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 *
AUSTIN JOSIAH T
  2. Issuer Name and Ticker or Trading Symbol
Chelsea Therapeutics International, Ltd. [CHTP]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
4673 CHRISTOPHER PLACE
3. Date of Earliest Transaction (Month/Day/Year)
02/11/2011
(Street)

DALLAS, TX 75204
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ 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 02/11/2011   X   113,442 A $ 4.2 8,303,929 I As Managing Member of El Coronado Holdings, LLC
Common Stock 02/11/2011   X   6,558 A $ 4.2 8,310,487 I As Managing Member of El Coronado Holdings, LLC

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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
Common Stock Warrants (right to buy) $ 4.2 02/11/2011   X     113,442   (1) 02/13/2011 Common Stock 113,442 (2) 0 I As Managing Member of El Coronado Holdings, LLC
Common Stock Warrants (right to buy) $ 4.2 02/11/2011   X     6,558   (1) 02/13/2011 Common Stock 6,558 (2) 0 I As Managing Member of El Coronado Holdings, LLC
Common Stock Warrants (right to buy) $ 5.66               (1) 03/22/2012 Common Stock 430,614   430,614 I As Managing Member of El Coronado Holdings, LLC

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
AUSTIN JOSIAH T
4673 CHRISTOPHER PLACE
DALLAS, TX 75204
    X    
El Coronado Holdings, LLC
4673 CHRISTOPHER PLACE
DALLAS, TX 75204
    X    

Signatures

 /s/Josiah T. Austin, Individually, and as Managing Member of El Coronado Holdings, LLC   02/15/2011
**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) Immediately.
(2) The Warrants were originally purchased for $1.95.
 
Remarks:
This report is filed jointly on behalf of Mr. Austin and El Coronado Holdings, LLC ("ECH"), an Arizona limited liability company of which Mr. Austin is the sole managing member.  The address of ECH is 4673 Christopher Place, Dallas TX 75204.  ECH owns directly 8,109,987 shares of common stock identified in Table I.

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