Washington,
D.C. 20549
(Amendment
No. 19)*
If
the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this
Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following
box. o
*
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided
in a prior cover page.
The
information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section
18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the Notes).
1.
|
Names
of Reporting Persons.
I.R.S.
Identification Nos. of above persons (entities only).
Tang
Capital Partners, LP
|
2.
|
Check
the Appropriate Box if a Member of a Group
(a)
¨
(b)
¨
|
3.
|
SEC
Use Only
|
4.
|
Source
of Funds
WC
|
5.
|
Check
If Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)
¨
|
6.
|
Citizenship
or Place of Organization
Delaware
|
Number
of
Shares
Beneficially
Owned
by
Each
Reporting
Person
With
|
7.
|
Sole
Voting Power
0
|
8.
|
Shared
Voting Power
9,098,594
|
9.
|
Sole
Dispositive Power
0
|
10.
|
Shared
Dispositive Power
9,098,594
|
11.
|
Aggregate
Amount Beneficially Owned by Each Reporting Person
|
12.
|
Check
if the Aggregate Amount in Row (11) Excludes Certain Shares
¨
|
13.
|
Percent
of Class Represented by Amount in Row (11)
9.50%
|
14
|
Type
of Reporting Person
PN
|
1.
|
Names
of Reporting Persons.
I.R.S.
Identification Nos. of above persons (entities only).
Tang
Capital Management, LLC
|
2.
|
Check
the Appropriate Box if a Member of a Group
(a)
¨
(b)
¨
|
3.
|
SEC
Use Only
|
4.
|
Source
of Funds
WC
|
5.
|
Check
If Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)
¨
|
6.
|
Citizenship
or Place of Organization
Delaware
|
Number
of
Shares
Beneficially
Owned
by
Each
Reporting
Person
With
|
7.
|
Sole
Voting Power
0
|
8.
|
Shared
Voting Power
9,098,594
|
9.
|
Sole
Dispositive Power
0
|
10.
|
Shared
Dispositive Power
9,098,594
|
11.
|
Aggregate
Amount Beneficially Owned by Each Reporting Person
|
12.
|
Check
if the Aggregate Amount in Row (11) Excludes Certain Shares ¨
|
13.
|
Percent
of Class Represented by Amount in Row (11)
9.50%
|
14
|
Type
of Reporting Person
OO
|
1.
|
Names
of Reporting Persons.
I.R.S.
Identification Nos. of above persons (entities only).
Kevin
Tang
|
2.
|
Check
the Appropriate Box if a Member of a Group
(a)
¨
(b)
¨
|
3.
|
SEC
Use Only
|
4.
|
Source
of Funds
PF,
WC, OO
|
5.
|
Check
If Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)
¨
|
6.
|
Citizenship
or Place of Organization
United
States
|
Number
of
Shares
Beneficially
Owned
by
Each
Reporting
Person
With
|
7.
|
Sole
Voting Power
481,335
|
8.
|
Shared
Voting Power
9,098,594
|
9.
|
Sole
Dispositive Power
481,335
|
10.
|
Shared
Dispositive Power
9,098,594
|
11.
|
Aggregate
Amount Beneficially Owned by Each Reporting Person
9,579,929
|
12.
|
Check
if the Aggregate Amount in Row (11) Excludes Certain Shares ¨
|
13.
|
Percent
of Class Represented by Amount in Row (11)
9.99%
|
14
|
Type
of Reporting Person
IN
|
Explanatory
Note: This Amendment No. 19 relates to and amends the Statement of Beneficial Ownership
on Schedule 13D/A of Tang Capital Partners, LP, a Delaware limited partnership, Tang
Capital Management, LLC, a Delaware limited liability company, and Kevin Tang, a United
States citizen (each, a “Reporting Person” and collectively, the “Reporting
Persons”), initially filed jointly by the Reporting Persons with the U.S. Securities
and Exchange Commission (“SEC”) on October 14, 2008 and amended on November
10, 2008, November 24, 2008, December 29, 2008, February 18, 2009, October 26, 2009,
June 3, 2010, May 3, 2011, July 7, 2011, May 11, 2012, July 30, 2012, May 9, 2013, November
22, 2013, June 27, 2014, June 12, 2015, April 14, 2016, August 10, 2016, January 24,
2017 and September 13, 2018 (as amended, the “Statement”), with respect to
the Common Stock, $0.01 par value (the “Common Stock”), of Heron Therapeutics,
Inc., a Delaware corporation (the “Issuer” or “Company”).
