SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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

1. Name and Address of Reporting Person^*

Musket David B

(Last)

(First)

(Middle)

125 CAMBRIDGE PARK DR.

(Street)

CAMBRIDGE

02140

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SPECTRX INC [ SPRX ]

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

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
04/26/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
SPRX - Common Stock, $.001 par value	05/12/2004		P		2,489	A	$1.8	1,421,961	I	See footnote⁽¹⁾
SPRX - Common Stock	06/08/2004		P		1,500	A	$1.8	1,423,461	I	See footnote⁽¹⁾
SPRX - Common Stock	06/26/2004		P		2,000	A	$1.5	1,425,461	I	See footnote⁽¹⁾
SPRX - Common Stock	06/26/2004		P		5,000	A	$1.7	1,430,461	I	See footnote⁽¹⁾
SPRX - Common Stock	08/17/2004		P		500	A	$1.2	1,430,961	I	See footnote⁽¹⁾
SPRX - Common Stock	08/19/2004		P		3,000	A	$1.22	1,433,961	I	See footnote⁽¹⁾
SPRX - Common Stock	08/20/2004		P		4,000	A	$1.28	1,437,961	I	See footnote⁽¹⁾
SPRX - Common Stock	08/23/2004		P		6,703	A	$1.35	1,444,664	I	See footnote⁽¹⁾
SPRX - Common Stock	08/31/2004		P		2,500	A	$1.3	1,447,164	I	See footnote⁽¹⁾
SPRX - Common Stock	10/06/2004		P		342,300	A	$0.34	1,789,464	I	See footnote⁽¹⁾
SPRX - Common Stock	10/06/2004		P		93,000	A	$0.34	1,882,464	I	See footnote⁽¹⁾
SPRX - Common Stock	10/06/2004		P		54,700	A	$0.34	1,937,164	I	See footnote⁽¹⁾
SPRX - Common Stock	11/12/2004		S		12,500	D	$0.65	1,924,551	I	See footnote⁽¹⁾
SPRX - Common Stock	11/12/2004		S		3,000	D	$0.65	1,921,664	I	See footnote⁽¹⁾
SPRX - Common Stock	11/12/2004		S		2,000	D	$0.65	1,919,664	I	See footnote⁽¹⁾
SPRX - Common Stock	11/22/2005		S		10,000	D	$0.32	1,909,664	I	See footnote⁽¹⁾
SPRX - Common Stock	11/29/2005		S		5,000	D	$0.3	1,904,664	I	See footnote⁽¹⁾
SPRX - Common Stock	12/02/2005		S		102,692	D	$0.2	1,801,972	I	See footnote⁽¹⁾
SPRX - Common Stock	01/20/2006		S		10,000	D	$0.31	1,791,972	I	See footnote⁽¹⁾
SPRX - Common Stock	01/25/2006		S		1,350	D	$0.3	1,790,622	I	See footnote⁽¹⁾
SPRX - Common Stock	01/26/2006		S		8,150	D	$0.3	1,782,472	I	See footnote⁽¹⁾
SPRX - Common Stock	01/31/2006		S		21,450	D	$0.21	1,761,022	I	See footnote⁽¹⁾
SPRX - Common Stock	01/31/2006		S		3,550	D	$0.21	1,757,472	I	See footnote⁽¹⁾
SPRX - Common Stock	02/01/2006		S		4,300	D	$0.22	1,753,172	I	See footnote⁽¹⁾
SPRX - Common Stock	02/01/2006		S		700	D	$0.22	1,752,472	I	See footnote⁽¹⁾
SPRX - Common Stock	02/07/2006		S		21,350	D	$0.22	1,731,122	I	See footnote⁽¹⁾
SPRX - Common Stock	02/07/2006		S		3,650	D	$0.22	1,727,472	I	See footnote⁽¹⁾
SPRX - Common Stock	02/08/2006		S		17,100	D	$0.21	1,710,372	I	See footnote⁽¹⁾
SPRX - Common Stock	02/08/2006		S		2,900	D	$0.21	1,707,472	I	See footnote⁽¹⁾
SPRX - Common Stock	02/10/2006		S		10,950	D	$0.22	1,696,522	I	See footnote⁽¹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
SPRX 1.50 WTS	$1.5	03/25/2009		P		29,592		⁽²⁾	04/26/2009	Common	29,592	$0	1,409,396	I	See footnote⁽¹⁾
SPRX 1.50 WTS	$1.5	03/25/2009		P		5,316		⁽²⁾	04/26/2009	Common	5,316	$0	1,414,712	I	See footnote⁽¹⁾
SPRX 1.50 WTS	$1.5	03/25/2009		P		4,760		⁽²⁾	04/26/2009	Common	4,760	$0	1,419,472	I	See footnote⁽¹⁾

1. Name and Address of Reporting Person^*

Musket David B

(Last)

(First)

(Middle)

125 CAMBRIDGE PARK DR.

(Street)

CAMBRIDGE

02140

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

KUROKAWA BARRY

(Last)

(First)

(Middle)

125 CAMBRIDGEPARK DRIVE

(Street)

CAMBRIDGE

02140

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Joint Filer

1. Name and Address of Reporting Person^*

PROMED MANAGEMENT INC

(Last)

(First)

(Middle)

125 CAMBRIDGE PARK DR

(Street)

CAMBRIDGE

02140

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Joint Filer

1. Name and Address of Reporting Person^*

PROMED ASSET MANAGEMENT, LLC

(Last)

(First)

(Middle)

125 CAMBRIDGEPARK DRIVE

(Street)

CAMBRIDGE

02140

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Joint Filer

Explanation of Responses:

1. The reported transactions were made on behalf of ProMed Asset Management, L.L.C. ("PAM") and ProMed Management Inc. ("ProMed Inc."), which serve as the general partner and investment manager respectively, of ProMed Partners, L.P., ProMed Partners II, L.P. and ProMed Offshore Fund, Ltd., all of which are private investment funds. Both PAM and ProMed Inc. are controlled by David B. Musket and Barry Kurokawa (collectively, with PAM and ProMed Inc. "The Reporting Person"). Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

2. Immediate

	/s/ David B. Musket	02/06/2007
	/s/ Barry Kurokawa	02/06/2007
	/s/ Promed Asset Management, LLC	02/06/2007
	/s/ Promed Management Inc	02/06/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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