SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
----------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No.__)(1)
SpectRx, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
847635109
(CUSIP Number)
David Musket
c/o ProMed Management Inc.
125 Cambridgepark Drive
Cambridge, Massachusetts 02140
(617) 441-8800
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 28, 2006
(Date of Event which Requires Filing of This Statement)
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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box |X|.
Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See Rule
13d-7 for other parties to whom copies are to be sent.
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(1) 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 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).
CUSIP No. 847635109
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
ProMed Partners, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 663,702
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
663,702
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
663,702
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.60%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 847635109
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
ProMed Partners II, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 119,226
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
119,226
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
119,226
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.01%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 847635109
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
ProMed Offshore Fund, Ltd.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 106,760
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
106,760
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
106,760
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.90%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 847635109
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
ProMed Management, Inc.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 889,688
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
889,688
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
889,688
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.50%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 847635109
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
David B. Musket
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
198,222
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 889,688
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 198,222
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
889,688
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,087,910
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.17%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 847635109
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
Barry Kurokawa
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
48,222
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 889,688
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 48,222
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
889,688
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
937,910
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.91%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 847635109
Item 1. Security and Issuer.
The name of the issuer is SpectRx, Inc., a Delaware corporation (the
"Issuer"). The address of the Issuer's offices is 4955 Avalon Ridge Parkway,
Suite 300, Norcross, Georgia 30071. This Schedule 13D relates to the Issuer's
Common Stock.
Item 2. Identity and Background.
(a-c, f) This Schedule 13D is being filed jointly by (i) ProMed Partners,
L.P., a Delaware limited partnership ("ProMed I"), (ii) ProMed Partners II,
L.P., a Delaware limited partnership ("ProMed II"), (iii) ProMed Offshore Fund,
Ltd., a British Virgin Islands corporation ("ProMed Offshore"), (iv) ProMed
Management, Inc., a Massachusetts corporation ("ProMed Management"), (v) David
B. Musket, a United States citizen and (vi) Barry Kurokawa, a United States
citizen (collectively, the "Reporting Persons").
The principal business address of (i) ProMed I, ProMed II, ProMed
Management, David B. Musket and Barry Kurokawa is 125 Cambridgepark Drive,
Cambridge, Massachusetts 02140 and (ii) ProMed Offshore is c/o Trident Trust
Company (B.V.I.) Limited, Trident Chambers, Wickhams Cay, P.O. Box 146, Road
Town, Tortola, British Virgin Islands.
David B. Musket and Barry Kurokawa are the principals of ProMed
Management, Inc., which is an investment management firm that serves as
investment manager to private investment funds, including ProMed I, ProMed II
and ProMed.
(d) Neither of David B. Musket nor Barry Kurokawa has, during the last
five years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) None of the Reporting Persons has, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, Federal or state securities laws or finding any
violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The funds for the purchase of the Shares came from the working capital of
ProMed I, ProMed II and ProMed Offshore over which David B. Musket and Barry
Kurokawa, through their role at ProMed Management, exercise investment
discretion.
No borrowed funds were used to purchase the Shares, other than any
borrowed funds used for working capital purposes (including certain leverage
arrangements) in the ordinary course of business.
Item 4. Purpose of Transaction.
The Reporting Persons previously filed a Schedule 13G relating to the
Common Stock of the Issuer. This Schedule 13G is being converted to Schedule 13D
as certain of the Reporting Persons and investment vehicles they manage have
entered into a bridge loan agreement with the Issuer (the "Agreement"), which is
described in the Issuer's Form 8-K filed on June 29, 2006. The Agreement grants
the parties to the Agreement certain rights with respect to the Issuer. The
bridge loan was made in conjunction with a proposal that could result in the
restructuring of the Issuer's business strategy, certain management changes and
modification of the size and composition of the Board of Directors. The
Reporting Persons may seek to actively enlist other shareholders to facilitate
these changes.
Item 5. Interest in Securities of the Issuer.
(a-e) As of the date hereof, (i) ProMed I may be deemed to be the
beneficial owner of 663,702 Shares or 5.60% of the Shares of the Issuer, (ii)
ProMed II may be deemed to be the beneficial owner of 119,226 Shares or 1.01% of
the Shares of the Issuer, (iii) ProMed Offshore may be deemed to be the
beneficial owner of 106,760 Shares or 0.90% of the Shares of the Issuer, (iv)
ProMed Management may be deemed to be the beneficial owner of 889,688 Shares or
7.50% of the Shares of the Issuer, (v) David B. Musket may be deemed to be the
beneficial owner of 1,087,910 Shares or 9.17% of the Shares of the Issuer and
(vi) Barry Kurokawa may be deemed to be the beneficial owner of 937,910 Shares
or 7.91% of the Shares of the Issuer, based upon the 11,858,436 Shares
outstanding as of May 15, 2006, according to the Issuer's 10-QSB as filed with
the Securities and Exchange Commission.
