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- -------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION -----------------------------
FORM 4 WASHINGTON, D.C. 20549 OMB APPROVAL
- -------- -----------------------------
/ / CHECK THIS BOX IF NO STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OMB NUMBER: 3235-0287
LONGER SUBJECT TO EXPIRES: FEBRUARY 1, 1994
SECTION 16. FORM 4 OR Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, ESTIMATED AVERAGE BURDEN
FORM 5 OBLIGATIONS MAY Section 17(a) of the Public Utility Holding Company Act of 1935 or HOURS PER RESPONSE .... 0.5
CONTINUE. SEE Section 30(f) of the Investment Company Act of 1940 -----------------------------
INSTRUCTION 1(b).
(Print or Type Responses)
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<S><C>
1. Name and Address of Reporting Person* 2. Issuer Name AND Ticker or Trading Symbol 6. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
X Director 10% Owner
DAVIS TODD C. Sheffield Pharmaceuticals, Inc. (SHM) ---- ----
- --------------------------------------------------------------------------------------------- Officer (give Other
(Last) (First) (Middle) 3. IRS or Social Security 4. Statement for ---- title ---- (specify
Number of Reporting Month/Year below) below
c/o Elan Pharmaceutial Research Corp. Person (Voluntary) ----------------- ------------------
1300 Gould Drive October 1999
- -------------------------------------------- --------------------- 7. Individual or Joint/Group Filing
(Street) 5. If Amendment, (Check Applicable Line)
Date of Original ___Form filed by One Reporting Person
(Month/Year) ___Form filed by More than One
Gainesville Florida 30504 Reporting Person
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(City) (State) (Zip) TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action or Disposed of (D) Securities ship of In-
Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 8) Owned at Direct Bene-
(Month/ End of (D) or ficial
Day/ ------------------------------------------- Month Indirect Owner-
Year) (A) or (I) ship
Code V Amount (D) Price (Instr. 3 (Instr. 4) (Instr. 4)
and 4)
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Common Stock, par value
$.01 per share June 30, 1998 P (2) 4,571,428 I (3)
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FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv- 6. Date Exer-
(Instr. 3) sion or action tion Code ative Securities Ac- cisable and Ex-
Exercise Date (Instr. 8) quired (A) or Dis- piration Date
Price of (Month/ posed of (D) (Month/Day/
Deriv- Day/ (Instr. 3, 4, and 5) Year)
ative Year)
Security
--------------------
Date Expira-
-------------------------------------- Exer- tion
cisable Date
Code V (A) (D)
<S> <C> <C> <C> <C> <C> <C> <C>
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Director Options 1.4375 9/15/98 P 25,000 3/15/99 9/15/03
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Director Options 2.3125 1/1/99 P 15,000 7/1/99 1/1/04
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Series D Preferred Stock $4.86 10/18/99 P 12,015 10/18/01 10/18/05
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Series F Preferred Stock $3.40 10/18/99 P 5,000 10/18/01 10/18/05
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Warrant $6.00 10/18/99 P 150,000 10/18/02 10/18/06
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Warrant $2.00 6/30/98 P 990,000 12/31/98 6/30/05
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Series C Convertible Preferred Stock $1.41 6/30/98 P 11,500 6/30/98 6/30/08
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Convertible Promissory Note $1.75 6/30/98 P N/A 6/30/05
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1. Title of Derivative Security 7. Title and Amount of Under- 8. Price 9. Number 10. Owner- 11. Nature
(Instr. 3) lying Securities of of Deriv- ship of In-
(Instr. 3 and 4) Deriv- ative Form direct
ative Securi- of De- Bene-
Secur- ties rivative ficial
ity Bene- Secu- Own-
(Instr. ficially rity: ership
5) Owned Direct (Instr. 4)
at End (D) or
Amount or of Indi-
Title Number of Month rect (I)
Shares (Instr. 4) (Instr. 4)
<S><C>
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Director Options Common Stock 25,000 N/A 25,000 D
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Director Options Common Stock 15,000 N/A 15,000 D
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Series D Preferred Stock Common Stock 2,472,222 $12,015,000 12,015 I (3)
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Series F Preferred Stock Common Stock 1,470,588 (1) 5,000 I (3)
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Warrant Common Stock 150,000 (1) N/A I (3)
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Warrant Common Stock 990,000 (2) N/A I (3)
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Series C Convertible Preferred Stock Common Stock 8,904,965 $11,500,000 12,556 I (3)
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Convertible Promissory Note Common Stock 1,209,485 N/A N/A I (3)
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Explanation of Responses:
(1) The Shares of Series F Preferred Stock and the Warrant issued on /s/ Todd Davis November ,1999
October 18, 1999 were purchased by Elan International Services, Ltd. ------------------------------- ----------------
("EIS") for aggregate consideration of $5,000,000. **Signature of Reporting Person Date
(2) The Shares of Common Stock and the Warrant issued on June 30, 1998 were
purchased by EIS for aggregate consideration of $6,000,000.
(3) Elan Pharmaceuticals Investments Ltd. ("EPIL") is the record and
beneficial owner of the securities purchased on June 30, 1998. EIS is the
record and beneficial owner of securities purchased on October 18, 1999.
EIS and EPIL are each wholly-owned subsidiaries of Elan Corporation,
plc, an Irish public limited company. The reporting person is Director
of Planning, Investments and Development of Elan Pharmaceuticals Research
Corp., an affiliate of EIS and EPIL.
**Intentional misstatements or omissions of facts constitute
Federal Criminal Violations.
SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Page 2 of 3
SEC 1474 (3/91)
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