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  <p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;"><br>
  </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">WASHINGTON, D. C. 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT<br>
  PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE<br>
  SECURITIES EXCHANGE ACT OF 1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DATE OF REPORT (DATE OF EARLIEST EVENT
  REPORTED):&#160; <br>
  <b>April&nbsp;18, 2008</b></font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">MACROCHEM CORPORATION</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">  <br>
  </font></b><font size="2" style="font-size:10.0pt;">(Exact name of
  registrant as specified in its charter)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center">
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b><font size="2" style="font-size:10.0pt;"><br>
    (State or other jurisdiction of incorporation or organization)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0-13634<br>
    </font></b><font size="2" style="font-size:10.0pt;">(Commission file number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">04 2744744<br>
    </font></b><font size="2" style="font-size:10.0pt;">(IRS employer identification number)</font></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">80 Broad Street, Suite&nbsp;2210,
    New York, New York 10004</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of Principal Executive Offices) (Zip Code)</font></p>
    </td>
   </tr>
   <tr>
    <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area
    code:&nbsp; <b>(212)
    514-8094</b></font></p>
    </td>
   </tr>
   <tr>
    <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">40 Washington Street, Suite&nbsp;220,
    Wellesley Hills, MA&nbsp; 02481</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former name or
    former address, if changed since last report)</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
  below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions:</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center">
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.46%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
    </td>
    <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.54%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Written communications
    pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
    </td>
   </tr>
   <tr>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.46%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
    </td>
    <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.54%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting material
    pursuant to rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
    </td>
   </tr>
   <tr>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.46%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
    </td>
    <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.54%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement
    communications pursuant to rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17
    CFR 240.14d-2(b))</font></p>
    </td>
   </tr>
   <tr>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.46%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
    </td>
    <td width="96%" valign="top" style="padding:0in .7pt 0in .7pt;width:96.54%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement
    communications pursuant to rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17
    CFR 240.13e-4(c))</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\brosent\08-11172-1\task2883782\11172-1-ba.htm',USER='brosent',CD='Apr 22 22:31 2008' -->
  
  
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  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Completion of Acquisition or
  Disposition of Assets.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;18, 2008
  (the &#147;Effective Time&#148;), MacroChem Corporation (&#147;MacroChem&#148;) acquired Virium
  Pharmaceuticals Inc. (&#147;Virium&#148;), a non-public, development stage company based
  in Princeton, NJ whose business is developing and commercializing novel
  therapeutics with a focus on oncology, pursuant to the terms of an Agreement
  and Plan of Merger (the &#147;Merger Agreement&#148;) dated as of April&nbsp;18, 2008 by
  and among MacroChem, VRM Acquisition, LLC, a Delaware limited liability company
  and a direct wholly-owned subsidiary of MacroChem (&#147;VRM Acquisition&#148;), Virium
  and Virium Holdings,&nbsp;Inc., a non-public Delaware corporation (&#147;Holdings&#148;)
  and the parent of Virium.&#160; On the
  Effective Date, VRM Acquisition merged with and into Virium with Virium
  continuing as the surviving company and a wholly-owned subsidiary of MacroChem
  (the &#147;Merger&#148;). At March&nbsp;31, 2007, Virium had an accumulated deficit of
  approximately $4.4 million and negative working capital of approximately $3.7
  million.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Merger
  Agreement, each share of Virium common stock outstanding at the Effective Time
  was converted into the right to receive 0.89387756 shares of MacroChem common
  stock (the &#147;Merger Consideration&#148;) resulting in an aggregate of 22,899,206
  shares of MacroChem common stock being issued in the Merger.&#160; After giving effect to the Merger, MacroChem
  has 45,798,412 shares of common stock outstanding.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, at the
  Effective Time,&#160; all outstanding warrants
  to purchase shares of Virium common stock were converted into warrants to
  purchase MacroChem common stock.&#160; After
  giving effect to the Merger, these warrants, which expire at various dates from
  2012 to 2013, are exercisable to purchase 513,980 shares of MacroChem common
  stock at an exercise price of&#160; $0.671 per
  share and 312,857 shares of MacroChem common stock at an exercise price of
  $1.187 per share.&#160; As described in more
  detail under item 2.03 below, MacroChem also assumed convertible notes of
  Virium at the Effective Time.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MacroChem intends to
  proceed with a strategic planning process to assess its commercial and
  financial position with respect to its business and product pipeline.&#160; In advance of completing a strategic planning
  process, management preliminarily anticipates that it will need to consummate a
  financing at some time within the next 12 months in order to maintain
  operations unless it acquires further cash resources through one of its ongoing
  partnership initiatives.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to the Effective
  Date, SCO Capital Partners, LLC (&#147;SCO LLC&#148;) together with its affiliates Beach
  Capital LLC, SCO Securities LLC and SCO Capital Partners, L.P. (collectively
  with SCO LLC, &#147;SCO&#148;) was the beneficial owner of approximately 52.2% of the
  outstanding common stock of MacroChem, including warrants to purchase 8,075,498
  shares, and also held approximately 87.4% of the outstanding stock of Holdings
  and warrants to purchase 112,500 shares of Virium common stock. As a result of
  the Merger, SCO has acquired 20,015,617 additional shares of MacroChem common
  stock based on its ownership of Holdings and warrants to purchase 100,561
  shares of MacroChem common stock, and is now the beneficial owner of 36,056,000
  shares, or approximately 67% of MacroChem&#146;s common stock. Pursuant to a
  Director Designation Agreement dated as of October&nbsp;1, 2007 between
  MacroChem and SCO LLC, SCO LLC has the right to designate two individuals to
  serve on MacroChem&#146;s board of directors for so long as SCO holds 20% of
  MacroChem&#146;s outstanding common stock.&#160;
  The current SCO director designees are Jeffrey B. Davis and Mark J.
