1          NAMES OF REPORTING PERSONS
           I.R.S. IDENTIFICATIONS NOS. OF ABOVE PERSONS

           SRB Associates IV L.P.


2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a)  [   ]
                                                                     (b)  [   ]



3          SEC USE ONLY



4          CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware


                     5        SOLE VOTING POWER
     NUMBER OF                1,258,727
      SHARES
   BENEFICIALLY      6        SHARED VOTING POWER
     OWNED BY                 6,233
       EACH
     REPORTING       7        SOLE DISPOSITIVE POWER
    PERSON WITH               1,258,727

                     8        SHARED DISPOSITIVE POWER
                              6,233


9          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,264,960

10         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
           CERTAIN SHARES*                                            |_|



11         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)


           11.0%

12         TYPE OF REPORTING PERSON*


           PN


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



                               Page 3 of 14 Pages


<PAGE>



CUSIP NO. 928241 10 8               13G          PAGE    4    OF    14     PAGES



1          NAMES OF REPORTING PERSONS
           I.R.S. IDENTIFICATIONS NOS. OF ABOVE PERSONS

           Jon W. Bayless


2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a)  [   ]
                                                                     (b)  [   ]



3          SEC USE ONLY



4          CITIZENSHIP OR PLACE OF ORGANIZATION

           U.S.


                     5        SOLE VOTING POWER
     NUMBER OF                0
      SHARES
   BENEFICIALLY      6        SHARED VOTING POWER
     OWNED BY                 1,264,960
       EACH
     REPORTING       7        SOLE DISPOSITIVE POWER
    PERSON WITH               0

                     8        SHARED DISPOSITIVE POWER
                              1,264,960


9          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,264,960

10         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
           CERTAIN SHARES*                                     |_|



11         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)


           11.0%

12         TYPE OF REPORTING PERSON*


           IN


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



                               Page 4 of 14 Pages



<PAGE>



CUSIP NO. 928241 10 8              13G          PAGE    5    OF    14     PAGES



1          NAMES OF REPORTING PERSONS
           I.R.S. IDENTIFICATIONS NOS. OF ABOVE PERSONS

           Stephen M. Dow


2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a)  [   ]
                                                                     (b)  [   ]



3          SEC USE ONLY



4          CITIZENSHIP OR PLACE OF ORGANIZATION

           U.S.


                     5        SOLE VOTING POWER
     NUMBER OF                0
      SHARES
   BENEFICIALLY      6        SHARED VOTING POWER
     OWNED BY                 1,278,960
       EACH
     REPORTING       7        SOLE DISPOSITIVE POWER
    PERSON WITH               0

                     8        SHARED DISPOSITIVE POWER
                              1,278,960


9          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,278,960

10         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
           CERTAIN SHARES*                                          |_|



11         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)


           11.1%

12         TYPE OF REPORTING PERSON*


           IN


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



                               Page 5 of 14 Pages

<PAGE>



CUSIP NO. 928241 10 8                13G          PAGE    6    OF    14    PAGES



1          NAMES OF REPORTING PERSONS
           I.R.S. IDENTIFICATIONS NOS. OF ABOVE PERSONS

           John V. Jaggers


2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a)  [   ]
                                                                     (b)  [   ]



3          SEC USE ONLY



4          CITIZENSHIP OR PLACE OF ORGANIZATION

           U.S.


                     5        SOLE VOTING POWER
     NUMBER OF                0
      SHARES
   BENEFICIALLY      6        SHARED VOTING POWER
     OWNED BY                 1,264,960
       EACH
     REPORTING       7        SOLE DISPOSITIVE POWER
    PERSON WITH               0

                     8        SHARED DISPOSITIVE POWER
                              1,264,960


9          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,264,960

10         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
           CERTAIN SHARES*                                        |_|



11         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)


           11.0%

12         TYPE OF REPORTING PERSON*


           IN


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



                               Page 6 of 14 Pages

<PAGE>



CUSIP NO. 928241 10 8                13G          PAGE    7    OF    14    PAGES



1          NAMES OF REPORTING PERSONS
           I.R.S. IDENTIFICATIONS NOS. OF ABOVE PERSONS

           Charles H. Phipps


2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a)  [   ]
                                                                     (b)  [   ]



3          SEC USE ONLY



4          CITIZENSHIP OR PLACE OF ORGANIZATION

           U.S.


