SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

WHEELER KURT

(Last)

(First)

(Middle)

C/O MPM ASSET MANAGEMENT

200 CLARENDON STREET, 54TH FLOOR

(Street)

BOSTON

02116

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
06/21/2007

3. Issuer Name and Ticker or Trading Symbol
Alsius Corp [ ITHK ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	2,672,568	I	See Footnote⁽¹⁾⁽²⁾⁽³⁾

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)

Explanation of Responses:

1. The reporting person acquired these securities on June 21, 2007, as consideration for the reporting person's capital stock and unsecured convertible notes of Alsius Medical Corporation (formerly Alsius Corporation)("AMC"), which the Issuer acquired by merger on June 21, 2007. The Agreement and Plan of Merger, dated as of October 3, 2006, as amended and restated among the Issuer, Ithaka Sub Acquisition Corp., a wholly owned subsidiary of the Issuer and Alsius Corporation ("Alsius") and certain of the shareholders of Alsius (the "Merger Agreement") provides that the former shareholders of AMC will receive additional shares of the Issuer if the Issuer's revenues equal or exceed 80% of target for each of the fiscal years 2007, 2008 and 2009. The reporting person's right to receive additional shares pursuant to this earn-out right became fixed and irrevocable on June 21, 2007, the effective date of the merger.

2. Ten percent (10%) of such shares are held in escrow subject to forfeiture in satisfaction of claims of indemnification under the terms of the Merger Agreement. To the extent such shares are not forfeited, they will be released from escrow on the thirtieth day after the date that the Issuer is required to file its Annual Report on Form 10-K for the year ended December 31, 2007.

3. The shares are held as follows: 1,799,173 by MPM BioVentures II-QP, L.P. ("BV II QP"), 198,572 by MPM BioVentures II, L.P. ("BV II"), 41,424 by MPM Asset Management Investors 2000B LLC ("AM 2000B") and 633,399 by MPM BioVentures GmbH & Co. Parallel-Beteiligungs KG ("BV KG"). MPM Asset Management II, L.P. ("AM II GP") and MPM Asset Management II LLC ("AM II LLC") are the direct and indirect general partners of BV II QP, BV II and BV KG. The Reporting Person is a member of AM II LLC and AM 2000B. The Reporting Person disclaims beneficial ownership of the securities except to the extent of its pecuniary interest therein.

	/s/ Kurt Wheeler	06/28/2007
	** Signature of Reporting Person	Date
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 5 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.