UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Cook, Jr., Joseph C.
c/o Dura Pharmaceuticals, Inc.
7475 Lusk Blvd.
San Diego, CA 92121
USA
2. Issuer Name and Ticker or Trading Symbol
Dura Pharmaceuticals, Inc.
DURA
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
5-31-98
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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Stock Option (right to|$27.13 |5-21-|A |V|8,000 |A |5-21-|5-21-|Common Stock|8,000 | |8,000 |D | |
buy)(1) | |98 | | | | |99 |08 | | | | | | |
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Explanation of Responses:
(1) Includes a limited stock appreciation right which would allow the reporting
person to surrender the option to the Issuer in the event of a hostile
tender offer for the Issuer's Common Stock. The amount payable per share under
the exercised stock appreciation right would be equal to the
excess of (i) the greater of (a) the fair market value per share on the date of
cancellation or (b) the tender offer price paid per share of the Issuer's
Common Stock, over (ii) the option exercise price per
share.
SIGNATURE OF REPORTING PERSON
/s/ Joseph C. Cook Jr. by Mitchell R. Woodbury, by direction
DATE
June 8, 1998
