-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DSvjfbtzX0eOxqZ3lMTv2YgS8hRAMVURRN30GSmHXwCx4JYwGxZ3ZMM6pQCyvN5H KypDZo5OQmUB1X2NTjLnLQ== 0000898432-07-001057.txt : 20071228 0000898432-07-001057.hdr.sgml : 20071228 20071228172807 ACCESSION NUMBER: 0000898432-07-001057 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20071228 DATE AS OF CHANGE: 20071228 GROUP MEMBERS: BIOTECHNOLOGY VALUE FUND II, L.P. GROUP MEMBERS: BVF INC. GROUP MEMBERS: BVF INVESTMENTS, L.L.C. GROUP MEMBERS: BVF PARTNERS, L.P. GROUP MEMBERS: INVESTMENT 10, L.L.C. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: GENAERA CORP CENTRAL INDEX KEY: 0000880431 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 133445668 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-42170 FILM NUMBER: 071332758 BUSINESS ADDRESS: STREET 1: 5110 CAMPUS DR CITY: PLYMOUTH MEETING STATE: PA ZIP: 19462 BUSINESS PHONE: 6109415231 MAIL ADDRESS: STREET 1: 5110 CAMPUS DRIVE CITY: PLYMOUTH MEETING STATE: PA ZIP: 19462 FORMER COMPANY: FORMER CONFORMED NAME: MAGAININ PHARMACEUTICALS INC DATE OF NAME CHANGE: 19930328 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BIOTECHNOLOGY VALUE FUND L P CENTRAL INDEX KEY: 0000918923 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 363924731 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 900 N. MICHIGAN AVENUE, SUITE 1100 CITY: CHICAGO STATE: IL ZIP: 60611 BUSINESS PHONE: 3125066500 MAIL ADDRESS: STREET 1: 900 N. MICHIGAN AVENUE, SUITE 1100 CITY: CHICAGO STATE: IL ZIP: 60611 SC 13G 1 ganaera.txt - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13G (RULE 13D-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13D-1(B) (C) AND (D) AND AMENDMENTS THERETO FILED PURSUANT TO 13D-2(B) GENAERA CORPORATION ----------------------------------------- (Name of Issuer) COMMON STOCK ----------------------------------------- (Title of Class of Securities) 36867G100 ----------------------------------------- (CUSIP Number) SEPTEMBER 27, 2007 ----------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) *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 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 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). - -------------------------------------------------------------------------------- - ---------------------- ---------------------- CUSIP NO. 36867G100 13G PAGE 2 OF 10 PAGES - ---------------------- ---------------------- 1 NAME OF REPORTING PERSON: BIOTECHNOLOGY VALUE FUND, L.P. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF 0 SHARES ------------------------------------------------------------- BENEFICIALLY 6 SHARED VOTING POWER OWNED 302,375 (1) BY ------------------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ------------------------------------------------------------- WITH: 8 SHARED DISPOSITIVE POWER 302,375 (1) - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 302,375 (1) - -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.7% (1) (2) - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - ---------------------- ---------------------- CUSIP NO. 36867G100 13G PAGE 3 OF 10 PAGES - ---------------------- ---------------------- 1 NAME OF REPORTING PERSON: BIOTECHNOLOGY VALUE FUND II, L.P. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF 0 SHARES ------------------------------------------------------------- BENEFICIALLY 6 SHARED VOTING POWER OWNED 206,558 (1) BY ------------------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ------------------------------------------------------------- WITH: 8 SHARED DISPOSITIVE POWER 206,558 (1) - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 206,558 (1) - -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.2% (1) (2) - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - ---------------------- ---------------------- CUSIP NO. 36867G100 13G PAGE 4 OF 10 PAGES - ---------------------- ---------------------- 1 NAME OF REPORTING PERSON: BVF INVESTMENTS, L.L.C. