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^*

AUSTIN JOSIAH T

(Last)

(First)

(Middle)

4673 CHRISTOPHER PLACE

(Street)

DALLAS

75204

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/22/2007

3. Issuer Name and Ticker or Trading Symbol
Chelsea Therapeutics International, Ltd. [ CHTP ]

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	800	I	By Self as Trustee for the Josiah Zane Sylvester 2006 Grandchild GiftTrust
Common Stock	700	I	By Self as Trustee for the J. A. Lowery 2006 Grandchild Gift Trust
Common Stock	10,000	I	By Self as Trustee for the Austin-Clark Family Irrevocable Life Insurance Trust
Common Stock	700	I	By Self as Trustee for the Anna Lake Elias Trust dtd 4/6/2006
Common Stock	400	I	By Self as Trustee for the Anna Lake Elias Trust Under AZ Uniform TFRS to Minors Act
Common Stock	400	I	By Self as Trustee for the Anna Lake Elias Trust Under AZ Uniform TFRS to Minors Act
Common Stock	11,700	I	By Self as Trustee for the Josiah and Valer Austin Family Revocable Trust
Common Stock	2,511,604	I	As Managing Member of El Coronado Holdings, LLC

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)
Common Stock Warrants (right to buy)	⁽¹⁾	02/13/2011	Common Stock	113,442	$4.2	I	As Managing Member of El Coronado Holdings, LLC
Common Stock Warrants (right to buy)	⁽¹⁾	02/13/2011	Common Stock	6,558	$4.2	I	As Managing Member of El Coronado Holdings, LLC
Common Stock Warrants (Right to buy)	⁽¹⁾	03/22/2012	Common Stock	430,614	$5.66	I	As Managing Member of El Coronado Holdings, LLC

1. Name and Address of Reporting Person^*

AUSTIN JOSIAH T

(Last)

(First)

(Middle)

4673 CHRISTOPHER PLACE

(Street)

DALLAS

75204

(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^*

El Coronado Holdings, LLC

(Last)

(First)

(Middle)

4673 CHRISTOPHER PLACE

(Street)

DALLAS

75204

(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. Immediately.

Remarks:

This report is filed jointly on behalf of Mr. Austin and El Coronado Holdings, LLC ("ECH"), an Arizona limited liability company of which Mr. Austin is the sole managing member. The address of ECH is 4673 Christopher Place, Dallas, TX 75204. ECH owns directly all 2,511,604 shares of common stock identified in Table I.

	/s/ Josiah T. Austin, Individually, and as Managing Member of El Coronado Holdings, LLC	04/02/2007
	** 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).
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