X0202 4 2007-11-06 0 0000743884 MACROCHEM CORP MACM.OB 0001164426 EDELMAN JOSEPH PERCEPTIVE ADVISORS LLC 499 PARK AVENUE, 25TH FLOOR NEW YORK NY 10022 0 0 1 0 0001249675 PERCEPTIVE LIFE SCIENCES MASTER FUND LTD PERCEPTIVE ADVISORS LLC 499 PARK AVENUE, 25TH FLOOR NEW YORK NY 10022 0 0 1 0 0001224962 PERCEPTIVE ADVISORS LLC PERCEPTIVE ADVISORS LLC 499 PARK AVENUE, 25TH FLOOR NEW YORK NY 10022 0 0 1 0 0001300949 Cho Michael PERCEPTIVE ADVISORS LLC 499 PARK AVENUE, 25TH FLOOR NEW YORK NY 10022 0 0 1 0 Common Stock 2007-11-06 4 P 0 94000 0.8607 A 2366780 I See Footnote Common Stock 2007-11-06 4 P 0 6000 0.8607 A 6000 I See Footnote Common Stock 50000 I See Footnote This Form 4 is being filed by Joseph Edelman, Michael Cho, Perceptive Life Science Master Fund Ltd. ("Master Fund") and Perceptive Advisors LLC ("Advisors"). Mr. Cho is joining this statement as a reporting person because, given the relationship between Cho and the other reporting person, a 13(d) may be deemed to exist among them. The reporting persons expressly disclaim the existence of a group between Mr. Cho and the other reporting persons and the filing this statement shall not be deemed an acknowledgment that any such group exists. This transaction was effected through Master Fund. Mr. Edelman is the managing member of Advisors, which in turn serves as the investment manager of Master Fund. In accordance with Instruction 4(b)(iv) of Form 4, the entire amount of the Issuer's securities held by Master Fund is reported herein. Each of Mr. Edelman and Advisors disclaims, for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities, except to the extent of his/its indirect pecuniary interest therein, and this report shall not be deemed an admission that Mr. Edelman or Advisors is the beneficial owner of such securities for purposes of Section 16 or for any other purposes. These securities are held through an account of First New York Trading, LLC, over which Mr. Edelman has sole voting and dispositive power. Mr. Edelman disclaims, for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities, except to the extent of his indirect pecuniary interest therein, and this report shall not be deemed an admission that Mr. Edelman is the beneficial owner of such securities for purposes of Section 16 or for any other purposes. The amount of securities reported represents the number of shares beneficially owned by Mr. Cho. /s/ James Mannix, attorney in fact 2007-11-16