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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. 2)
Geltex Pharmaceuticals, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
368538104
(CUSIP Number)
Christopher J. Rupright, Esq.
Shartsis Friese & Ginsburg LLP
One Maritime Plaza, 18th Floor
San Francisco, CA 94111
(415) 421-6500
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
August 17, 1998
(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(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 Rule 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 disclosures provided in a prior cover page.
The information required on 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).
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays
a currently valid OMB control number.
SEC 1746 (10-97)
<PAGE>
SCHEDULE 13D
CUSIP No. 368538104 Page 2 of 12 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
West Highland Capital, Inc.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 565,300
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
565,300
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
565,300
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.4
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO and IA
- ---------------------------------------------------------------------------
*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.
<PAGE>
SCHEDULE 13D
CUSIP No. 368538104 Page 3 of 12 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Estero Partners, LLC
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 457,693
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
457,693
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
457,693
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ---------------------------------------------------------------------------
*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.
<PAGE>
SCHEDULE 13D
CUSIP No. 368538104 Page 4 of 12 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Lang H. Gerhard
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
5 CHECK BOX 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 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 457,693
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
457,693
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
457,693
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7
- ---------------------------------------------------------------------------
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.
<PAGE>
SCHEDULE 13D
CUSIP No. 368538104 Page 5 of 12 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
West Highland Partners, L.P.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 395,307
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
395,307
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
395,307
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.4
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------------
*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.
<PAGE>
SCHEDULE 13D
CUSIP No. 368538104 Page 6 of 12 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Buttonwood Partners, L.P.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 62,386
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
62,386
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
62,386
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------------
*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.
<PAGE>
SCHEDULE 13D
CUSIP No. 368538104 Page 7 of 12 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of Geltex
Pharmaceuticals, Inc. ("GELX"). The principal executive office of GELX is
located at 9 Fourth Avenue, Waltham, MA 02451.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in Instruction
C of Schedule 13D and, where applicable, their respective places of
organization, general partners, directors, executive officers and
controlling persons, and the information regarding them, is as follows:
(a) Lang H. Gerhard ("Gerhard"); West Highland Capital, Inc., a California
corporation ("WHC"); Estero Partners, LLC, a California limited liability
company ("LLC"); West Highland Partners, L.P., a California limited
partnership ("WHP"); Buttonwood Partners, L.P., a California limited
partnership ("BP").
(b) The business address of Gerhard, WHC, LLC, WHP and BP is 300 Drake's
Landing Road, Suite 290, Greenbrae, California 94904.
(c) Gerhard is the sole director and occupies all the executive offices of
WHC, which is an investment adviser. Gerhard is the sole manager of LLC.
WHC, LLC and Gerhard are the general partners of WHP and BP, which are
investment limited partnerships.
(d) During the last five years, none of such persons has been convicted in
a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of such persons was a party to a
civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to 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 violation with respect to such laws.
(f) Gerhard is a citizen of the United States of America.
<PAGE>
SCHEDULE 13D
CUSIP No. 368538104 Page 8 of 12 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as
follows:
Purchaser Source of Funds Amount
WHC Funds Under Management(1) $11,640,067.96
WHP Working Capital $ 8,165,332.28
BP Working Capital $ 1,218,287.26
(1) Includes funds invested by WHP and BP in Stock.
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the acquisitions of the Stock reported herein was and
is for investment.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in Item 2 of
this statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
Gerhard 457,693 2.7 -0- 457,693 -0- 457,693
WHC 565,300 3.4 -0- 565,300 -0- 565,300
LLC 457,693 2.7 -0- 457,693 -0- 457,693
WHP 395,307 2.4 -0- 395,307 -0- 395,307
BP 62,386 0.4 -0- 62,386 -0- 62,386
