Form 4
FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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
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[_] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

(Print or Type Respones)		 Estimated average burden
hours per response                    0.5
1. Name and Address of Reporting Person*

SkyePharma PLC 		2. Issuer Name and Ticker or Trading Symbol

Astralis Ltd. (ASTR)

6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
 [X]     Director                                   [X]   10% Owner
 [_]     Officer (give title below)    [_]     Other (specify below)

                                               

(Last)             (First)            (Middle)

105 Piccadilly 		3. I.R.S. Identification Number of Reporting Person, if an entity
(voluntary)

330387911 		4. Statement for Month/Day/Year

1/31/03
(Street)

London, England W1J 7NJ 		5. If Amendment, Date of Original (Month/Day/Year)
 		7. Individual or Joint/Group Filing
(Check Applicable Line)
[X]  Form filed by One Reporting Person
[_] 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. Trans-
action
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
(Instr. 3 and 4) 		6. Owner-
ship 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                    
                     
                     
                     

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).
 
 Persons who respond to the collection of information contained
in this form are not required to respond unless the form displays
a currently vaild OMB Number. 		(Over)
SEC 1474 (9-02)

  Page 1 of 2

FORM 4 (continued)
 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 Underlying
Securities
(Instr. 3 and 4)		 8. Price of
Derivative
Security
(Instr. 5)

9.Number of
Deriv-
ative
Secur-
ities
Bene-
ficially
Owned
Follow-
ing
Reported
Trans-
action(s)
(Instr. 4)

 10. Owner-
ship
Form of
Deriv-
ative
Security:
Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of
Indirect
Benefi-
cial
Owner-
ship
(Instr. 4)
Code V (A) (D) Date
Exercisable		 Expiration
Date		 Title Amount or
Number
of Shares
Series A. Convertible Preferred Stock, par value $0.001 per share, convertible into Common Stock, par value $0.0001 per share $1.60(1) 1/31/2003 P     250,000   immed. N/A Common Stock, par value $0.0001 per share 1,562,500 $10.00 2,000,000 D  
                               
                               
                               
Explanation of Responses:
(1)     The conversion price may be adjusted on December 10, 2004, if a specified patent or notice of allowance has not been issued before that date, to a price based on the then current market price of a share of Common Stock subject to a minimum of $0.20 per share of Common Stock. The conversion price is also subject to adjustment pursuant to anti-dilution provisions
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).		 /s/  Donald Nicholson
**Signature of Reporting Person 		January 31, 2003  
Date
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient,
see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB Number. 		Page 2 of 2