Sec Form 4 Filing - Delaware Street Capital Master Fund, L.P. @ KEMPHARM, INC - 2018-10-05

Insider filing report for Changes in Beneficial Ownership
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
What is insider trading>>
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: November 30, 2011
Estimated average burden hours per response... 0.5
1. Name and Address of Reporting Person
Delaware Street Capital Master Fund, L.P.
2. Issuer Name and Ticker or Trading Symbol
KEMPHARM, INC [ KMPH]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director X __ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle)
900 NORTH MICHIGAN, SUITE 1600
3. Date of Earliest Transaction (MM/DD/YY)
10/05/2018
(Street)
CHICAGO, IL60611
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
_____ Form filed by One Reporting Person
__ X __ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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)
Code V Amount (A) or (D) Price
Common Stock, par value $0.0001 10/05/2018 P 2,000,000 A $ 3 4,095,914 ( 1 ) D ( 2 )
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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Delaware Street Capital Master Fund, L.P.
900 NORTH MICHIGAN
SUITE 1600
CHICAGO, IL60611
X
DSC Advisors, L.P.
900 NORTH MICHIGAN
SUITE 1600
CHICAGO, IL60611
X
DSC Managers, L.L.C.
900 NORTH MICHIGAN
SUITE 1600
CHICAGO, IL60611
X
DSC Advisors, L.L.C.
900 NORTH MICHIGAN
SUITE 1600
CHICAGO, IL60611
X
BLUHM ANDREW G
900 NORTH MICHIGAN
SUITE 1600
CHICAGO, IL60611
X
Signatures
/s/ Andrew G. Bluhm, managing member of DSC Managers, L.L.C., general partner of Delaware Street Capital Master Fund, L.P. 10/09/2018
Signature of Reporting Person Date
/s/ Andrew G. Bluhm, managing member of DSC Advisors, L.L.C., general partner of DSC Advisors, L.P. 10/09/2018
Signature of Reporting Person Date
/s/ Andrew G. Bluhm, managing member of DSC Managers, L.L.C. 10/09/2018
Signature of Reporting Person Date
/s/ Andrew G. Bluhm, managing member of DSC Advisors, L.L.C. 10/09/2018
Signature of Reporting Person Date
/s/ Andrew G. Bluhm 10/09/2018
Signature of Reporting Person Date
Explanation of Responses:
( 1 )The filing of this Form 4 shall not be construed as an admission that DSC Advisors, L.P. ("DSCA), the investment manager of Delaware Street Master Fund, L.P. (the "Fund"), DSC Managers, L.L.C. ("DSCM"), the general partner of the Fund, DSC Advisors, L.L.C. ("DSCA LLC"), the general partner of DSCA, or Andrew G. Bluhm, the principal of DSCA LLC, is or was for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise the beneficial owner of any of the Common Stock, par value $0.0001 (the "Common Stock"), of KemPharm, Inc. (the "Issuer") purchased by the Fund. Pursuant to Rule 16a-1, each of DSCA, DSCM, DSCA LLC and Mr. Bluhm disclaim such beneficial ownership.
( 2 )The Fund holds the shares of Common Stock directly. DSCA serves as the investment manager to the Fund. DSCA LLC serves as the general partner of DSCA. DSCM receives a portion of the profits in the form of a capital allocation from, and owns a partnership interest in, the Fund. Andrew G. Bluhm reports the Common Stock held directly by the Fund because, as the principal of DSCA LLC at the time of purchase, he controlled the disposition and voting of the securities.

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).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.