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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 E6YH+iamGDWmGNu4b6T3WxB2amzqOvVdE3M0vg1p2rbR8r+aoetMf9TnwIqSQP3p
 Dm/t0Hj3JKbo/xri5JzF+g==

<SEC-DOCUMENT>0001181431-03-023703.txt : 20030918
<SEC-HEADER>0001181431-03-023703.hdr.sgml : 20030918
<ACCEPTANCE-DATETIME>20030918205148
ACCESSION NUMBER:		0001181431-03-023703
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030916
FILED AS OF DATE:		20030918

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KYPHON INC
		CENTRAL INDEX KEY:			0001123313
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				770366069
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1350 BORDEAUX DR
		CITY:			SUNNYVALE
		STATE:			CA
		ZIP:			94089
		BUSINESS PHONE:		4085486500

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WARBURG PINCUS VENTURES LP
		CENTRAL INDEX KEY:			0000942263
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49804
		FILM NUMBER:		03901843

	BUSINESS ADDRESS:	
		STREET 1:		E M WARBURG PINCUS & CO INC
		STREET 2:		466 LEXINGTON AVE 10TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017-3147
		BUSINESS PHONE:		2128780600

	MAIL ADDRESS:	
		STREET 1:		E M WARBURG PINCUS & CO INC
		STREET 2:		466 LEXINGTON AVE 10TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017-3147
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd18836.xml
<DESCRIPTION>CASHLESS WARRANT EXERCISE ON 9/16/03
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-09-16</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001123313</issuerCik>
        <issuerName>KYPHON INC</issuerName>
        <issuerTradingSymbol>KYPH</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000942263</rptOwnerCik>
            <rptOwnerName>WARBURG PINCUS VENTURES LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>466 LEXINGTON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>1</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-09-16</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>X</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>59134</value></transactionShares><transactionPricePerShare><value>0.01</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>14149791</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivative
Table><derivativeTable><derivativeTransaction><securityTitle><value>Common Stock Warrant (Right to Buy)</value></securityTitle><conversionOrExercisePrice><value>0.01</value></conversionOrExercisePrice><transactionDate><value>2003-09-16</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>X</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>59134</value></transactionShares><transactionPricePerShare><value>0</value><footnoteId id="F1"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2002-05-22</value></exerciseDate><expirationDate><value>2008-06-05</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>59158</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts>
<sharesOwnedFollowingTransaction><value>0</value><footnoteId id="F2"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">The listed security was acquired in connection with the 10% Convertible Promissory Notes issued to the reporting person.</footnote><footnote id="F2">The warrant was exercised on a cashless basis pursuant to a net exercise provision contained in the warrant instrument.</footnote></footnotes><ownerSignature><signatureName>David J. Saul, Attorney-in-Fact</signatureName><signatureDate>2003-09-18</signatureDate></ownerSignature></ownershipDocument>



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