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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: ProxyMed Inc.
Title of Class of Securities: Common Stock
CUSIP Number: 744290107
(Name, Address and Telephone Number of Person
Authorized To Receive Notices and Communications)
Mr. Peter J. Cobos c/o Kingdon Capital Management Corporation,
152 West 57th Street, New York, New York 10019
(Date of Event which Requires Filing of this Statement)
May 22, 1996
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 . (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
be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 744290107
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Kingdon Capital Management Corporation #13-3158796
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:
441,600
8. Shared Voting Power:
9. Sole Dispositive Power:
441,600
10. Shared Dispositive Power:
11. Aggregate Amount Beneficially Owned by Each Reporting Person
441,600
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)
9.4%
14. Type of Reporting Person
CO
The reason for the filing of this Amendment No. 1 to the
previously filed Schedule 13D is to show that the holdings of
Kingdon Capital Management Corporation ("KCMC") in the common
stock (the "Common Stock") of ProxyMed Inc. (PILL") have
increased from 8.3% to 9.4%.
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, KCMC beneficially owns 441,600
shares of Common Stock. All 441,600 shares of Common
Stock are held by entities and managed accounts over
which KCMC has investment discretion. The funds for the
purchase of the Common Stock held in the entities and
managed accounts over which KCMC has investment
discretion have come from each entity's or account's own
funds. No leverage was used to purchase any shares.
Item 4. Purpose of Transactions.
No change.
Item 5. Interest in Securities of Issuer.
As of the date hereof, KCMC is the beneficial owner of
441,600 shares of Common Stock. Based on information
received from PILL, KCMC believes there to be 4,697,063
shares of Common Stock outstanding. Therefore, KCMC is
deemed to beneficially own 9.4% of the outstanding
shares of Common Stock. KCMC has the sole power to
vote, direct the vote, dispose of or direct the
disposition of all the shares of Common Stock that it is
currently deemed to beneficially own.
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Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer
No change.
Item 7. Material to be Filed as Exhibits.
Attached hereto as Exhibit A is a description of the
transactions in the Common Stock that were effected by KCMC
during the past 60 days.
Signature
The undersigned, after reasonable inquiry and to
the best of its knowledge and belief, certifies that the
information set forth in this statement is true, complete
and correct.
May 28, 1996
Kingdon Capital Management Corporation
By: /s/ Peter J. Cobos
__________________________
Peter J. Cobos, Controller
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EXHIBIT A
SCHEDULE OF TRANSACTIONS
Date Shares Acquired Price Per Share
(Not Including Commission)
____ _______________ __________________________
5/08/96 210,000 $6.62
5/08/96 81,600 7.72
5/09/96 100,000 7.62
5/22/96 50,000 14.45
48400002.AD7
