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^*

Leheny A. Rachel

(Last)

(First)

(Middle)

C/O ANTHERA PHARMACEUTICALS, INC.

25801 INDUSTRIAL BOULEVARD, SUITE B

(Street)

HAYWARD

94545

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Anthera Pharmaceuticals Inc [ ANTH ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
03/04/2010

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	03/04/2010		C		481,033	A	⁽¹⁾	481,033	I	See footnotes⁽²⁾⁽³⁾
Common Stock	03/04/2010		C⁽⁷⁾		68,304	A	$5.25	549,337	I	See footnotes⁽²⁾⁽³⁾
Common Stock	03/04/2010		C⁽⁷⁾		101,301	A	$5.25	650,638	I	See footnotes⁽²⁾⁽³⁾
Common Stock	03/04/2010		C⁽⁷⁾		44,901	A	$6.58	695,539	I	See footnotes⁽²⁾⁽³⁾
Common Stock	03/04/2010		A		215,495	A	$6.58	911,034	I	See footnotes⁽²⁾⁽³⁾
Common Stock	03/04/2010		M		120,258	A	$1.34	1,031,292	I	See footnotes⁽²⁾⁽³⁾
Common Stock	03/04/2010		F		23,021	D	$7	1,008,271	I	See footnotes⁽²⁾⁽³⁾
Common Stock	03/04/2010		A		165,625	A	$7	1,173,896	I	See footnotes⁽²⁾⁽³⁾

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)
Series B-2 Convertible Preferred Stock	⁽¹⁾	03/04/2010		C			481,033	⁽¹⁾	⁽⁴⁾	Common Stock	481,033	⁽¹⁾	0	I	See footnotes⁽²⁾⁽³⁾
Stock Purchase Warrant	$7	03/04/2010		A		12,202		⁽⁵⁾	07/17/2014	Common Stock	12,202	$0	12,202	I	See footnotes⁽²⁾⁽³⁾
Stock Purchase Warrant	$7	03/04/2010		A		18,304		⁽⁶⁾	09/09/2014	Common Stock	18,304	$0	18,304	I	See footnotes⁽²⁾⁽³⁾
Stock Purchase Warrant	$1.34	03/04/2010		M			120,258	⁽⁸⁾	⁽⁸⁾	Common Stock	120,258	$0	0	I	See footnotes⁽²⁾⁽³⁾

Explanation of Responses:

1. Each share of Series B-2 Convertible Preferred Stock was automatically converted into one share of Common Stock upon the closing of the Issuer's initial public offering.

2. These securities are held by Caxton Advantage Life Sciences Fund, L.P. The Reporting Person is (i) a Managing Director of Caxton Advantage Venture Partners, L.P., which is the General Partner of Caxton Advantage Life Sciences Fund, L.P. and (ii) a member of Advantage Life Sciences Partners LLC. Caxton Advantage Venture Partners, L.P. has voting and investment power with respect to such shares. Decisions by Caxton Advantage Venture Partners, L.P. with respect to such shares are made by Advantage Life Sciences Partners, LLC, the Managing General Partner of Caxton Advantage Venture Partners, L.P., together with the investment committee of Caxton Advantage Venture Partners, L.P. (continued in Footnote 3)

3. The Reporting Person has the authority to take action on behalf of Advantage Life Sciences Partners, LLC as a member of Advantage Life Sciences Partners, LLC. The Reporting Person disclaims beneficial ownership, except to the extent of her proportionate pecuniary interest, either directly, or indirectly through Caxton Advantage Venture Partners, L.P. (or through any other entity which is a limited partner in Caxton Advantage Life Sciences Fund, L.P.), in Caxton Advantage Life Sciences Fund, L.P.

4. The Series B-2 Convertible Preferred Stock has no expiration date.

5. This Warrant was issued on July 17, 2009 and is immediately exercisable, subject to the satisfaction of certain conditions.

6. This Warrant was issued on September 9, 2009 and is immediately exercisable, subject to the satisfaction of certain conditions.

7. The Common Stock was acquired upon conversion of a Senior Secured Convertible Promissory Note exempt from the definition of a derivative security and whose conversion ratio did not become fixed until automatic conversion at the time of the closing of the Issuer's initial public offering.

8. This Warrant was issued on August 12, 2008 and is immediately exercisable. The Warrant expires upon the occurrence of certain events, including the closing of the Issuer's initial public offering.

	/s/ Mitzi Chang, by power of attorney for A. Rachel Leheny, Ph.D.	03/05/2010
	** Signature of Reporting Person	Date
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