Items 3 and
5 of the Statement are hereby amended to the extent herein after expressly set forth. All capitalized terms used and not expressly
defined herein have the respective meanings ascribed to such terms in the Statement.
Item 3. Source and Amount of Funds or Other Consideration
Item 3 of the
Statement is hereby amended to add the following:
Tang
Capital Partners, LP received $80,137, $81,339, $82,559, $83,798, $85,055 and $86,330
principal amount of Senior Secured Convertible Notes due 2021 (the “Notes”)
on October 1, 2018, January 1, 2019, April 1, 2019, July 1, 2019, October 1, 2019 and
January 1, 2020, respectively, as interest in-kind on the existing Notes held by Tang
Capital Partners, LP.
On
December 15, 2018, the Issuer granted to Kevin Tang stock options to purchase an aggregate
of 17,000 shares of Common Stock at an exercise price of $24.97 per share. On December
19, 2019, the Issuer granted to Kevin Tang stock options to purchase an aggregate of
17,000 shares of Common Stock at an exercise price of $25.02 per share. These stock options
were granted in connection with Mr. Tang’s service on the Issuer’s Board
of Directors and vest monthly over a one-year period.
On October 4, 2019, Tang Capital Partners, LP purchased
285,714 shares of Common Stock through an underwritten public offering at a price of $17.50 per share.
Tang Capital Partners, LP
maintains commingled accounts with various financial institutions, which may extend margin credit to Tang Capital Partners, LP
as and when required to open or carry positions in the margin accounts, subject to applicable federal margin regulations, stock
exchange rules and credit policies. In such instances, the positions held in the margin accounts are pledged as collateral security
for the repayment of debit balances in these accounts. The margin accounts may from time to time have debit balances. Since other
securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the
securities reported herein.
Item
5.
|
Interest
in Securities of the Issuer
|
The
information previously provided in response to Item 5 is hereby amended and restated
by replacing the text thereof in its entirety with the following:
(a)
|
Amount
beneficially owned and percentage of class:
|
|
|
Tang
Capital Partners, LP
|
9,098,594
shares, representing 9.50% of the class
|
|
Tang
Capital Management, LLC
|
9,098,594
shares, representing 9.50% of the class
|
|
Kevin
Tang
|
9,579,929
shares, representing 9.99% of the class
|
Tang
Capital Partners, LP is the beneficial owner of 9,098,594 shares of Common Stock, including
937,500 shares of Common Stock held by Tang Holdings, comprising: (i) the 3,417,203 shares
beneficially owned by Tang Capital Partners, LP; and (ii) 5,681,391 shares currently
issuable upon conversion of the Notes. Tang Capital Partners, LP shares voting and dispositive
power over such shares with Tang Capital Management, LLC and Kevin Tang.
Tang Capital Partners, LP is the record owner
of $5,841,685 principal amount of Notes, which may be converted into Common Stock at a conversion rate of 1,250 shares per $1,000
principal amount of Notes, subject to certain limitations discussed below. Tang Capital Partners, LP has no right to convert the
Notes to the extent that after giving effect to such conversion Tang Capital Partners, LP (together with its affiliates) would
beneficially own in excess of the Maximum Percentage, which is currently set at 9.99%, of the number of shares of Common Stock
of the Company outstanding immediately after giving effect to such conversion. Tang Capital Partners, LP can increase or decrease
the Maximum Percentage for its Notes by written notice to the Company, provided that such increase or decrease will not be effective
until 61 days after delivery of the notice. The foregoing limitations remain in effect with respect to such Notes, and, accordingly,
only 5,681,391 shares are currently issuable upon conversion of such Notes.
Tang Capital Management, LLC, as the general
partner of Tang Capital Partners, LP, may be deemed to beneficially own the 9,098,594 shares of Common Stock beneficially owned
by Tang Capital Partners, LP. Tang Capital Management, LLC shares voting and dispositive power over such shares with Tang Capital
Partners, LP and Kevin Tang.
Kevin Tang is the beneficial owner of 9,579,929 shares of Common
Stock, comprising: (i) the 9,098,594 shares beneficially owned by Tang Capital Partners, LP; (ii) 297,714 shares held by the Kevin
C. Tang Foundation (iii) 162,333 shares issuable upon exercise of options held by Kevin Tang that are exercisable within 60 days
of this Statement; (iv) 6,575 shares owned by Kevin Tang’s minor children under the Uniform Transfers to Minors Act, for
which Kevin Tang serves as trustee; (v) 5,732 shares held by the Kevin C. Tang Family Trust, for which Kevin Tang serves as trustee;
(vi) 4,794 shares owned directly by Kevin Tang; (vii) 2,147 shares held by Kevin Tang’s Individual Retirement Account; and
(viii) 2,040 shares owned by the Tang Advisors, LLC Profit Sharing Plan, for which Kevin Tang serves as trustee and is a participant.
