Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SAXE JON S
   2. Issuer Name and Ticker or Trading Symbol
Excaliber Enterprises, Ltd. [EXCA] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O VISTAGEN THERAPEUTICS, INC., 384 OYSTER POINT BLVD., NO. 8		 3. Date of Earliest Transaction (Month/Day/Year)
05/11/2011
(Street)

SOUTH SAN FRANCISCO, CA 94080		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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)
Code V Amount (A) or (D) Price
Common Stock 05/11/2011   A   17,354 A $ 3.5 (1) 17,354 D  

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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 1.6 05/11/2011   A   5,000   08/27/2005 08/27/2011 Common Stock 5,000 (2) 5,000 D  
Stock Option (Right to Buy) $ 1.6 05/11/2011   A   1,250   11/19/2006 11/19/2012 Common Stock 1,250 (3) 1,250 D  
Stock Option (Right to Buy) $ 1.6 05/11/2011   A   4,375   12/21/2006 04/01/2014 Common Stock 4,375 (4) 4,375 D  
Stock Option (Right to Buy) $ 1.6 05/11/2011   A   3,000   12/21/2006 04/01/2014 Common Stock 3,000 (5) 3,000 D  
Stock Option (Right to Buy) $ 1.72 05/11/2011   A   2,500   12/21/2006 05/02/2015 Common Stock 2,500 (6) 2,500 D  
Stock Option (Right to Buy) $ 1.76 05/11/2011   A   3,750   12/21/2006 07/06/2016 Common Stock 3,750 (7) 3,750 D  
Stock Option (Right to Buy) $ 4.2 05/11/2011   A   5,000   01/17/2008 01/17/2018 Common Stock 5,000 (8) 5,000 D  
Stock Optioin (Right to Buy) $ 2.26 05/11/2011   A   3,750   03/24/2009 03/24/2019 Common Stock 3,750 (9) 3,750 D  
Stock Option (Right to Buy) $ 3 05/11/2011   A   10,000     (10) 11/04/2019 Common Stock 10,000 (11) 10,000 D  
Stock Optioin (Right to Buy) $ 3 05/11/2011   A   75,000     (12) 12/30/2019 Common Stock 75,000 (13) 75,000 D  
Stock Option (Right to Buy) $ 3.5 05/11/2011   A   25,000     (14) 04/26/2021 Common Stock 25,000 (15) 25,000 D  
Warrant $ 5 05/11/2011   A   1,392   05/10/2011 05/11/2014 Common Stock 1,392 (16) 1,392 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SAXE JON S
C/O VISTAGEN THERAPEUTICS, INC.
384 OYSTER POINT BLVD., NO. 8
SOUTH SAN FRANCISCO, CA 94080		        

Signatures

 /s/ Jon S. Saxe   05/25/2011
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Shares received in a stock-for-stock exchange of shares of VistaGen Therapeutics Inc. ("VistaGen") Common Stock in connection with the Agreement and Plan of Merger by and among VistaGen, the Issuer and a wholly-owned subsidiary of Issuer, such that VistaGen became a wholly-owned subsidiary of Issuer (the "Merger"). The exchange ratio in connection with the Merger was one share of VistaGen Common Stock at a price of $1.75 per share for 0.5 shares of Issuer Common Stock at a price of $3.50 per share (the "Exchange Ratio"). All shares reflected in the Tables and the footnotes give effect to the Exchange Ratio.
(2) Received in the Merger in exchange for an employee stock option to acquire 5,000 shares of VistaGen common stock for $1.60 per share.
(3) Received in the Merger in exchange for an employee stock option to acquire 12,50 shares of VistaGen common stock for $1.50 per share.
(4) Received in the Merger in exchange for an employee stock option to acquire 4,375 shares of VistaGen common stock for $1.60 per share.
(5) Received in the Merger in exchange for an employee stock option to acquire 3,000 shares of VistaGen common stock for $1.60 per share.
(6) Received in the Merger in exchange for an employee stock option to acquire 2,500 shares of VistaGen common stock for $1.72 per share.
(7) Received in the Merger in exchange for an employee stock option to acquire 3,750 shares of VistaGen common stock for $1.76 per share.
(8) Received in the Merger in exchange for an employee stock option to acquire 5,000 shares of VistaGen common stock for $4.20 per share.
(9) Received in the Merger in exchange for an employee stock option to acquire 3.750 shares of VistaGen common stock for $2.26 per share.
(10) Options vest monthly over a period of two years commencing November 1, 2009
(11) Received in the Merger in exchange for an employee stock option to acquire 10,000 shares of VistaGen common stock for $3.00 per share.
(12) Options vest monthly over a period of three years commencing December 31, 2009, with a twelve-month cliff of 50% of shares
(13) Received in the Merger in exchange for an employee stock option to acquire 75,000 shares of VistaGen common stock for $3.00 per share.
(14) Options vest monthly over a period of four years commencing April 25, 2011, with a twelve-month cliff of 25% of the shares.
(15) Received in the Merger in exchange for an employee stock option to acquire 25,000 shares of VistaGen common stock for $3.50 per share.
(16) Received in the Merger in exchange for a warrant to acquire 1,392 shares of VistaGen common stock for $5.00 per share.

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