[FORM 4]
OMB APPROVAL
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OMB Number 3235-0287
Expires: December 31, 2001
Estimated average burden hours
per response ...............0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[X]
Check this box if no
longer subject to Section
16. Form 4 or Form 5
obligations may continue.
See Instruction 1(b).
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(f) of the Investment Company Act of 1940
(Print or Type Responses)
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1. Name and Address of Reporting Person*
OrbiMed Advisors LLC (1)
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(Last) (First) (Middle)
767 Third Avenue
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(Street)
New York NY 10010
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Depomed, Inc. (DMI)
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3. IRS or Social Security Nummber of Reporting Person (Voluntary)
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4. Statement for Month/Year
March 2002
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Persons to Issuer
(Check all applicable)
[_] Director [X] 10% Owner
[_] Officer (give title below) [_] Other (specify below)
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7. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
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X 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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1. Title of 2. Transaction 3. Transac- 4. Securities 5. Amount of 6. Ownership 7. Nature of
Security (Month/ tion Code Acquired (A) Securities Form: Indirect
(Instr. 3) Day/Year) (Instr. 8) or Disposed Beneficially Direct (D)or Beneficial
of (D) Owned at End Indirect (I) Ownership
(Instr. 3, of Month (Instr. 4) (Instr. 4)
4 and 5) (Instr. 3
and 4)
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Code V Amount (A)or Price
(D)
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Common Stock N/A N/A 2,002,300 I(3)
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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)
(Over)
Page 1 of 2 Pages Page 1
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Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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1. Title of 2.Conver- 3.Trans- 4.Trans- 5. Number of Deriv- 6. Date Exer- 7. Title and Amount of
Derivative sion or action action ative cisable and Underlying Securities
Security Exercise Date Code Securities Expiration (Instr. 3 and 4)
(Instr. 3) Price (Month/ (Instr. 8) Acquired (A) or Date
of Deri- Day/ Disposed of (D) (Month/Day/
vative Year) (Instr. 3, 4 Year)
Security and 5)
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Date Expira- Amount or
Exer- tion Number of
Code V (A) (D) cisable Date Title Shares
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Common Stock
Warrant (2) 3/27/02 C 178,551 Common Stock 178,551
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Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities) (continued)
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8. Price 9. Number of 10. Owner- 11. Nature of
of Derivative ship Indirect
Deriv- Securities Form Beneficial
ative Beneficially of Ownership
Secur- Owned at Deriva- (Instr.
ity End of tive 4)
(Instr. Month Se-
5) (Instr. 4) curity:
Direct
(D)
or
Indirect
(I)
(Instr.4)
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Common Stock
Warrant (2) 0 I(3)
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Explanation of Responses:
(1) Joint filing with OrbiMed Advisors LLC, OrbiMed Capital LLC and Samuel
D. Isaly (4) of the same address.
(2) The securities were converted pursuant to a cashless warrant exchange.
(3) OrbiMed Advisors LLC, OrbiMed Capital LLC and OrbiMed Advisers Inc. have
investment management discretion over a number of colletive investment funds
investing in Depomed, Inc. stock. The reporting persons have no beneficial
interest in the securities pursuant to Rule 16a-1(2).
(4) OrbiMed Advisors Inc. is 100% owned by Samuel D. Isaly who also has a
controlling interest in OrbiMed Advisors LLC and OrbiMed Capital LLC.
** 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 Number.
/s/Samuel D. Isaly 4/11/02
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**Signature of Reporting Person Date
Page 2 of 2 Pages Page2
SEC 1474 (3-99)