X0202 3 2006-04-05 0 0000891504 TAPESTRY PHARMACEUTICALS, INC TPPH 0001191935 TANG CAPITAL PARTNERS LP 4401 EASTGATE MALL SAN DIEGO CA 92121 0 0 1 0 0001232621 TANG CAPITAL MANAGEMENT LLC 4401 EASTGATE MALL SAN DIEGO CA 92121 0 0 1 0 Common Stock 1705000 I By LP Common Stock 250000 I (2) Common Stock 25000 D Warrant (Right to Buy) 2.40 2006-04-05 2011-04-05 Common Stock 1705000 I By LP Warrant (Right to Buy) 2.40 2006-04-05 2011-04-05 Common Stock 250000 I (2) Warrant (Right to Buy) 2.40 2006-04-05 2011-04-05 Common Stock 25000 D (1) The shares are held by Tang Capital Partners, LP. The reporting person is the sole manager of Tang Capital Management, LLC, which is the general partner of Tang Capital Partners, LP. The reporting person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein. (2) The securities are held by Kevin C. Tang as custodian for his minor children and as Trustee of the Tang Family Trust. The reporting person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. (3) The securities are held by the reporting person's IRA. (4) The warrants provide that in no event shall the warrants be exercisable to the extent that the issuance of shares upon exercise thereof, after taking into account the shares then owned by the reporting persons and their affiliates, would result in the beneficial ownership by the reporting persons and their affiliates of more than 9.999% of the outstanding shares (the "Issuance Limitation"). The reporting persons have the express right to waive the Issuance Limitation upon 61 days written notice to the issuer. The Issuance Limitation presently remains in effect and the warrants are not currently exercisable for any shares. Neither the filing of this Form 3 nor any of its contents shall be deemed to constitute an admission by any reporting person that it is the beneficial owner of any of the shares underlying the warrants for any purpose, and such beneficial ownership is expressly disclaimed. /s/ Kevin Tang 2006-04-12 Kevin Tang 2006-04-12