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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Name of Issuer: Texas Biotechnology Corporation
Title of Class of Securities: Common Stock, $0.005 par value
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)
September 29, 1999
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(e), 13d-1(f) or 13d-1(g), check the following box [ ].
Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits.
See Section 240.13d-7(b) for other parties to whom copies are to
be sent.
*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
be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP NO.: 88221T104
1. Name of reporting persons
I.R.S. Identification Nos. of above persons (entities only)
Larry N. Feinberg
2. Check the appropriate box if a member of a group
(see instructions)
a.
b.
3. SEC use only
4. Source of funds (see instructions)
WC
5. Check if disclosure of legal proceedings is required
pursuant to Items 2(d) or 2(e).
6. Citizenship or place of organization
United States
Number of shares beneficially owned by each reporting person
with:
7. Sole voting power
1,478,124
8. Shared voting power
1,998,000
9. Sole dispositive power
1,478,124
10. Shared dispositive power
1,998,000
11. Aggregate amount beneficially owned by each reporting
person.
3,476,124
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12. Check if the aggregate amount in Row (11) excludes certain
shares (see instructions).
13. Percent of class represented by amount in Row (11)
10.15%
14. Type of reporting person (see instructions)
IN
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CUSIP No.: 88221T104
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Oracle Partners, L.P.
2. Check the Appropriate Box if a Member of a Group
a.
b. X
3. SEC Use Only
4. Source of Funds
WC
5. Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e)
6. Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person
With:
7. Sole Voting Power:
8. Shared Voting Power:
1,998,000
9. Sole Dispositive Power:
10. Shared Dispositive Power:
1,998,000
11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,998,000
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares
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13. Percent of Class Represented by Amount in Row (11)
5.8%
14. Type of Reporting Person
PN
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The purpose of this Amendment No. 1 to the previously filed
Schedule 13D is to report that Oracle Partners, L.P. ("Oracle
Partners") is now a more than five percent owner and that the
beneficial ownership of Larry N. Feinberg (together with Oracle
Partners, the "Reporting Persons") in the Common Stock, $0.005
par value (the "Common Stock"), of Texas Biotechnology
Corporation (the "Texas Bio") has increased.
Item 1. Security and Issuer
No change.
Item 2. Identity and Background
No change.
Item 3. Source and Amount of Funds or Other Consideration
As of the date hereof, Mr. Feinberg is deemed to
beneficially own 3,476,124 shares of Texas Bio's Common Stock, of
which Oracle Partners is deemed to beneficially own 1,998,000
shares. The shares deemed to be beneficially owned by Mr.
Feinberg are held by: (i) the Partnerships; (ii) managed accounts
over which Mr. Feinberg has investment discretion; (iii) Mr.
Feinberg and other investment professionals of Oracle Investment
Management directly; and (iv) the retirement plan of Oracle
Investment Management. The shares deemed to be owned by Oracle
Partners are held for the benefit of its general and limited
partners.
The funds for the purchase of the shares of Common Stock
held in the Partnerships came from capital contributions to the
Partnerships by their general and limited partners. The funds
for the purchase of the shares of Common Stock held in the
managed accounts came from each managed account's own funds. The
funds for the purchase of the shares of Common Stock held by Mr.
Feinberg, other investment professionals and the retirement plan
came from direct contributions by such persons. No leverage was
used to purchase the shares of Common Stock.
Item 4. Purpose of Transaction
On September 8, 1999, Mr. Feinberg met with the Board of
Directors of Texas Bio to discuss the strategic value of Texas
Bio and the opportunities to maximize shareholder value.
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Item 5. Interest in Securities of the Issuer
As of the date hereof, Mr. Feinberg is deemed to be the
beneficial owner of 3,476,124 shares of Texas Bio's Common Stock,
of which Oracle Partners is deemed to be the beneficial owner of
1,998,000 shares. Based on Texas Bio's most recent Form 10Q
filed on August 16, 1999, as of July 31, 1999 there were
34,237,986 shares of Texas Bio's Common Stock outstanding.
Therefore, Mr. Feinberg is deemed to beneficially own 10.15% and
Oracle Partners is deemed to beneficially own 5.8% of Texas Bio's
outstanding shares of Common Stock.
Mr. Feinberg has the power to vote, direct the vote,
dispose of or direct the disposition of all the shares of Texas
Bio's Common Stock he is currently deemed to beneficially own.
Oracle Partners has the shared power to vote, direct the vote
dispose of or direct the disposition of all the shares of Texas
Bio's Common Stock it is currenly deemed to beneficially own.
Item 6. Contracts, Arrangements, Understandings or
Relationships With Respect to Securities of
the Issuer
No change.
Item 7. Material to be Filed as Exhibits
Material to be Filed as Exhibits
1. An agreement relating to the filing of a joint
statement as required by Rule 13d-1(f) under
the Securities Exchange Act of 1934 is filed
herewith as Exhibit A.
2. A description of the transactions in the
Common Stock that were effected by the
Reporting Persons since the previous sixty
days through the date of this filing is filed
herewith as Exhibit B.
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Signature
The undersigned, after reasonable inquiry and to
the best of his knowledge and belief, certifies that the
information set forth in this statement is true, complete and
correct.
October 7, 1999
ORACLE PARTNERS, L.P.
By: /s/ Larry N. Feinberg
__________________________________
Larry N. Feinberg, General Partner
/s/ Larry N. Feinberg
________________________________
Larry N. Feinberg
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Exhibit A
AGREEMENT
The undersigned agree that this Schedule 13D dated
October 7, 1999 relating to the Common Stock of Texas
Biotechnology Corporation shall be filed on behalf of the
undersigned.
ORACLE PARTNERS, L.P.
By: /s/ Larry N. Feinberg
____________________________
Larry N. Feinberg,
General Partner
By: /s/ Larry N. Feinberg
____________________________
Larry N. Feinberg
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Exhibit B
SCHEDULE OF TRANSACTION - Larry N. Feinberg
Price Per Share
Date Shares Purchased or (Sold) (excluding commission)
____ __________________________ _____________________
9/29/99 25,000 $4.00
9/30/99 25,000 4.11
10/4/99 14,600 3.9375
10/5/99 1,000 3.75
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Exhibit B
SCHEDULE OF TRANSACTION - Oracle Partners, L.P.
Price Per Share
Date Shares Purchased or (Sold) (excluding commission)
____ __________________________ ______________________
9/30/99 14,500 $4.11
10/4/99 10,000 3.9375
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00751001.BC7
