SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
SCHEDULE 13D
(Amendment No. 2)
Under the Securities Exchange Act of 1934
Sheffield Pharmaceuticals, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
8212 3D309
(CUSIP Number)
Richard J. Emmerich
Global Capital Management, Inc.
601 Carlson Parkway
Suite 200
Minnetonka, Minnesota 55305
(612) 476-7200
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 15, 1997
(Date of Event Which Requires Filing of this Statement)
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 [ ].
(continued on following pages) <PAGE>
CUSIP No. 8212 3D309 Schedule 13D (Amendment No. 2)
1) Name of Reporting Persons/S.S. or I.R.S. Identification Nos.
of Above Persons Global Capital Management, Inc./FEIN
41-1625323
2) Check the Appropriate Box if a Member of a Group
(a) [ ] (b) [ ]
3) SEC Use Only
4) Source of Funds
WC
5) Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Item 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
958,004 (See Item 5)
(8) Shared Voting Power
0
(9) Sole Dispositive Power
958,004 (See Item 5)
(10) Shared Dispositive Power
0
11) Aggregate Amount Beneficially Owned by Each Reporting Person
958,004 (See Item 5)
12) Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares [ ]
13) Percent of Class Represented by Amount in Row (11)
7.4% (See Item 5)
14) Type of Reporting Person
CO
Page 2 of 4 Pages<PAGE>
SCHEDULE 13D
AMENDMENT NO. 2
This Amendment No. 2 to the Statement on Schedule 13D is
being filed pursuant to Section 13(d) of the Securities Exchange Act
of 1934 and the rules and regulations promulgated thereunder. This
Amendment No. 2 amends and supplements the Statement on Schedule 13D
and the Amendment No. 1 thereto relating to the common stock, par
value $0.01 per share ("Common Stock"), of Sheffield Pharmaceuticals,
Inc. (formerly Sheffield Medical Technologies Inc.), a Delaware
corporation (the "Issuer"), previously filed by Global Capital
Management, Inc., a Delaware corporation ("Global"). Capitalized
terms used and not defined herein shall have the meanings set forth in
the Schedule 13D. Except as amended herein, the Schedule 13D and the
Amendment No. 1 thereto previously filed remain unchanged.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5(a) is hereby amended by adding the following:
(a) Without modifying the description set forth above in this
Item 5(a), as of August 15, 1997, the Investors held (i)
Series A Preferred Stock that was convertible into an
aggregate of 782,141 shares of Common Stock and (ii)
Warrants that were exercisable for an aggregate of 150,663
shares of Common Stock. Furthermore, as of August 15, the
Investors were entitled to cumulative dividends of an
aggregate of 25,200 shares of Common Stock upon conversion
of the Series A Preferred Stock or exercise of the Warrants.
Based on the Issuer s Quarterly Report on Form 10-Q filed
with the Securities and Exchange Commission for the quarter
ended June 30, 1997, there were 11,988,274 shares of Common
Stock outstanding as of that date. Based on that number of
shares and treating the shares of Common Stock underlying
the Investors Series A Preferred Stock, Warrants and
cumulative dividends as also being outstanding, Global would
be deemed to be the beneficial owner of 7.4% of the Issuer s
outstanding Common Stock.
Item 5(c) is hereby amended to read as follows:
(c) No transactions in Common Stock were effected by the
Investors during the sixty (60) days prior to August 15,
1997.
Page 3 of 4 Pages<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is
true, complete and correct.
Date: September 9, 1997 GLOBAL CAPITAL MANAGEMENT,
INC.
By: /s/ John D. Brandenborg
-----------------------------------
Name: John D. Brandenborg
Title: Vice-President
Page 4 of 4 Pages<PAGE>
