SCHEDULE 13G
CUSIP NO. 640268108 PAGE 1 OF 10 PAGES
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
Nektar Therapeutics
(Name of Issuer)
Common Stock, $.0001 par value
(Title of Class of Securities)
640268108
(CUSIP Number)
January 20, 2004
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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).
SCHEDULE 13G
CUSIP NO. 640268108 PAGE 2 OF 10 PAGES
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Alexandra Global Master Fund Ltd.
(No I.R.S. ID Number)
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[ ]
(B)[ ] (See Item 6)
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 3,045,960 shares of Common Stock (See Item 4)
WITH:
7 SOLE DISPOSITIVE POWER
-0-
8 SHARED DISPOSITIVE POWER
3,045,960 shares of Common Stock (See Item 4)
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,045,960 shares of Common Stock (See Item 4)
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1% (See Item 4)
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
SCHEDULE 13G
CUSIP NO. 640268108 PAGE 3 OF 10 PAGES
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Alexandra Investment Management, LLC
13-4092583
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[ ]
(B)[ ] (See Item 6)
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 3,045,960 shares of Common Stock (See Item 4)
WITH:
7 SOLE DISPOSITIVE POWER
-0-
8 SHARED DISPOSITIVE POWER
3,045,960 shares of Common Stock (See Item 4)
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,045,960 shares of Common Stock (See Item 4)
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1% (See Item 4)
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
SCHEDULE 13G
CUSIP NO. 640268108 PAGE 4 OF 10 PAGES
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Mikhail A. Filimonov
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[ ]
(B)[ ] (See Item 6)
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 3,045,960 shares of Common Stock (See Item 4)
WITH:
7 SOLE DISPOSITIVE POWER
-0-
8 SHARED DISPOSITIVE POWER
3,045,960 shares of Common Stock (See Item 4)
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,045,960 shares of Common Stock (See Item 4)
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1 % (See Item 4)
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
SCHEDULE 13G
CUSIP NO. 640268108 PAGE 5 OF 10 PAGES
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Dimitri Sogoloff
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[ ]
(B)[ ] (See Item 6)
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 3,045,960 shares of Common Stock (See Item 4)
WITH:
7 SOLE DISPOSITIVE POWER
-0-
8 SHARED DISPOSITIVE POWER
3,045,960 shares of Common Stock (See Item 4)
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,045,960 shares of Common Stock (See Item 4)
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1 % (See Item 4)
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
SCHEDULE 13G
CUSIP NO. 640268108 PAGE 6 OF 10 PAGES
Item 1(a). Name of Issuer:
Nektar Therapeutics (the "Issuer")
Item 1(b). Address of Issuer's Principal Executive Offices:
150 Industrial Road
San Carlos, California 94070
Item 2(a). Names of Persons Filing:
Alexandra Global Master Fund Ltd. ("Alexandra")
Alexandra Investment Management, LLC ("Management")
Mikhail A. Filimonov ("Filimonov")
Dimitri Sogoloff ("Sogoloff")
Item 2(b). Address of Principal Business Office:
Alexandra - Citco Building, Wickams Cay, P.O. Box 662,
Road Town, Tortola, British Virgin Islands
Management - 767 Third Avenue, 39th Floor, New York,
New York 10017
Filimonov - 767 Third Avenue, 39th Floor, New York,
New York 10017
Sogoloff - 767 Third Avenue, 39th Floor, New York,
New York 10017
Item 2(c). Place of Organization or Citizenship:
Alexandra - British Virgin Islands
Management - Delaware
Filimonov - U.S.
Sogoloff - U.S.
Item 2(d). Title of Class of Securities:
Common Stock, $0.0001 par value per share of the Issuer(the
"Common Stock")
Item 2(e). CUSIP Number: 640268108
Item 3. This Schedule is filed pursuant to Rule 13d-1(c) by
Alexandra, Management, Filimonov and Sogoloff
Item 4. Ownership:
(a) Amount Beneficially Owned:
Alexandra: 3,045,960 shares*
Management: 3,045,960 shares*
Filimonov: 3,045,960 shares*
Sogoloff: 3,045,960 shares*
(b) Percent of Class:
Alexandra: 5.1%*
SCHEDULE 13G
CUSIP NO. 640268108 PAGE 7 OF 10 PAGES
Management: 5.1%*
Filimonov: 5.1%*
Sogoloff: 5.1%*
(Based on 56,122,809 shares of Common Stock
outstanding, as of October 31, 2003, as stated in the
Issuer's Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2003)
(c) Number of Shares as to which the Person has:
(i) sole power to vote or to direct
the vote
-0-
(ii) shared power to vote or to direct the vote:
3,045,960 shares of Common Stock*
(iii) sole power to dispose or to direct the
disposition of
-0-
(iv) shared power to dispose or to direct the
disposition of
3,045,960 shares of Common Stock*
*346,101 of the shares of Common Stock reported as beneficially owned by
Alexandra are shares of Common Stock which Alexandra has the right to acquire
upon conversion of 5% Convertible Notes Due 2007 of the Issuer. 136,247 of the
shares of Common Stock reported as beneficially owned by Alexandra are shares of
Common Stock which Alexandra has the right to acquire upon conversion of 3.5%
Convertible Notes Due 2007 of the Issuer.
Management serves as investment advisor to Alexandra. By reason of such
relationship, Management may be deemed to share voting and dispositive power
over the shares of Common Stock owned by Alexandra. Management disclaims
beneficial ownership of the shares of Common Stock listed as beneficially owned
by Alexandra or any other person reporting on this Schedule.
Filimonov serves as the Chairman, the Chief Executive Officer, a Managing Member
and the Chief Investment Officer of Management. Sogoloff serves as the
President, a Managing Member and the Chief Information Officer of Management. By
reason of such relationships, each of Filimonov and Sogoloff may be deemed to
share voting and dispositive power over the shares of Common Stock listed as
beneficially owned by Management. Filimonov and Sogoloff each disclaims
beneficial ownership of the shares of Common Stock listed as beneficially owned
by Management or any other person reporting on this Schedule.
Item 5. Ownership of Five Percent or Less of a Class:
Not applicable
SCHEDULE 13G
CUSIP NO. 640268108 PAGE 8 OF 10 PAGES
Item 6. Ownership of More Than Five Percent on Behalf of Another
Person:
Not applicable
Item 7. Identification and Classification of the Subsidiary which
Acquired the Security Being Reported on by the Parent
Holding Company:
Not applicable
Item 8. Identification and Classification of Members of the Group:
Not applicable
Item 9. Notice of Dissolution of Group:
Not applicable
Item 10. Certification:
By signing below each signatory certifies that, to the best of its knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
Exhibits:
Exhibit I: Joint Filing Agreement, dated as of February 3, 2004 by and
among Alexandra, Management, Filimonov and Sogoloff.
SCHEDULE 13G
CUSIP NO. 640268108 PAGE 9 OF 10 PAGES
SIGNATURE
By signing below each signatory certifies that, to the best of its
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
ALEXANDRA GLOBAL MASTER FUND LTD.
By: ALEXANDRA INVESTMENT MANAGEMENT, LLC,
Investment Advisor
By: /s/ Mikhail A. Filimonov
----------------------------
Mikhail A. Filimonov
Title: Managing Member
ALEXANDRA INVESTMENT MANAGEMENT, LLC
By: /s/ Mikhail A. Filimonov
----------------------------
Mikhail A. Filimonov
Title: Managing Member
/s/ Mikhail A. Filimonov
----------------------------
Mikhail A. Filimonov
/s/ Dimitri Sogoloff
----------------------------
Dimitri Sogoloff