SEC FORM 4

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

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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^*

INVESTOR AB

(Last)

(First)

(Middle)

ARSENALSGATAN 8C,S-103 32

(Street)

STOCKHOLM, SWEDEN

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ISTA PHARMACEUTICALS INC [ ISTA ]

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)
03/30/2007

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/30/2007		X		32,237	A	$3.8	1,828,346⁽³⁾	I	See footnote⁽¹⁾⁽⁴⁾
Common Stock	03/30/2007		J⁽⁵⁾		14,591	D	$8.396	1,813,755⁽³⁾	I	See footnote⁽¹⁾⁽⁴⁾
Common Stock	03/30/2007		X		339,868	A	$3.8	2,153,623⁽³⁾	I	See footnote⁽¹⁾⁽⁴⁾
Common Stock	03/30/2007		J⁽⁵⁾		153,824	D	$8.396	1,999,799⁽³⁾	I	See footnote⁽¹⁾⁽⁴⁾
Common Stock	03/30/2007		X		13,816	A	$3.8	783,578⁽³⁾	I	See footnote⁽²⁾⁽⁴⁾
Common Stock	03/30/2007		J⁽⁵⁾		6,254	D	$8.396	777,324⁽³⁾	I	See footnote⁽²⁾⁽⁴⁾
Common Stock	03/30/2007		X		145,658	A	$3.8	922,982⁽³⁾	I	See footnote⁽²⁾⁽⁴⁾
Common Stock	03/30/2007		J⁽⁵⁾		65,925	D	$8.396	857,057⁽³⁾	I	See footnote⁽²⁾⁽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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock Warrants (right to buy)	$3.8	03/30/2007		X			32,237	09/19/2002	09/19/2007	Common Stock	32,237	$0	339,868	I	See footnote⁽⁴⁾⁽⁶⁾
Common Stock Warrants (right to buy)	$3.8	03/30/2007		X			339,868	11/19/2002	11/19/2007	Common Stock	339,868	$0	0	I	See footnote⁽⁴⁾⁽⁶⁾
Common Stock Warrants (right to buy)	$3.8	03/30/2007		X			13,816	09/19/2002	09/19/2007	Common Stock	13,816	$0	145,658	I	See footnote⁽⁴⁾⁽⁷⁾
Common Stock Warrants (right to buy)	$3.8	03/30/2007		X			145,658	11/19/2002	11/19/2007	Common Stock	145,658	$0	0	I	See footnote⁽⁴⁾⁽⁷⁾

Explanation of Responses:

1. These shares of the Issuer's common stock, par value $0.001 per share ("Shares"), are held for the account of Investor Growth Capital Limited ("Investor Growth Capital"). Investor Growth Capital is an indirect wholly-owned subsidiary of the Reporting Person.

2. These shares are held for the account of Investor Group, L.P. ("Investor Group"), a limited partnership of which the Reporting Person serves as the ultimate general partner.

3. Following the exercise of warrants reported in this Form 4, the Reporting Person may be deemed to be the beneficial owner of 2,856,856 Shares, not including Shares issuable upon the exercise of warrants held for the accounts of Investor Growth Capital and Investor Group. This number consists of (i) 1,999,799 Shares held for the account of Investor Growth Capital, and (ii) 857,057 Shares held for the account of Investor Group.

4. The filing of this statement shall not be deemed an admission that the Reporting Person is the beneficial owner of any securities not held directly for its account for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise.

5. Retained by the Issuer as payment of the exercise price upon the warrant exercise reported herein.

6. These warrants were held for the account of Investor Growth Capital.

7. These warrants were held for the account of Investor Group.

	/s/ Michael Oporto, Attorney-in-Fact	04/12/2007
	/s/ Henry Gooss, Attorney-in-Fact	04/12/2007
	** 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).
** 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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