  Alvino.&#160; Mr.&nbsp;Davis is currently the
  president of SCO Securities LLC and prior to the Effective Date was a director
  of Virium.&#160; Mr.&nbsp;Alvino is a former
  Managing Director of SCO Financial Group LLC and currently an officer of
  Griffin Securities,&nbsp;Inc.&#160; SCO
  Securities LLC, acted as placement agent in connection with MacroChem&#146;s 2006
  private placement.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A special committee of
  the board of directors of MacroChem comprised entirely of disinterested
  directors (the &#147;Special Committee&#148;) unanimously approved and recommended to the
  full board the Merger, which approved the Merger.&#160; Griffin Securities,&nbsp;Inc. delivered an
  opinion to the board of directors that, as of the date of the opinion, the
  Merger Consideration is fair from a financial point of view to the holders of
  MacroChem common stock.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The above summary of the
  Merger and the Merger Agreement is not intended to be complete and is qualified
  in its entirety by reference to the detailed provisions in the Merger Agreement
  which is attached to this Form&nbsp;8-K as exhibit 10.1 and incorporated herein
  by reference.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='1',FILE='C:\JMS\brosent\08-11172-1\task2883782\11172-1-ba.htm',USER='brosent',CD='Apr 22 22:31 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms of the Merger
  Agreement (such as the representations and warranties) are intended to govern
  the contractual rights and relationships, and allocate risks, between the
  parties in relation to the Merger. The Merger Agreement contains
  representations and warranties that MacroChem and Virium and the other parties
  named therein made to each other as of specific dates. The representations and
  warranties were negotiated between the parties with the principal purpose of
  setting forth their respective rights with respect to their obligations to
  complete the Merger and may be subject to important limitations and
  qualifications as set forth therein, including a contractual standard of
  materiality different from that generally applicable under federal securities
  laws.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of the press
  release issued by MacroChem in connection with the acquisition is attached as Exhibit&nbsp;99.1
  to this Form&nbsp;8-K and is incorporated herein by reference.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
  2.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Creation of a Direct
  Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of
  a Registrant.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
  to the terms of the Merger Agreement, at the Effective Time, MacroChem assumed
  all obligations under the convertible promissory note in the aggregate
  principal amount of $500,000 issued to Strategic Capital Resources,&nbsp;Inc.