                     5        SOLE VOTING POWER
     NUMBER OF                0
      SHARES
   BENEFICIALLY      6        SHARED VOTING POWER
     OWNED BY                 1,264,960
       EACH
     REPORTING       7        SOLE DISPOSITIVE POWER
    PERSON WITH               0

                     8        SHARED DISPOSITIVE POWER
                              1,264,960


9          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,264,960

10         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
           CERTAIN SHARES*                                          |_|



11         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)


           11.0%

12         TYPE OF REPORTING PERSON*


           IN


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



                               Page 7 of 14 Pages

<PAGE>



CUSIP NO. 928241 10 8                 13G          PAGE    8    OF    14   PAGES



1          NAMES OF REPORTING PERSONS
           I.R.S. IDENTIFICATIONS NOS. OF ABOVE PERSONS

           Sevin Rosen Bayless Management Company


2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a)  [   ]
                                                                     (b)  [   ]



3          SEC USE ONLY



4          CITIZENSHIP OR PLACE OF ORGANIZATION

           Texas


                     5        SOLE VOTING POWER
     NUMBER OF                6,233
      SHARES
   BENEFICIALLY      6        SHARED VOTING POWER
     OWNED BY                 1,258,727
       EACH
     REPORTING       7        SOLE DISPOSITIVE POWER
    PERSON WITH               6,233

                     8        SHARED DISPOSITIVE POWER
                              1,258,727


9          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,264,960

10         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
           CERTAIN SHARES*                                          |_|



11         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)


           11.0%

12         TYPE OF REPORTING PERSON*


           CO


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



                               Page 8 of 14 Pages

<PAGE>



Item 1.
                 (A)  NAME OF ISSUER.

                 ViroPharma Incorporated, a Delaware corporation (the "Issuer").

                 (B)  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES.

                 The  Issuer's  principal  executive  offices  are located at 76
Great Valley Parkway, Malvern, Pennsylvania  19355.

ITEM 2.
                 (A) NAMES OF PERSONS FILING.

                 This statement is filed by the  following  persons:  (i)  Sevin
Rosen Fund IV L.P. ("SR IV"); (ii) SRB Associates IV L.P. ("SRB IV");  (iii) Jon
W.  Bayless  ("Bayless");  (iv)  Stephen  M. Dow  ("Dow");  (v) John V.  Jaggers
("Jaggers");  (vi) Charles H. Phipps  ("Phipps")  and (vii) Sevin Rosen  Bayless
Management Company ("Management Company").

                 SRB IV is the general partner of SR IV. Bayless,  Dow, Jaggers
and Phipps are the general  partners of SRB IV and are  directors,  officers and
indirect stockholders of Management Company.

                 (B)  ADDRESS OF PRINCIPAL BUSINESS OFFICE.

                 The   principal  business  office  of  each  of SR IV,  SRB IV,
Bayless,  Jaggers,  Phipps and Management  Company is Two Galleria Tower,  13455
Noel Road, Suite 1670, Dallas, Texas 75240. The principal business office of Dow
is 550 Lytton Avenue, Suite 200, Palo Alto, California 94301.


                               Page 9 of 14 Pages

<PAGE>



                 (C)  CITIZENSHIP.

                 SR  IV  and  SRB  IV  are  each  Delaware limited partnerships.
Bayless, Dow, Jaggers and Phipps are each U.S. citizens. Management Company is a
Texas corporation.

                 (D) TITLE OF CLASS OF SECURITIES.

                 This   statement  relates to shares of Common Stock,  par value
$.002 per share (the "Common Stock"), of the Issuer.

                 (E)  CUSIP NUMBER.

                 928241 10 8

ITEM 3.

                 This statement is not being filed pursuant to Rule 13d-1(b) or
13d-2(b).

ITEM 4.          OWNERSHIP.

                 (A)  AMOUNT BENEFICIALLY OWNED.

                           (i)      Each  of SR IV,  SRB IV,  Bayless,  Jaggers,
                                    Phipps and Management  Company  beneficially
                                    owns 1,264,960 shares of Common Stock.

                           (ii)     Dow  beneficially  owns  1,278,960 shares of
                                    Common Stock.

                 (B)  PERCENT OF CLASS.1

                           (i)      Each  of  SR  IV,  SRB IV, Bayless, Jaggers,
                                    Phipps and Management Company -- 11.0%.

                           (ii)     Dow -- 11.1%.

- ---------------------------
1                 According  to the  most  recently  available  filing  with the
                  Securities  and  Exchange  Commission  in which such number is
                  required to be indicated.


                               Page 10 of 14 Pages
 
<PAGE>



                 (C)      POWER TO VOTE OR DIRECT THE VOTE AND DISPOSE OR DIRECT
                          THE DISPOSITION OF SECURITIES.

                           (i)(a)      Each  of  SR IV and SRB IV has sole power
                                       to vote or dispose  or to direct the vote
                                       or disposition  of  1,258,727  shares  of
                                       Common Stock.

                              (b)      Each of SR IV and SRB IV has shared power
                                       to vote or  dispose or to direct the vote
                                       or  disposition of 6,233 shares of Common
                                       Stock.

