SEVIN ROSEN FUND IV LP
SC 13G/A, 1999-03-04
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<PAGE>
                       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), (c) AND (d) AND AMENDMENTS
                       THERETO FILED PURSUANT TO 13D-2(b)

                               (AMENDMENT NO. 3)*

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

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

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


             -------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


     Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

            |_|   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 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      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

    NUMBER OF      5   SOLE VOTING POWER
      SHARES           748,727
   BENEFICIALLY
  OWNED BY EACH    6   SHARED VOTING POWER
    REPORTING          6,234
   PERSON WITH

                   7   SOLE DISPOSITIVE POWER
                       748,727

                   8   SHARED DISPOSITIVE POWER
                       6,234

9      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       754,961

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


11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
       6.6%

12     TYPE OF REPORTING PERSON*
       PN


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                                       2
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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

 NUMBER OF SHARES   5    SOLE VOTING POWER
   BENEFICIALLY          748,727
   OWNED BY EACH
     REPORTING      6    SHARED VOTING POWER
    PERSON WITH          6,234

                    7    SOLE DISPOSITIVE POWER
                         748,727

                    8    SHARED DISPOSITIVE POWER
                         6,234

9      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       754,961

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


11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
       6.6%

12     TYPE OF REPORTING PERSON*
       PN


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                                       3
<PAGE>





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.

     NUMBER OF       5   SOLE VOTING POWER
       SHARES            19,926
    BENEFICIALLY
   OWNED BY EACH     6   SHARED VOTING POWER
     REPORTING           754,961
    PERSON WITH

                     7   SOLE DISPOSITIVE POWER
                         19,926
 
                     8   SHARED DISPOSITIVE POWER
                         754,961

9      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       774,887

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


11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
       6.7%

12     TYPE OF REPORTING PERSON*
       IN


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                                       4
<PAGE>


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.

      NUMBER OF       5        SOLE VOTING POWER
       SHARES                  0
    BENEFICIALLY
    OWNED BY EACH     6        SHARED VOTING POWER
      REPORTING                788,888
     PERSON WITH
                      7        SOLE DISPOSITIVE POWER
                               0

                      8        SHARED DISPOSITIVE POWER
                               788,888

9      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       788,888

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

11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
       6.9%

12     TYPE OF REPORTING PERSON*
       IN


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                                       5
<PAGE>



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.

      NUMBER OF       5    SOLE VOTING POWER
       SHARES              14,980
    BENEFICIALLY
    OWNED BY EACH     6    SHARED VOTING POWER
      REPORTING            754,961
     PERSON WITH
                      7    SOLE DISPOSITIVE POWER
                           14,980

                      8    SHARED DISPOSITIVE POWER
                           754,961

9      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       769,941

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


11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
       6.7%

12     TYPE OF REPORTING PERSON*
       IN


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                                       6
<PAGE>



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.

    NUMBER OF      5   SOLE VOTING POWER
      SHARES           19,926
   BENEFICIALLY
     OWNED BY      6   SHARED VOTING POWER
       EACH            754,961
    REPORTING
   PERSON WITH     7   SOLE DISPOSITIVE POWER
                       19,926

                   8   SHARED DISPOSITIVE POWER
                       754,961

9      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       774,887

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


11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
       6.7%

12     TYPE OF REPORTING PERSON*
       IN


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                                       7

<PAGE>



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

       Jennifer Gill Roberts

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.

    NUMBER OF      5   SOLE VOTING POWER
      SHARES           2,267
   BENEFICIALLY
     OWNED BY      6   SHARED VOTING POWER
       EACH            754,961
    REPORTING
   PERSON WITH
                   7   SOLE DISPOSITIVE POWER
                       2,267

                   8   SHARED DISPOSITIVE POWER
                       754,961

9      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       757,228

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


11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
       6.6%

12     TYPE OF REPORTING PERSON*
       IN


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                                       8
<PAGE>



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

    NUMBER OF      5   SOLE VOTING POWER
      SHARES           6,234
   BENEFICIALLY
     OWNED BY      6   SHARED VOTING POWER
       EACH            748,727
    REPORTING
   PERSON WITH
                   7   SOLE DISPOSITIVE POWER
                       6,234

                   8   SHARED DISPOSITIVE POWER
                       748,727

9      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
       754,961

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


11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
       6.6%

12     TYPE OF REPORTING PERSON*
       CO


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                                       9

<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"); (vii) Jennifer Gill Roberts
("Roberts") and (viii) Sevin Rosen Bayless Management Company ("SRBMC").

            SRB IV is the general partner of SR IV. Bayless, Dow, Jaggers,
Phipps and Roberts are the general partners of SRB IV and are officers and
directors of SRBMC.

            (B)  ADDRESS OF PRINCIPAL BUSINESS OFFICE.

            The principal business office of each of SR IV, SRB IV, Bayless,
Jaggers, Phipps and SRBMC is Two Galleria Tower, 13455 Noel Road, Suite 1670,
Dallas, Texas 75240. The principal business office of Dow and Roberts is 169
University Avenue, Palo Alto, California 94301.

            (C)  CITIZENSHIP.

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

                                       10
<PAGE>


            (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 and SRBMC  beneficially  owns
                        754,961 shares of Common Stock.

                  (ii)  Bayless  beneficially  owns  774,887  shares  of  Common
                        Stock.

