FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

OMB APPROVAL

OMB Number: 3235-0104
Expires: January 31, 2005

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Estimated average burden
hours per response. 0.5

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

(Print or Type Responses)

1. Name and Address of Reporting Person*

2. Date of Event

4. Issuer Name and Ticker or Trading Symbol

MDS Life Sciences Technology Fund II NC Limited Partnership

Requiring Statement (Month/Day/Year)

DepoMed, Inc. (DMI)

(Last)

(First)

(Middle)

April 21, 2003

5. Relationship of Reporting Person(s) to Issuer

(Check all applicable)

6. If Amendment, Date of
Original

(Month/Day/Year)

100 International Boulevard

3. I.R.S. Identification

Director

10% Owner

(Street)

Number of Reporting

Officer (give

Other (specify

Individual or Joint/Group

Person, if an entity

title below)

below)

Filing

(Check Applicable Line)

(voluntary)

Form filed by One Reporting Person

Toronto

Ontario

M9W 6J6

Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I ¾ Non-Derivative Securities Beneficially Owned

1. Title of Security
(Instr. 4)

2. Amount of Securities
Beneficially Owned
(Instr. 4)

3. Ownership
Form: Direct
(D) or Indirect
(I) (Instr. 5)

4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Common Stock, no par value per share

1,041,666

D (1)

1. Title of Derivative Security
(Instr. 4)

2. Date Exer-cisable and Expiration
Date

(Month/Day/Year)

3. Title and Amount of Securities Underlying
Derivative Security
(Instr. 4)

4. Conver-sion or Exercise Price of Deri-
vative Security

5. Owner- ship
Form of
Deriv-
ative
Security: Direct

6. Nature of Indirect
Beneficial Ownership
(Instr. 5)

Date Exer-cisable

Expiration
Date

Title

Amount
of
Number
of
Shares

(D) or
Indirect
(I)

(Instr. 5)

Warrant (Right to Buy)

7/21/03

Common Stock

364,584

$2.16

D (1)

Explanation of Responses:

(1) MDS Life Sciences Technology Fund II NC Limited Partnership ("Life NC") beneficially owns 1,041,666 shares of common stock, no par value per share, of the Issuer (the "Common Stock") and 364,584 shares of Common Stock underlying warrants which become exercisable on July 21, 2003, (collectively the "Shares"). MDS LSTF II (NCGP) Inc. serves as the general partner of Life NC. MDS Health Ventures Management Inc. acts as the manager of Life NC. Due to their relationship with Life NC, each of MDS LSTF II (NCGP) Inc. and MDS Health Ventures Management Inc. may be deemed to be the indirect beneficial owner of the Shares. MDS LSTF II (NCGP) Inc. and MDS Health Ventures Management Inc., however, expressly disclaim beneficial ownership of the Shares except to the extent of their pecuniary interest therein.

[See Attachment]

**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.

JOINT FILER INFORMATION

Name:	MDS Life Sciences Technology Fund II NC Limited Partnership
Address:	100 International Boulevard
	Toronto, Ontario M9W 6J6
Designated Filer:	MDS Life Sciences Technology Fund II NC Limited Partnership
Issuer & Ticker Symbol:	DepoMed, Inc.
Date of Event Requiring Statement:	April 21, 2003

By: MDS LSTF II (NCGP) Inc., its General Partner

Signature:/s/Graysanne Bedell	/s/Gregory Gubitz	Date: May 1, 2003
By: Graysanne Bedell	Gregory Gubitz
Title: Secretary	Vice-President & Director

Name:	MDS LSTF II (NCGP) Inc.
Address:	100 International Boulevard
	Toronto, Ontario M9W 6J6
Designated Filer:	MDS Life Sciences Technology Fund II NC Limited Partnership
Issuer & Ticker Symbol:	DepoMed, Inc.
Date of Event Requiring Statement:	April 21, 2003

Signature:/s/Graysanne Bedell	/s/Gregory Gubitz	Date: May 1, 2003
By: Graysanne Bedell	Gregory Gubitz
Title: Secretary	Vice-President & Director

Name:	MDS Health Ventures Management Inc.
Address:	100 International Boulevard
	Toronto, Ontario M9W 6J6
Designated Filer:	MDS Life Sciences Technology Fund II NC Limited Partnership
Issuer & Ticker Symbol:	DepoMed, Inc.
Date of Event Requiring Statement:	April 21, 2003

Signature:/s/Richard Lockie	/s/Michael Callaghan	Date: May 1, 2003
By: Richard Lockie	Michael Callaghan
Title: Vice-President	Vice President

MDS LIFE SCIENCES TECHNOLOGY FUND II NC LP 3