                           (ii)(a)     Management Company has sole power to vote
                                       or  dispose  or to  direct  the  vote  or
                                       disposition  of 6,233  shares  of  Common
                                       Stock.

                               (b)     Management  Company  has  shared power to
                                       vote or dispose  or to direct the vote or
                                       disposition   of  1,258,727   shares   of
                                       Common Stock.

                           (iii)       Each of  Bayless,  Jaggers and Phipps has
                                       shared  power  to vote or  dispose  or to
                                       direct   the  vote  or   disposition   of
                                       1,264,960 shares of Common Stock.

                           (iv)        Dow has  shared  power to vote or dispose
                                       or to direct the vote or  disposition  of
                                       1,278,960 shares of Common Stock.

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 [ ]



                               Page 11 of 14 Pages

<PAGE>




ITEM 6.           OWNERSHIP  OF  MORE  THAN  FIVE  PERCENT  ON BEHALF OF ANOTHER
                  PERSON.

                  Not applicable.

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.

                  Not applicable.

ITEM 9.           NOTICE OF DISSOLUTION OF GROUP.

                  Not applicable.

ITEM 10.          CERTIFICATION.

                  Not applicable.



                               Page 12 of 14 Pages

<PAGE>



                        SIGNATURES/SIGNED IN COUNTERPART

                  After reasonable  inquiry and to the best knowledge and belief
of the  undersigned,  the undersigned  certify that the information set forth in
this statement is true, complete and correct.

                                    SEVIN ROSEN FUND IV L.P.

                                    By: SRB Associates IV L.P.,
                                        General Partner


Dated:  February 13, 1998           By:  /s/ John Jaggers
                                       -----------------------------------------
                                       John V. Jaggers, a General Partner


                                    SRB ASSOCIATES IV L.P.


Dated:  February 13, 1998           By: /s/ John Jaggers
                                       -----------------------------------------
                                       John V. Jaggers, a General Partner



Dated:  February 13, 1998            /s/ Jon W. Bayless
                                     -------------------------------------------
                                     Jon W. Bayless


Dated:  February 13, 1998             /s/ John Jaggers, Attorney-in-fact
                                      ------------------------------------------
                                      Stephen M. Dow


Dated:  February 13, 1998             /s/ John Jaggers
                                      ------------------------------------------
                                      John V. Jaggers


Dated:  February 13, 1998             /s/ John Jaggers, Attorney-in-fact
                                      ------------------------------------------
                                      Charles H. Phipps

                                      SEVIN ROSEN BAYLESS MANAGEMENT
                                         COMPANY


Dated:  February 13, 1998              By: /s/ John Jaggers
                                          --------------------------------------
                                           Title: Vice President


                               Page 13 of 14 Pages


<PAGE>



                                  EXHIBIT INDEX
                  EXHIBIT

1.                Joint Filing Agreement.



                               Page 14 of 14 Pages



                                    EXHIBIT 1

                  THIS DOCUMENT HAS BEEN SIGNED IN COUNTERPART

                             JOINT FILING AGREEMENT


                  In accordance with Rule 13d-1(f) under the Securities Exchange
Act of 1934, the persons named below agree to the joint filing on behalf of each
of them of a Statement  on Schedule  13G  (including  amendments  thereto)  with
respect to the common stock of ViroPharma  Incorporated,  and further agree that
this Joint Filing Agreement be included as an Exhibit to such joint filings.  In
evidence thereof each of the undersigned,  being duly authorized, hereby execute
this Agreement on the date set forth opposite its or his name.

                                    SEVIN ROSEN FUND IV L.P.

                                    By: SRB Associates IV L.P.,
                                        General Partner


Dated:  February 13, 1998           By:  /s/ John Jaggers
                                       -----------------------------------------
                                       John V. Jaggers, a General Partner


                                    SRB ASSOCIATES IV L.P.


Dated:  February 13, 1998           By: /s/ John Jaggers
                                       -----------------------------------------
                                       John V. Jaggers, a General Partner



Dated:  February 13, 1998            /s/ Jon W. Bayless
                                     -------------------------------------------
                                     Jon W. Bayless


Dated:  February 13, 1998             /s/ John Jaggers, Attorney-in-fact
                                      ------------------------------------------
                                      Stephen M. Dow


Dated:  February 13, 1998             /s/ John Jaggers
                                      ------------------------------------------
                                      John V. Jaggers





                               Page 1 of 2 Pages



<PAGE>






Dated:  February 13, 1998             /s/ John Jaggers, Attorney-in-fact
                                      ------------------------------------------
                                      Charles H. Phipps



                                      SEVIN ROSEN BAYLESS MANAGEMENT
                                         COMPANY




Dated:  February 13, 1998              By: /s/ John Jaggers
                                          --------------------------------------
                                           Title: Vice President




                               Page 2 of 2 Pages




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