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

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1. Name and Address of Reporting Person^*

Danish Biotech SPV I P/S

(Last)

(First)

(Middle)

1 ROYAL PLAZA, ROYAL AVENUE

(Street)

ST. PETER PORT

GY1 2HL

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
02/05/2014

3. Issuer Name and Ticker or Trading Symbol
Egalet Corp [ EGLT ]

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

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)

	Form filed by One Reporting Person
X	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	314,732⁽¹⁾	I	By Egalet A/S⁽²⁾

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)
Series A-1 Preferred Stock	⁽³⁾	⁽³⁾	Common Stock	438,364⁽¹⁾	⁽³⁾	D
Series A-2 Preferred Stock	⁽³⁾	⁽³⁾	Common Stock	251,125⁽¹⁾	⁽³⁾	D
Series B Preferred Stock	⁽³⁾	⁽³⁾	Common Stock	523,799⁽¹⁾	⁽³⁾	D
Subordinated Convertible Debt	⁽⁴⁾⁽⁵⁾	⁽⁴⁾⁽⁵⁾	Common Stock	203,632⁽¹⁾⁽⁶⁾	⁽⁴⁾⁽⁵⁾	D
Warrants	⁽⁷⁾	⁽⁷⁾	Common Stock	112,500⁽¹⁾	⁽⁷⁾	D
Warrants	⁽⁷⁾	⁽⁷⁾	Common Stock	60,000⁽⁸⁾	⁽⁷⁾	D
Senior Convertible Debt	⁽⁹⁾⁽¹⁰⁾	⁽⁹⁾⁽¹⁰⁾	Common Stock	⁽⁹⁾⁽¹⁰⁾⁽¹⁾	⁽⁹⁾⁽¹⁰⁾	D
Senior Convertible Debt	⁽⁹⁾⁽¹⁰⁾	⁽⁹⁾⁽¹⁰⁾	Common Stock	⁽⁹⁾⁽¹⁰⁾⁽⁸⁾	⁽⁹⁾⁽¹⁰⁾	D

1. Name and Address of Reporting Person^*

Danish Biotech SPV I P/S

(Last)

(First)

(Middle)

1 ROYAL PLAZA, ROYAL AVENUE

(Street)

ST. PETER PORT

GY1 2HL

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Omega Fund IV, L.P.

(Last)

(First)

(Middle)

1 ROYAL PLAZA, ROYAL AVENUE

(Street)

ST. PETER PORT

GY1 2HL

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. These securities are owned by Danish Biotech SPV I P/S ("Danish Biotech"), who is a member of a "group" with Omega Fund IV L.P. ("Omega") for purposes of Section 13(d) of the Exchange Act. This Form 3 is being filed jointly by Danish Biotech and Omega in connection with the effectiveness of the Issuer's Registration Statement on Form S-1 (File No. 333-191579). The address of Omega is 1 Royal Plaza, Royal Avenue, St. Peter Port, Guernsey, GY1 2HL.

2. The reporting person is Egalet A/S, a corporation. Danish Biotech is a 24.4% equityholder of Egalet A/S.

3. The preferred stock is convertible into common stock at any time, at the holder's election or at the election of the holders of not less than 60% of the issued and outstanding shares of preferred stock, and is automatically convertible into common stock immediately prior to the consummation of the Issuer's initial public offering, in each case, on a 1-for-1 basis.

4. The subordinated convertible debt (the "Debt") is convertible (i) automatically immediately prior to the consummation of the Issuer's initial public offering, into common stock at 50% of the per share price in such offering (ii) in the event of the sale of all or substantially all of the Issuer's assets or the sale of more than 50% of the total voting rights of the Issuer, into Series B preferred stock at euro 4.4326 per share (a "Sale Conversion"), (iii) in the event of an equity financing which is not a qualified initial public offering but in which the Issuer receives at least euro 8,000,000 in proceeds for the issuance of common stock or securities convertible into common stock, into shares of the same class issued in such financing at 50% of the per share price in such financing, and (footnote continued below)

5. (continued from footnote 4 above) (iv) if none of the foregoing have occurred prior to April 26, 2014, on or after such date, at the option of the lenders, into Series B preferred stock at euro 4.4326 per share (a "Maturity Conversion").

6. The principal amount of the Debt held by Danish Biotech is $1,220,248 (the "Loan Amount"). Based on the exchange rate as of February 4, 2014, the Loan Amount is convertible upon a Sale Conversion or Maturity Conversion into 203,632 shares of Series B preferred stock. Series B preferred stock is convertible into common stock of the Issuer as described in footnote 3 above.

7. The warrants will be automatically exercised immediately prior to the consummation of the Issuer's initial public offering on a 1-for-1 basis, provided that Danish Biotech or Omega, as applicable, purchases a specified minimum amount of common stock in such offering.

8. These securities are owned by Omega, who is a member of a "group" with Danish Biotech for purposes of Section 13(d) of the Exchange Act. This Form 3 is being filed jointly by Danish Biotech and Omega in connection with the effectiveness of the Issuer's Registration Statement on Form S-1 (File No. 333-191579).

9. The senior convertible debt (the "Senior Debt") is convertible (i) automatically immediately prior to the consummation of the Issuer's initial public offering, into common stock at 50% of the per share price in such offering, (ii) in the event of the sale of all or substantially all of the Issuer's assets or the sale of more than 50% of the total voting rights of the Issuer, into the number of shares of common stock obtained by dividing the number of fully diluted shares of the Issuer by the difference between 1 and the quotient of the aggregate amount of principal and interest on the loan divided by 50% of the sale consideration, and then subtracting the number of fully diluted shares of the Issuer from the result, and (footnote continued below)

10. (continued from footnote 9 above) (iii) in the event of a financing which is not a qualified initial public offering but in which the Issuer receives at least $5,000,000 in proceeds, into a new class of stock to be created by the Issuer at a price to be agreed upon by the holders of the Senior Debt. The principal amount of the Senior Debt held by Danish Biotech and Omega is $1,875,000 and $1,000,000, respectively.

	/s/ Stan Musial By: Stan Musial, Attorney in fact for Danish Biotech SPV I P/S	02/05/2014
	/s/ Stan Musial By: Stan Musial, Attorney in fact for Omega Fund IV L.P.	02/05/2014
	** 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).
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