SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP 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: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Friedman Avram Z (Last) (First) (Middle) C/O DAVIDSON KEMPNER PARTNERS 65 EAST 55TH STREET 19TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip)	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)
	3. Date of Earliest Transaction (Month/Day/Year) 02/22/2007
	4. 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 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	02/22/2007		P		30,800	A	$6.12	2,029,300	I	See Notes(1)(2)(3)(4)

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 Securities Underlying Derivative Security (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: 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

Explanation of Responses:

1. The shares of Common Stock to which this note relates are held directly by Davidson Kempner Partners, a New York limited partnership ("DKP"), as to 55,147 shares of Common Stock ("Shares"); Davidson Kempner Institutional Partners, L.P., a Delaware limited partnership ("DKIP"), as to 188,469 Shares; M.H. Davidson & Co., a New York limited partnership ("CO"), as to 17,339 Shares; Davidson Kempner International, Ltd., a British Virgin Islands corporation ("DKIL"), as to 323,901 Shares; Davidson Kempner Healthcare Fund LP, a Delaware limited partnership ("DKHF"), as to 702,199 Shares; Davidson Kempner Healthcare International Ltd., a Cayman Islands corporation ("DKHI"), as to 734,979 Shares; and as to 7,266 Shares held in a separately managed account.

2. MHD Management Co., a New York limited partnership ("MHD"), is the general partner of DKP. Davidson Kempner Advisers Inc., a New York corporation ("DKAI"), is the general partner of DKIP and is registered as an investment adviser with the U.S. Securities Exchange Commission. Davidson Kempner International Advisors, L.L.C., a Delaware limited liability company ("DKIA"), is the investment manager of DKIL and a managed account. DK Group LLC, a Delaware limited liability company ("DKG"), is the general partner of DKHF. DK Management Partners LP, a Delaware limited partnership ("DKMP"), is the investment manager of DKHI.

3. Thomas L. Kempner, Jr., Marvin H. Davidson, Stephen M. Dowicz, Scott E. Davidson, Michael J. Leffell, Timothy I. Levart, Robert J. Brivio, Jr., Eric P. Epstein, Anthony A. Yoseloff and Avram Z. Friedman (collectively, the "Principals") are the general partners of CO and MHD, the sole managing members of DKIA and DKG and the sole stockholders of DKAI. Each of Messrs. Kempner, Levart, Marvin H. Davidson, Dowicz, Scott E. Davidson, Leffell, Brivio, Yoseloff, Epstein and Friedman are limited partners of DKMP. In addition, Robert J. Brivio controls 750 Shares in a personal account for the benefit of Robert J. Brivio and Sophia Brivio.

4. Each of the Reporting Persons disclaims beneficial ownership of the securities to which this Form 4 relates except to the extent each may be deemed to have a pecuniary interest in such securities pursuant to Section 16 of the Securities Exchange Act of 1934, as amended.

Remarks:

This is Part Three of a three part Form 4 filing. Part one is filed by Davidson Kempner Partners. Part Two is filed by Thomas L. Kempner, Jr. Parts Two and Three are filed to indicate all Reporting Persons. Parts Two and Three are not separate Form 4 filings.

	AVRAM Z. FRIEDMAN, /s/ Avram Z. Friedman	03/05/2007
	** 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 4 (b)(v).
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