  by Virium on May&nbsp;30, 2007 (the &#147;First Convertible Note&#148;).&#160; The First Convertible Note is due to mature
  on April&nbsp;25, 2008.&#160; The First
  Convertible Note had a 12% annual interest rate until November&nbsp;30, 2007,
  which increased to 15% thereafter.&#160; </font><font size="2" style="font-size:10.0pt;">MacroChem paid to Strategic Capital
  Resources,&nbsp;Inc. $44,725.96 in cash which represents all accrued and unpaid
  interest on such note through the date of consummation of the Merger plus
  $10,000. MacroChem&#160; made this payment in
  consideration of Strategic Capital Resources,&nbsp;Inc.&#146;s prior agreement with
  Virium to extend the maturity date on its note from March&nbsp;26, 2008 to April&nbsp;25,
  2008.&#160;
  Upon closing of&#160; MacroChem&#146;s
  next round of equity financing, the
  principal amount of the First Convertible Note and all accrued interest may be
  converted into MacroChem common stock at the discretion of each First
  Convertible Note holder such that each holder will be entitled to acquire
  shares of MacroChem common stock at $0.8950 per share, subject to anti-dilution
  adjustments.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MacroChem
  also assumed on the Effective Date all obligations under convertible promissory
  notes in the aggregate principal amount of $500,000 issued by Virium on December&nbsp;12,
  2007 (the &#147;Second Convertible Notes&#148;).&#160;
  The Second Convertible Notes mature on the earlier of (a)&nbsp;</font><font size="2" style="font-size:10.0pt;">the closing of any equity financing by
  the MacroChem or (b)&nbsp;June&nbsp;12,
  2008.&#160; The Second Convertible Notes have
  a 12% annual interest rate with all accrued interest due at maturity.&#160; Upon closing of the MacroChem&#146;s next
  round of equity financing, the
  principal amount of the Second Convertible Notes and all accrued interest
  thereon will be automatically converted into MacroChem common stock&#160; such that each Second Convertible Note holder
  will be entitled to acquire shares of MacroChem Common Stock at $0.8950 per
  share.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Unregistered Sales of Equity Securities</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The shares of MacroChem
  common stock issued in connection with the acquisition have not been registered
  under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) and were
  sold in reliance upon an exemption provided under Section&nbsp;4(2)&nbsp;of the
  Securities Act and rule&nbsp;506 of Regulation D promulgated thereunder. Please refer to the disclosure under Item
  2.01, which is responsive to the other requirements of this item and
  incorporated herein by reference.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
  3.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Material Modification
  to Rights of Security Holders.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Immediately prior to the
  execution of the Merger Agreement, the Company amended the Rights Agreement,
  dated as of August&nbsp;13, 1999 between the Company and American Stock
  Transfer&nbsp;&amp; Trust Company, as amended by Amendment No.&nbsp;1 dated as
  of December&nbsp;23, 2005 (the &#147;Rights Agreement&#148;), to provide that as a result
  of the consummation of the transactions contemplated by the Merger Agreement (i)&nbsp;no
  one acquiring common stock of MacroChem or any securities convertible into
  common stock of MacroChem pursuant to the Merger Agreement shall become an &#147;Acquiring
  Person&#148; (as defined in the Rights Agreement) as a result of such acquisition,
  and (ii)&nbsp;a &#147;Stock Acquisition Date&#148; or &#147;Distribution Date&#148; (as defined in
  the Rights Agreement) would not be deemed to have occurred.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\brosent\08-11172-1\task2883782\11172-1-ba.htm',USER='brosent',CD='Apr 22 22:31 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing description
  of the amendment to the Rights Agreement does not purport to be complete and is
  qualified in its entirety by reference to Amendment No.&nbsp;2 to the Rights
  Agreement, which is filed as Exhibit&nbsp;4.1 hereto and is incorporated herein
  by reference.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
  5.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Departure of Directors
  or Certain Officers; Election of Directors; Appointment of Certain Officers;
  Compensatory Arrangements of Certain Officers.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
  to the terms of the Merger Agreement, at&#160;
  the Effective Time , a</font><font size="2" style="font-size:10.0pt;">ll members of the Special Committee, namely, John L. Zabriskie, Michael A. Davis, Paul S. Echenberg, and Peter G.
  Martin resigned from the board of directors of MacroChem.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Immediately
  following these resignations, David P. Luci and Dr. James Pachence were
  appointed to the board of directors of MacroChem.&#160; Dr.&nbsp;Pachence and Mr. Luci will be
  entitled to the standard compensation payable to our directors which as of
  April 22, 2008, is now applicable to all directors and includes compensation of
  $12,000 annually, $1,000 per regular board meeting attended, $500 for each
  special, telephone or committee meeting attended and the stock option grants
  that our Compensation Committee from time to time deems appropriate.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of April&nbsp;22, 2008,
  Dr.&nbsp;Pachence was appointed Chief Executive Officer of MacroChem pursuant
  to an employment agreement dated April&nbsp;22, 2008.&#160; Mr.&nbsp;Pachence held approximately 1.76% of
  the outstanding stock of Holdings at the Effective Time.&#160; The dollar value of the MacroChem shares
  which Mr.&nbsp;Pachence is entitled to receive based upon his ownership of
  Holdings and MacroChem&#146;s stock price on the date of the consummation of the
  Merger is $120,673.47.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As
  of April 22, 2008, Mr.&nbsp;Luci was appointed </font><font size="2" style="font-size:10.0pt;">President and Chief Business Officer of MacroChem and
  is a party to the employment agreement with MacroChem described in MacroChem&#146;s
