U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 4 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(f) of the Investment Company Act of 1940 [ ] 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* Frank Daniel -------------------------------------------------------------------------------- (Last) (First) (Middle) c/o Cerberus Partners, L.P., 450 Park Avenue - 28th Floor -------------------------------------------------------------------------------- (Street) New York NY 10022 -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol i-STAT Corporation (STAT) ________________________________________________________________________________ 3. IRS Identification Number of Reporting Person, if an entity (voluntary) ________________________________________________________________________________ 4. Statement for Month/Year May/2002 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Year) ________________________________________________________________________________ 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) [X*] Director [ ] 10% Owner [ ] Officer (give title below) [ ] Other (specify below) ________________________________________________________________________________ 7. 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 ================================================================================

6. 4. 5. Owner- Securities Acquired (A) or Amount of ship 2. 3. Disposed of (D) Securities Form: 7. Transaction Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of 2.Date Code ------------------------------- Owned at End (D) or Indirect 1. ~~Transaction~~(Month/ (Instr. 8) (A) of Month Indirect Beneficial Title of Security ~~Date~~Day/ ------------ Amount or Price (Instr. 3 (I) Ownership (Instr. 3) ~~(mm/dd/yy~~Year) Code V (D) and 4) (Instr.4) (Instr. 4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock, par value $0.15 per share 25/1916/02 P 500 A $65.4150 ~~90,200~~ D ------------------------------------------------------------------------------------------------------------------------------------ ~~------------------------------------------------------------------------------------------------------------------------------------~~Common Stock, par value $0.15 per share 5/20/02 P 500 A $5.89 91,200 D ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================

*If the form is filed by more than one reporting person, see Instruction 4(b)(v) Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Print or Type Responses) (Over) FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

Explanation of Responses: * The reporting person is a director of i-STAT Corporation (the "Company"). The reporting person individually holds the shares of common stock (the "Common Stock") of the Company set forth in Table I. The reporting person is an employee of Cerberus Partners, L.P., which, along with certain of its affiliates, owns certain securities of the Company, all of which are subject to the sole voting and investment authority of Stephen Feinberg ("SF"). SF, in his capacity as the holder of sole voting and investment authority of more than 10% of the Common Stock of the Company pursuant to Reg. 13d-3, separately files statements pursuant to Section 13 and Section 16 of the Securities Exchange Act of 1934, as amended. The reporting person does not exercise any voting, investment or other authority with respect to the shares of the Common Stock separately reported by SF, SF does not exercise any voting, investment or other authority with respect to the shares of Common Stock held by the reporting person and each of the reporting person and SF at all times acts independent of one another with respect to their holdings of securities of the Company. By: /s/ Daniel Frank June 3, 2002 ----------------------------------------- ----------------------- **Signature of Reporting Person Date ** 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. 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.

Filing Compare · FRANK DANIEL