U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     FORM 4

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(h) of the Investment Company Act of 1940

[ ]  Check  this  box  if  no  longer  subject to  Section 16.  Form 4 or Form 5
     obligations may continue.  See Instruction 1(b).

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1.   Name and Address of Reporting Person*

     Frank                            Daniel
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    (Last)                           (First)             (Middle)

     c/o Cerberus Partners, L.P., 450 Park Avenue - 28th Floor
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                                    (Street)

     New York                          NY                  10022
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     (City)                          (State)              (Zip)
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2.   Issuer Name and Ticker or Trading Symbol

     i-STAT Corporation (STAT)
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3.   I.R.S. Identification Number of Reporting Person, if an entity (voluntary)


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4.   Statement for Month/Year

     August/2002
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5.   If Amendment, Date of Original (Month/Year)


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6.   Relationship of Reporting Person(s) to Issuer
     (Check all applicable)

     [X*]  Director                             [  ]  10% Owner
     [  ]  Officer (give title below)           [  ]  Other (specify below)
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7.   Individual or Joint/Group Filing (Check Applicable Line)

     [X*]  Form filed by One Reporting Person
     [  ]  Form filed by More than One Reporting Person
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           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
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                                                                                                                6.
                                                                 4.                              5.             Owner-
                                                                 Securities Acquired (A) or      Amount of      ship
                                      2.            3.           Disposed of (D)                 Securities     Form:     7.
                                      Transaction   Transaction  (Instr. 3, 4 and 5)             Beneficially   Direct    Nature of
                                      Date          Code         ------------------------------- Owned at End   (D) or    Indirect
1.                                    (Month/       (Instr. 8)                   (A)             of Month       Indirect  Beneficial
Title of Security                      Day/         ------------     Amount      or     Price    (Instr. 3      (I)       Ownership
(Instr. 3)                             Year)         Code     V                  (D)             and 4)         (Instr.4) (Instr. 4)
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Common Stock, par value
    $0.15 per share                    8/2/02         P               1,000       A      $2.89                   D
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Common Stock, par value
    $0.15 per share                    8/2/02         P               2,000       A      $2.84     96,200        D
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*If the form is filed by more than one reporting person, see Instruction 4(b)(v)

Reminder: Report on a  separate line  for each class of  securities beneficially
          owned directly or indirectly.

                                           (Print or Type Responses)      (Over)



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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                                                                                                                    10.
                                                                                                          9.        Owner-
                                                                                                          Number    ship
                                                                                                          of        Form
                    2.                                                                                    Deriv-    of
                    Conver-                    5.                              7.                         ative     Deriv-    11.
                    sion                       Number of                       Title and Amount           Secur-    ative     Nature
                    or                         Derivative    6.                of Underlying     8.       ities     Secur-    of
                    Exer-             4.       Securities    Date              Securities        Price    Bene-     ities     In-
                    cise     3.       Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of       ficially  Bene-     direct
                    Price    Trans-   action   or Disposed   Expiration Date   ----------------  Deriv-   Owned     ficially  Bene-
1.                  of       action   Code     of(D)         (Month/Day/Year)            Amount  ative    at End    Owned     ficial
Title of            Deriv-   Date     (Instr.  (Instr. 3,    ----------------            or      Secur-   of        at End    Owner-
Derivative          ative    (Month/  8)       4 and 5)      Date     Expira-            Number  ity      Month     of Month  ship
Security            Secur-   Day/     ------   ------------  Exer-    tion               of      (Instr.  (Instr.   (Instr.  (Instr.
(Instr. 3)          ity      Year)    Code V    (A)   (D)    cisable  Date     Title     Shares  5)       4)        4)       4)
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Explanation of Responses:

*      The reporting person is a director of i-STAT Corporation (the "Company").
The reporting person  individually holds the shares of common stock (the "Common
Stock") of the Company set forth in Table I. The reporting person is an employee
of  Cerberus  Capital  Management,  L.P.,  which,  along  with  certain  of  its
affiliates,  owns certain securities of the Company, all of which are subject to
the sole voting and investment authority of Stephen Feinberg ("SF").  SF, in his
capacity as the holder of sole voting and investment  authority of more than 10%
of the Common  Stock of the Company  pursuant to Reg.  13d-3,  separately  files
statements  pursuant to Section 13 and Section 16 of the Securities Exchange Act
of 1934,  as  amended.  The  reporting  person  does not  exercise  any  voting,
investment  or other  authority  with  respect to the shares of the Common Stock
separately reported by SF, SF does not exercise any voting,  investment or other
authority  with  respect  to the shares of Common  Stock  held by the  reporting
person and each of the reporting  person and SF at all times acts independent of
one another with respect to their holdings of securities of the Company.



By:    /s/ Daniel Frank                                       August 6, 2002
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      **Signature of Reporting Person                             Date

**   Intentional misstatements or omissions of facts constitute Federal Criminal
     Violations

See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this Form, one of which must be manually signed.
       If space is insufficient, see Instruction 6 for procedure.

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.