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE 5 SOLE VOTING POWER NUMBER OF 0 SHARES BENEFICIALLY 6 SHARED VOTING POWER OWNED 763,127 (1) BY EACH 7 SOLE DISPOSITIVE POWER REPORTING 0 PERSON WITH: 8 SHARED DISPOSITIVE POWER 763,127 (1) 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 763,127 (1) 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.3% (1) (2) 12 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- - ---------------------- ---------------------- CUSIP NO. 36867G100 13G PAGE 5 OF 10 PAGES - ---------------------- ---------------------- 1 NAME OF REPORTING PERSON: INVESTMENT 10, L.L.C. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION ILLINOIS 5 SOLE VOTING POWER NUMBER OF 0 SHARES BENEFICIALLY 6 SHARED VOTING POWER OWNED 85,271 (1) BY EACH 7 SOLE DISPOSITIVE POWER REPORTING 0 PERSON WITH: 8 SHARED DISPOSITIVE POWER 85,271 (1) 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 85,271 (1) 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5% (1) (2) 12 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- - ---------------------- ---------------------- CUSIP NO. 36867G100 13G PAGE 6 OF 10 PAGES - ---------------------- ---------------------- 1 NAME OF REPORTING PERSON: BVF PARTNERS L.P. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE 5 SOLE VOTING POWER NUMBER OF 0 SHARES BENEFICIALLY 6 SHARED VOTING POWER OWNED 1,357,331 (1) BY EACH 7 SOLE DISPOSITIVE POWER REPORTING 0 PERSON WITH: 8 SHARED DISPOSITIVE POWER 1,357,331 (1) 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,357,331 (1) 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 7.7% (1) (2) 12 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- - ---------------------- ---------------------- CUSIP NO. 36867G100 13G PAGE 7 OF 10 PAGES - ---------------------- ---------------------- 1 NAME OF REPORTING PERSON: BVF INC. S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE 5 SOLE VOTING POWER NUMBER OF 0 SHARES BENEFICIALLY 6 SHARED VOTING POWER OWNED 1,357,331 (1) BY EACH 7 SOLE DISPOSITIVE POWER REPORTING 0 PERSON WITH: 8 SHARED DISPOSITIVE POWER 1,357,331 (1) 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,357,331 (1) 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 7.7% (1) (2) 12 TYPE OF REPORTING PERSON* IA, CO The following footnotes relate to pages 2 thru 7: (1) With respect to each Reporting Person, the following securities are held, as follows (See Items 2(a) and 2(d) for defined terms for each entity and all other capitalized terms below): Security Type BVF BVF2 Investments ILL10 Partners BVF Inc. - -------------------------------------------------------------------------------- Common Stock 242,983 165,158 614,127 68,671 1,090,939 1,090,939 Warrants 59,392 41,400 149,000 16,600 266,392 266,392 The Warrants may be exercised at any time until expiration for shares of the issuer's Common Stock at an exercise price of $3.66 per share. The Warrants are exercisable until December 30, 2011. (2) The percentage calculations are based on 17,727,897 shares of Common Stock outstanding determined as follows: (x) 17,461,505 shares of Common Stock outstanding plus (y) 266,392 shares of Common Stock issuable upon exercise of the Warrants held by the Reporting Persons. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - ---------------------- ---------------------- CUSIP NO. 36867G100 13G PAGE 8 OF 10 PAGES - ---------------------- ---------------------- ITEM 1(a). NAME OF ISSUER: Genaera Corporation ("Genaera") ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 5110 Campus Drive Plymouth Meeting, PA 19462 ITEM 2(a). NAME OF PERSON FILING: This Schedule 13G is being filed on behalf of the following persons (the "Reporting Persons"): (i) Biotechnology Value Fund, L.P. ("BVF") (ii) Biotechnology Value Fund II, L.P. ("BVF2") (iii) BVF Investments, L.L.C. ("Investments") (iv) Investment 10, L.L.C. ("ILL10") (v) BVF Partners L.P. ("Partners") (vi) BVF Inc. ("BVF Inc.") ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE: The principal business office of the Reporting Persons comprising the group filing this Schedule 13G is located at 900 North Michigan Avenue, Suite 1100, Chicago, Illinois, 60611. ITEM 2(c). CITIZENSHIP: BVF: a Delaware limited partnership BVF2: a Delaware limited partnership Investments: a Delaware limited liability company ILL10: an Illinois limited liability company Partners: a Delaware limited partnership BVF Inc.: a Delaware corporation ITEM 2(d). TITLE OF CLASS OF SECURITIES: This Schedule 13G is being filed with respect to the common stock, par value $0.002 per share ("Common Stock"), of Genaera. The Reporting Persons' percentage ownership of Common Stock is based on 17,461,505 shares of Common Stock being outstanding and the beneficial ownership by the Reporting Persons of 266,392 warrants (the "Warrants") to purchase an equivalent number of shares of the Common Stock. See the discussion in footnote (1) for a further description of the Warrants. As of December 27, 2007, BVF beneficially owned 302,375 shares of Common Stock, of which 59,392 shares are attributable to Warrants, BVF2 beneficially owned 206,558 shares of Common Stock, of which 41,400 shares are attributable to Warrants, Investments beneficially owned 763,127 shares of Common Stock, of which 149,000 shares are attributable to Warrants and ILL10 beneficially owned 85,271 shares of Common Stock, of which 16,600 shares are attributable to Warrants. Beneficial ownership by Partners and BVF Inc. includes 1,357,331 shares of Common Stock, of which 266,392 shares are attributable to Warrants. ITEM 2(e). CUSIP NUMBER: 36867G100 - -------------------------------------------------------------------------------- - ---------------------- ---------------------- CUSIP NO. 36867G100 13G PAGE 9 OF 10 PAGES - ---------------------- ---------------------- ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B) OR (C) CHECK WHETHER THE PERSON FILING IS: ONE OF THE FOLLOWING Not applicable as this Schedule 13G is filed pursuant to Rule 13d-1(c). ITEM 4. OWNERSHIP: The information in items 1 and 5 through 11 on the cover pages (pp. 2 - 7) on this Schedule 13G is hereby incorporated by reference. ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS: If this statement is being filed to report the fact that as of the date hereof the Reporting Persons have ceased to be the beneficial owner of more than five percent of the class of securities check the following. ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON: Pursuant to the operating agreement of Investments, Partners is authorized, among other things, to invest the funds of Ziff Asset Management, L.P., the majority member of Investments, in shares of the Common Stock beneficially owned by Investments and to vote and exercise dispositive power over those shares of the Common Stock. Partners and BVF Inc. share voting and dispositive power over shares of the Common Stock beneficially owned by BVF, BVF2, Investments and those owned by ILL10, on whose behalf Partners acts as an investment manager and, accordingly, Partners and BVF Inc. have beneficial ownership of all of the shares of the Common Stock owned by such parties. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY: Not applicable. ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF A GROUP: Not applicable. ITEM 9. NOTICE OF DISSOLUTION OF GROUP: Not applicable. - -------------------------------------------------------------------------------- - ---------------------- ---------------------- CUSIP NO. 36867G100 13G PAGE 10 OF 10 PAGES - ---------------------- ---------------------- ITEM 10. CERTIFICATION By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. 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. Dated: December 28, 2007 BIOTECHNOLOGY VALUE FUND, L.P. By: BVF Partners L.P., its general partner By: BVF Inc., its general partner By: /s/ Mark N. Lampert --------------------------- Mark N. Lampert President BIOTECHNOLOGY VALUE FUND II, L.P. By: BVF Partners L.P., its general partner By: BVF Inc., its general partner By: /s/ Mark N. Lampert --------------------------- Mark N. Lampert President BVF INVESTMENTS, L.L.C. By: BVF Partners L.P., its manager By: BVF Inc., its general partner By: /s/ Mark N. Lampert --------------------------- Mark N. Lampert President INVESTMENT 10, L.L.C. By: BVF Partners L.P., its attorney-in-fact By: BVF Inc., its general partner By: /s/ Mark N. Lampert --------------------------- Mark N. Lampert President BVF PARTNERS L.P. By: BVF Inc., its general partner By: /s/ Mark N. Lampert --------------------------- Mark N. Lampert President BVF INC. By: /s/ Mark N. Lampert --------------------------- Mark N. Lampert President -----END PRIVACY-ENHANCED MESSAGE-----