<PAGE>
SCHEDULE 13D
CUSIP No. 368538104 Page 9 of 12 Pages
The persons filing this statement effected the following transactions in
the Stock on the dates indicated, and such transactions are the only
transactions by the persons filing this statement in the Stock since June
18, 1998:
Purchase Number Price
Name or Sale Date of Shares Per Share
WHP S 6-22-98 3,550 20.2500
BP S 6-22-98 600 20.2500
WHC S 6-22-98 850 20.2500
WHP S 6-23-98 3,550 20.0000
BP S 6-23-98 600 20.0000
WHC S 6-23-98 850 20.0000
WHP S 6-24-98 10,850 20.0000
BP S 6-24-98 1,800 20.0000
WHC S 6-24-98 2,550 20.0000
WHP S 7-7-98 9,000 18.4375
BP S 7-7-98 9,000 18.4375
WHC P 7-7-98 18,000 18.4375
WHP S 7-20-98 28,000 24.5312
BP S 7-20-98 4,400 24.5312
WHC S 7-20-98 7,600 24.5312
WHP S 7-21-98 7,000 24.1250
BP S 7-21-98 1,100 24.1250
WHC S 7-21-98 1,900 24.1250
WHP S 7-24-98 3,500 21.6250
BP S 7-24-98 550 21.6250
WHC S 7-24-98 950 21.6250
WHP S 7-27-98 3,500 21.6250
BP S 7-27-98 550 21.6250
WHC S 7-27-98 950 21.6250
WHP S 7-30-98 3,500 22.1250
BP S 7-30-98 550 22.1250
WHC S 7-30-98 950 22.1250
WHP S 8-17-98 42,000 21.2813
BP S 8-17-98 6,600 21.2813
WHC S 8-17-98 11,400 21.2813
WHP S 8-18-98 19,040 21.7702
BP S 8-18-98 2,992 21.7702
WHC S 8-18-98 5,168 21.7702
WHP S 8-18-98 21,000 21.8542
BP S 8-18-98 3,300 21.8542
WHC S 8-18-98 5,700 21.8542
(Table continued on next page)
<PAGE>
SCHEDULE 13D
CUSIP No. 368538104 Page 10 of 12 Pages
(Table continued from previous page)
WHP S 8-19-98 10,500 21.8750
BP S 8-19-98 1,650 21.8750
WHC S 8-19-98 2,850 21.8750
WHP S 8-19-98 52,500 21.958333
BP S 8-19-98 8,250 21.958333
WHC S 8-19-98 14,250 21.958333
WHP S 8-20-98 7,000 22.1250
BP S 8-20-98 1,100 22.1250
WHC S 8-20-98 1,900 22.1250
WHP S 8-24-98 3,500 21.4688
BP S 8-24-98 550 21.4688
WHC S 8-24-98 950 21.4688
WHP S 8-24-98 17,500 21.2500
BP S 8-24-98 2,750 21.2500
WHC S 8-24-98 4,750 21.2500
WHP S 8-25-98 4,900 21.3839
BP S 8-25-98 770 21.3839
WHC S 8-25-98 1,330 21.3839
WHP S 8-25-98 10,500 21.1250
BP S 8-25-98 1,650 21.1250
WHC S 8-25-98 2,850 21.1250
WHP S 8-25-98 1,750 21.6250
BP S 8-25-98 275 21.6250
WHC S 8-25-98 475 21.6250
WHP S 8-26-98 3,500 20.3750
BP S 8-26-98 550 20.3750
WHC S 8-26-98 950 20.3750
WHP S 8-26-98 12,600 20.527778
BP S 8-26-98 1,980 20.527778
WHC S 8-26-98 3,420 20.527778
All transactions were executed through the Nasdaq National Market System.
<PAGE>
SCHEDULE 13D
CUSIP No. 368538104 Page 11 of 12 Pages
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Gerhard, WHC and LLC are the general partners of WHP and BP pursuant to
limited partnership agreements providing to Gerhard, WHC and LLC the
authority, among other things, to invest the funds of WHP and BP in Stock,
to vote and dispose of stock and to file this statement on behalf of WHP
and BP. Pursuant to such limited partnership agreements, the general
partners of WHP and BP are entitled to allocations based on assets under
management and realized and unrealized gains, if certain conditions are
met. Pursuant to investment management agreements, WHC is authorized,
among other things, to invest funds of its various investment advisory
clients, and to vote and dispose of those securities. Such investment
management agreements may be terminated by either party on notice as
provided in such agreements and provide for fees payable to WHC based on
assets under management and realized and unrealized gains.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
(including power of attorney).
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify
that the information set forth in this statement is true, complete and
correct.
DATED: August 27, 1998.
LANG H. GERHARD WEST HIGHLAND PARTNERS, L.P.
By: West Highland Capital, Inc. By: West Highland Capital, Inc.
Attorney-in-Fact Attorney-in-Fact
By: /s/ Bonnie George By: /s/ Bonnie George
Bonnie George Bonnie George
Chief Operating Officer Chief Operating Officer
WEST HIGHLAND CAPITAL, INC. BUTTONWOOD PARTNERS
By: /s/ Bonnie George By: West Highland Capital, Inc.
Bonnie George Attorney-in-Fact
Chief Operating Officer
By: /s/ Bonnie George
Bonnie George
Chief Operating Officer
ESTERO PARTNERS, LLC
By: West Highland Capital, Inc.
Attorney-in-Fact
By: /s/ Bonnie George
Bonnie George
Chief Operating Officer
<PAGE>
SCHEDULE 13D
CUSIP No. 368538104 Page 12 of 12 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange
Commission (the "SEC") any and all statements on Schedule 13D or Schedule
13G (and any amendments or supplements thereto) required under section
13(d) of the Securities Exchange Act of 1934, as amended, in connection
with purchases by the undersigned of securities of Geltex Pharmaceuticals,
Inc. For that purpose, the undersigned hereby constitute and appoint West
Highland Capital, Inc., a California corporation, as their true and lawful
agent and attorney-in-fact, with full power and authority for and on behalf
of the undersigned to prepare or cause to be prepared, sign, file with the
SEC and furnish to any other person all certificates, instruments,
agreements and documents necessary to comply with section 13(d) and section
16(a) of the Securities Exchange Act of 1934, as amended, in connection
with said purchases, and to do and perform every act necessary and proper
to be done incident to the exercise of the foregoing power, as fully as the
undersigned might or could do if personally present.
DATED: July 3, 1996.
/s/ Lang H. Gerhard WEST HIGHLAND PARTNERS, L.P.
Lang H. Gerhard
WEST HIGHLAND CAPITAL, INC. By: /s/ Lang H. Gerhard
Lang H. Gerhard,
General Partner
By: /s/ Lang H. Gerhard
Lang H. Gerhard, President BUTTONWOOD PARTNERS, L.P.
ESTERO PARTNERS, LLC
By: /s/ Lang H. Gerhard
Lang H. Gerhard,
General Partner
By: /s/ Lang H. Gerhard
Lang H. Gerhard, Manager
2463.28\1005842
