<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
Name of Issuer: TEXAS BIOTECHNOLOGY CORPORATION
Title of Class of Securities: Common Stock
CUSIP Number: 88221T104
(Name, Address and Telephone Number of Person
Authorized To Receive Notices and Communications)
Norman S. Schleifer
c/o Oracle Partners, L.P.
712 Fifth Avenue, 45th Floor
New York, New York 10019
(212) 373-9200
(Date of Event which Requires Filing of this Statement)
2/9/96
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 line if a fee is being paid with this
statement X. (A fee is not required only if the filing 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
class. See Rule 13d-7).
*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 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
<PAGE>
be subject to all other provisions of the Act (however, see the
Notes).
2
<PAGE>
CUSIP No. 88221T104
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Larry N. Feinberg
2. Check the appropriate box if a member of a group
a.
b.
3. SEC Use Only
4. SOURCE OF FUNDS
WC
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) of 2(e)
6. Citizenship or Place of Organization
U.S.
7. Sole Voting Power
2,208,824
8. Shared Voting Power
9. Sole Dispositive Power
2,208,824
10. Shared Dispositive Power
3
<PAGE>
11. Aggregate Amount Beneficially Owned by Each Reporting Person
2,208,824
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares*
13. Percent of Class Represented by Amount in Row (11)
9.20%
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.
4
<PAGE>
Item 1. SECURITY AND ISSUER
This statement relates to shares of common stock (the
"Common Stock") of Texas Biotechnology Corporation ("Texas Bio").
Texas Bio's principal executive office is located at 7000 Fannin,
Houston, Texas 77030.
Item 2. IDENTITY AND BACKGROUND
This statement is being filed on behalf of Mr. Larry N.
Feinberg. Mr. Feinberg is the managing general partner of Oracle
Partners, L.P. and the general partner of Oracle Institutional
Partners, L.P., both of which are investment limited partnerships
(the "Partnerships"). The business office of Mr. Feinberg is
712 Fifth Avenue, 45th Floor, New York, New York 10019.
Mr. Feinberg has not, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors), nor been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction
which resulted in 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
violations with respect to such laws.
Mr. Feinberg is a citizen of the United States of
America.
5
<PAGE>
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
As of the date hereof, Mr. Feinberg may be deemed to
beneficially own 2,208,824 shares of Texas Bio's Common Stock.
The Common Stock is held by the Partnerships and managed accounts
over which Mr. Feinberg has voting and investment discretion.
The 2,208,824 shares of Common Stock were purchased from Texas
Bio on February 9, 1996 in a private transaction at an aggregate
cost of $4,693,751 ($2.125 per share). The funds for the
purchase of the Common Stock held in the Partnership came from
capital contributions to the Partnerships by their general and
limited partners. The funds for the purchase of Common Stock
held in the managed accounts over which Mr. Feinberg has voting
and investment discretion came from the managed accounts'
respective funds. No borrowed funds were used to purchase the
Common Stock, other than any borrowed funds used for working
capital purposes in the ordinary course of business.
Item 4. PURPOSE OF TRANSACTION
The 2,208,824 shares of Common Stock were acquired for
investment purposes. Mr. Feinberg may acquire additional shares
of Common Stock, dispose of all or some of those shares from time
to time, in each case in open market transactions, block sales or
purchases or otherwise, or may continue to hold those shares.
Mr. Feinberg does not have any plan or proposal that
relates to, or would result in, any of the actions enumerated in
Item 4 of Schedule 13D. However, Mr. Feinberg reserves the right
6
<PAGE>
to discuss company business with management, make proposals to
management and/or take other actions to influence the management
of Texas Bio should he deem such actions appropriate.
Item 5. INTEREST IN SECURITIES OF THE ISSUER
As of the date hereof, Mr. Feinberg may be deemed to be
the beneficial owner of 2,208,824 Shares of Texas Bio's Common
Stock, constituting 9.20% of the outstanding shares of Texas
Bio's Common Stock based upon 24,004,144 shares outstanding as of
April 15, 1996. Information as to the number of outstanding
shares was provided to Mr. Feinberg by Texas Bio. Mr. Feinberg
has the power to vote, direct the vote, dispose of and direct the
disposition of all the shares of Texas Bio Common Stock to which
this filing relates.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF
THE ISSUER
Except as set forth herein, Mr. Feinberg does not have
any contract, arrangement, understanding or relationship with any
person with respect to the shares of Texas Bio Common Stock.
Item 7. MATERIAL TO BE FILED AS EXHIBITS
None.
Signature
The undersigned, after reasonable inquiry and to the
best of his knowledge and belief, certifies that the information
7
<PAGE>
set forth in this statement is true, complete and correct.
April 29, 1996
/s/ Larry N. Feinberg
________________________________
Larry N. Feinberg
00751001.AL9