As of the date hereof, (i) ProMed I has the shared power to vote or direct
the vote of 663,702 Shares to which this filing relates, (ii) ProMed II has the
shared power to vote or direct the vote of 119,226 Shares to which this filing
relates, (iii) ProMed Offshore has the shared power to vote or direct the vote
of 106,760 Shares to which this filing relates, (iv) ProMed Management has the
shared power to vote or direct the vote of 889,688 Shares to which this filing
relates, (v) David B. Musket has the sole power to vote or direct the vote of
198,222 Shares and the shared power to vote or direct the vote of 889,688 Shares
to which this filing relates and (vi) Barry Kurokawa has the sole power to vote
or direct the vote of 48,222 Shares and the shared power to vote or direct the
vote of 889,688 Shares to which this filing relates.
As of the date hereof, (i) ProMed I has the shared power to dispose or
direct the disposition of 663,702 Shares to which this filing relates, (ii)
ProMed II has the shared power to dispose or direct the disposition of 119,226
Shares to which this filing relates, (iii) ProMed Offshore has the shared power
to dispose or direct the disposition of 106,760 Shares to which this filing
relates, (iv) ProMed Management has the shared power to dispose or direct the
disposition of 889,688 Shares to which this filing relates, (v) David B. Musket
has the sole power to dispose or direct the disposition of 198,222 Shares and
the shared power to dispose or direct the disposition of 889,688 Shares to which
this filing relates and (vi) Barry Kurokawa has the sole power to dispose or
direct the disposition of 48,222 Shares and the shared power to dispose or
direct the disposition of 889,688 Shares to which this filing relates.
The aforementioned Shares were acquired for investment purposes. Each of
David B. Musket and Barry Kurokawa, either in an individual capacity or on
behalf of the private investment vehicles over which they have investment
discretion through their role at ProMed Management, may acquire additional
Shares, dispose of all or some of these Shares from time to time, in each case
in open markets or private transactions, block sales or purchases or otherwise,
or may continue to hold the Shares.
The Reporting Persons specifically disclaim beneficial ownership in the
Shares reported herein except to the extent of their pecuniary interest therein.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
N/A.
Item 7. Material to be Filed as Exhibits.
N/A.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
July 20, 2006
-----------------------
(Date)
/s/ David B. Musket*
-----------------------------------
David B. Musket
/s/ Barry Kurokawa*
-----------------------------------
Barry Kurokawa
ProMed Partners, L.P.*
By: ProMed Asset Management, LLC,
its general partner
By: DBM Corporate Consulting Group,
Ltd., a Managing Member
By: /s/ David B. Musket
Name: David B. Musket
Title: President
ProMed Partners II, L.P.*
By: ProMed Asset Management, LLC,
its general partner
By: DBM Corporate Consulting Group,
Ltd., a Managing Member
By: /s/ David B. Musket
-------------------------------
Name: David B. Musket
Title: President
ProMed Offshore Fund, Ltd.*
By: /s/ David B. Musket
-------------------------------
Name: David B. Musket
Title: Director
ProMed Management, Inc.*
By: /s/ David B. Musket
-------------------------------
Name: David B. Musket
Title: President
* The Reporting Persons specifically disclaim beneficial ownership in the Shares
reported herein except to the extent of their pecuniary interest therein.
AGREEMENT
The undersigned agree that this Schedule 13D dated July 20, 2006 relating
to the Common Stock of SpectRx, Inc. shall be filed on behalf of the
undersigned.
/s/ David B. Musket*
-----------------------------------
David B. Musket
/s/ Barry Kurokawa*
-----------------------------------
Barry Kurokawa
ProMed Partners, L.P.*
By: ProMed Asset Management, LLC,
its general partner
By: DBM Corporate Consulting Group,
Ltd., a Managing Member
By: /s/ David B. Musket
-------------------------------
Name: David B. Musket
Title: President
ProMed Partners II, L.P.*
By: ProMed Asset Management, LLC,
its general partner
By: DBM Corporate Consulting Group,
Ltd., a Managing Member
By: /s/ David B. Musket
-------------------------------
Name: David B. Musket
Title: President
ProMed Offshore Fund, Ltd.*
By: /s/ David B. Musket
-------------------------------
Name: David B. Musket
Title: Director
ProMed Management, Inc.*
By: /s/ David B. Musket
-------------------------------
Name: David B. Musket
Title: President
July 20, 2006