                  (iii) Dow  beneficially  owns 788,888  shares of Common Stock.

                  (iv)  Jaggers beneficially owns 769,941 shares of Common
                        Stock.

                  (v)   Phipps beneficially owns 774,887 shares of Common Stock.

                  (iv)  Roberts  beneficially  owns  757,228  shares  of  Common
                        Stock.

            (B)  PERCENT OF CLASS.(1)

                  (i)   Each of SR IV,  SRB IV, Roberts and SRBMC  - 6.6%.

                  (ii)  Bayless, Jaggers and Phipps  - 6.7%.

                  (iii) Dow - 6.9%.


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

                                       11
<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
                           748,727 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
                           6,234 shares of Common Stock.

                 (ii)(a)   SRBMC has sole power to vote or dispose or to direct 
                           the vote or disposition of 6,234 shares of Common 
                           Stock.

                     (b)   SRBMC has shared  power to vote or dispose  or to 
                           direct the vote or  disposition  of 748,727  shares 
                           of Common Stock.

                 (iii)(a)  Dow has sole power to vote or dispose or to direct 
                           the vote or disposition of no shares of Common 
                           Stock.

                      (b)  Dow has shared  power to vote or dispose  or to 
                           direct the vote or  disposition  of 788,888 shares 
                           of Common Stock.

                  (iv)     Each of  Bayless,  Jaggers,  Phipps and Roberts
                           have shared power to vote or dispose or to direct the
                           vote or  disposition  of  754,961  shares  of  Common
                           Stock.

                  (v)      Bayless  has  sole  power  to vote or  dispose  or to
                           direct  the vote or disposition  of 19,926 shares of
                           Common Stock.

                  (vi)     Jaggers  has  sole  power  to vote or  dispose  or to
                           direct the vote or  disposition  of 14,980  shares of
                           Common Stock.

                                       12
<PAGE>


                  (vi)     Phipps has sole power to vote or dispose or to direct
                           the vote or  disposition  of 19,926  shares of Common
                           Stock.

                  (vii)    Roberts  has  sole  power  to vote or  dispose  or to
                           direct  the vote or  disposition  of 2,267  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 [ ]

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.

                                       13
<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:  March 2, 1999           By:   /s/ John V. Jaggers                   
                                       ---------------------------------------
                                            John V. Jaggers, a General Partner


                                    SRB ASSOCIATES IV L.P.


Dated:  March 2, 1999           By:   /s/ John V. Jaggers                   
                                        --------------------------------------
                                            John V. Jaggers, a General Partner


Dated:  March 2, 1999                 /s/ John V. Jaggers          
                                        --------------------------------------
                                        Jon W. Bayless, by John V. Jaggers,
                                        Attorney-in-Fact


Dated:  March 2, 1999               /s/ John V. Jaggers             
                                        --------------------------------------
                                        Stephen M. Dow, by John V. Jaggers,
                                        Attorney-in-Fact



Dated:  March 2, 1999               /s/ John V. Jaggers                     
                                        --------------------------------------
                                        John V. Jaggers


Dated:  March 2, 1999                /s/ John V. Jaggers                    
                                        --------------------------------------
                                        Charles H. Phipps, by John V. Jaggers,
                                        Attorney-in-Fact


Dated:  March 2, 1999                /s/ John V. Jaggers                    
                                        --------------------------------------
                                        Jennifer Gill Roberts,
                                        by John V. Jaggers, Attorney-in-Fact


                                    SEVIN ROSEN BAYLESS MANAGEMENT COMPANY



Dated:  March 2, 1999           By:   /s/ John V. Jaggers                   
                                       ---------------------------------------
                                            Title: Vice President


                                       14

<PAGE>





                                  EXHIBIT INDEX
EXHIBIT

99.1        Joint Filing Agreement.



<PAGE>




                 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:  March 2, 1999           By:/s/ John V. Jaggers                      
                                       ----------------------------------------
                                            John V. Jaggers, a General Partner


                                    SRB ASSOCIATES IV L.P.


Dated:  March 2, 1999           By:  /s/ John V. Jaggers                    
                                        ---------------------------------------
                                            John V. Jaggers, a General Partner


Dated:  March 2, 1999                /s/ John V. Jaggers                    
                                        ---------------------------------------
                                        Jon W. Bayless, by John V. Jaggers,
                                        Attorney-in-Fact


Dated:  March 2, 1999                /s/ John V. Jaggers                    
                                        ---------------------------------------
                                        Stephen M. Dow, by John V. Jaggers,
                                                      Attorney-in-Fact



Dated:  March 2, 1999                /s/ John V. Jaggers                    
                                        ---------------------------------------
                                        John V. Jaggers


Dated:  March 2, 1999                 /s/ John V. Jaggers                   
                                        ---------------------------------------
                                        Charles H. Phipps,
                                        by John V. Jaggers, Attorney-in-Fact


Dated:  March 2, 1999                 /s/ John V. Jaggers                   
                                        ---------------------------------------
                                        Jennifer Gill Roberts,
                                        by John V. Jaggers, Attorney-in-Fact


                                    SEVIN ROSEN BAYLESS MANAGEMENT COMPANY


Dated:  March 2, 1999           By:   /s/ John V. Jaggers                   
                                       ---------------------------------------
                                            Title: Vice President



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