Mr. Tang also owns additional stock options to purchase up to 14,167 shares of Common Stock that are excluded from his beneficial
ownership as of the date of this Statement, as they are not exercisable within 60 days from such date.
Tang Capital Management, LLC, as the general
partner of Tang Capital Partners, LP, and Kevin Tang, as the manager of Tang Capital Management, LLC, may also be deemed to beneficially
own the shares beneficially owned by Tang Capital Partners, LP. Kevin Tang is a beneficiary and the sole trustee of the Kevin
C. Tang Family Trust and has voting and dispositive power over the shares held by the Kevin C. Tang Family Trust. The Kevin C.
Tang Foundation is a private foundation for which Kevin Tang serves as President and Treasurer. Mr. Tang has voting and dispositive
power over the shares held by this foundation, which is a not-for-profit corporation incorporated in the state of Delaware. The
mailing address of all of the foregoing persons and entities is c/o Tang Capital Management, LLC, 4747 Executive Drive, Suite
510, San Diego, CA 92121.
The percentages used herein for Tang Capital
Partners, LP and Tang Capital Management, LLC are based upon 95,732,853 shares of Common Stock (90,051,462 shares of Common Stock
reported to be issued and outstanding as of October 30, 2019, as set forth in the Issuer’s Quarterly Report on Form 10-Q
that was filed with the SEC on November 12, 2019, plus an additional 5,681,391 shares of Common Stock currently issuable upon
conversion of the Notes). The percentages used herein for Kevin Tang are based upon 95,895,186 shares of Common Stock outstanding
(95,732,853 shares of Common Stock outstanding as described in the foregoing sentence, plus an additional 162,333 shares of Common
Stock issuable upon exercise of options granted to Kevin Tang).
(b)
|
Voting
and disposition powers:
|
|
|
|
Sole
power to vote or direct the vote:
|
|
|
|
|
Tang
Capital Partners, LP
|
0
shares
|
|
Tang
Capital Management, LLC
|
0
shares
|
|
Kevin
Tang
|
481,335
shares
|
|
|
|
Shared
power to vote or direct the vote:
|
|
|
|
Tang
Capital Partners, LP
|
9,098,594
shares
|
|
Tang
Capital Management, LLC
|
9,098,594
shares
|
|
Kevin
Tang
|
9,098,594
shares
|
|
Sole
power to dispose or direct the disposition:
|
|
|
|
|
Tang
Capital Partners, LP
|
0
shares
|
|
Tang
Capital Management, LLC
|
0
shares
|
|
Kevin
Tang
|
481,335
shares
|
|
|
|
|
Shared
power to dispose or direct the disposition:
|
|
|
|
|
Tang
Capital Partners, LP
|
9,098,594
shares
|
|
Tang
Capital Management, LLC
|
9,098,594
shares
|
|
Kevin
Tang
|
9,098,594
shares
|
(c) Tang Capital Partners, LP donated the following shares of the
Issuer’s Common Stock to various charitable organizations in the last 60 days:
Date
|
Shares
|
|
|
December 19, 2019
|
20,402
|
December 19, 2019
|
20,402
|
December 23, 2019
|
80,400
|
December 23, 2019
|
201,000
|
December 27, 2019
|
41,189
|
December 31, 2019
|
121,500
|
January 6, 2020
|
1,600,000
|
In addition, the Kevin C. Tang Foundation sold 16,711 shares
of the Issuer’s Common Stock on December 18, 2019 at a weighted average price/share of $24.9773.
(d) N/A.
(e) N/A.
SIGNATURES
After
reasonable inquiry and to the best of his or its knowledge and belief, each of the following Reporting Persons certifies that
the information set forth in this statement is true, complete and correct.
|
Tang
Capital Partners, LP
|
|
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By:
|
Tang
Capital Management, LLC, General Partner
|
|
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By:
|
/s/
Kevin Tang
|
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|
|
Kevin
Tang, Manager
|
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Tang
Capital Management, LLC
|
|
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By:
|
/s/
Kevin Tang
|
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Kevin
Tang, Manager
|
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/s/
Kevin Tang
|
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Kevin Tang
|
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8