  Current Report on Form&nbsp;8-K filed on March&nbsp;25, 2008, and such
  description is incorporated by reference herein.&#160; Mr. Luci&#146;s employment agreement was amended
  and restated on April&nbsp;22, 2008.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As
  of April&nbsp;22, 2008, Mr. DeLuccia was appointed the Chairman of MacroChem pursuant
  to a letter of employment dated April&nbsp;22, 2008 and will continue to serve
  as a member of the board of directors of MacroChem.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  terms of Dr. Pachence&#146;s and Mr. Luci&#146;s employment agreements and Mr. DeLuccia&#146;s
  letter of employment will be described in a subsequent filing on Form 8-K on or
  before April&nbsp;28, 2008.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
  9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial Statements
  and Exhibits</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;Financial
  statements of business acquired.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The financial statements
  required by Item 9.01(a)&nbsp;of Form&nbsp;8-K will be filed by an amendment to
  this Current Report on Form&nbsp;8-K within 71 calendar days after the date by
  which this Current Report must be filed.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Pro forma
  financial information.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The pro forma financial
  statements required by Item 9.01(b)&nbsp;of Form&nbsp;8-K will be filed by an
  amendment to this Current Report on Form&nbsp;8-K within 71 calendar days after
  the date by which this Current Report must be filed.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp; Exhibits.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Amendment No.&nbsp;2 to the Rights
  Agreement, dated as of April&nbsp;18, 2008 by and between the Company and
  American Stock Transfer&nbsp;&amp; Trust Company.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Merger Agreement, dated April&nbsp;18,
  2008 by and among MacroChem Corporation, VRM Acquisition, LLC, Virium
  Pharmaceuticals Inc., and Virium Holdings,&nbsp;Inc.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Convertible Promissory Note dated as of May&nbsp;30,
  2007 issued to Strategic Capital Resources,&nbsp;Inc. by Virium Pharmaceuticals
  Inc. and assumed by MacroChem Corporation.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Warrant to purchase 250,000 shares of
  common stock of Virium Pharmaceuticals Inc., dated as of May&nbsp;30, 2007.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Amendment No.&nbsp;1 to the Convertible
  Promissory Note dated as of May&nbsp;30, 2007 issued to Strategic Capital Resources,&nbsp;Inc.
  by Virium Pharmaceuticals Inc. and assumed by MacroChem Corporation.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\brosent\08-11172-1\task2883782\11172-1-ba.htm',USER='brosent',CD='Apr 22 22:31 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Warrant to purchase 250,000 shares of
  common stock of Virium Pharmaceuticals Inc., dated November&nbsp;26, 2007.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Amendment No.&nbsp;2 to the Convertible
  Promissory Note dated as of May&nbsp;30, 2007 issued to Strategic Capital
  Resources,&nbsp;Inc. by Virium Pharmaceuticals Inc. and assumed by MacroChem
  Corporation.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Form&nbsp;of Convertible Promissory Note
  Dated as of December&nbsp;12, 2007 issued by Virium Pharmaceuticals Inc. and
  assumed by MacroChem Corporation.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Form&nbsp;of Common Stock Purchase
  Warrant of Virium Pharmaceuticals Inc. dated as of December&nbsp;12, 2007.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Warrant to purchase 75,000 shares of
  common stock dated as of April&nbsp;17, 2008 issued to Dr.&nbsp;Jon Rogers by
  Virium Pharmaceuticals,&nbsp;Inc. and assumed by MacroChem Corporation.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Warrant to purchase 50,000 shares of
  common stock of Virium Pharmaceuticals Inc., dated May&nbsp;30, 2007.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Press release</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\brosent\08-11172-1\task2883782\11172-1-ba.htm',USER='brosent',CD='Apr 22 22:31 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
  requirements of the Securities Exchange Act of 1934, the registrant has duly
  caused this report to be signed on its behalf by the undersigned hereunto duly
  authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated: April&nbsp;23,
    2008</font></p>
    </td>
    <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.2%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.7%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MACROCHEM
    CORPORATION</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.2%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
    </td>
    <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.7%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David P. Luci</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.2%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
    </td>
    <td width="43%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:43.7%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David P. Luci</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.2%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
    </td>
    <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.7%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief
    Business Officer</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT INDEX</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following exhibits
  are filed herewith:</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Amendment No.&nbsp;2 to the Rights Agreement,
  dated as of April&nbsp;18, 2008 by and between the Company and American Stock
  Transfer&nbsp;&amp; Trust Company.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Merger Agreement, dated April&nbsp;18,
  2008 by and among MacroChem Corporation, VRM Acquisition, LLC, Virium
  Pharmaceuticals Inc., and Virium Holdings,&nbsp;Inc.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Convertible Promissory Note dated as of May&nbsp;30,
  2007 issued to Strategic Capital Resources,&nbsp;Inc. by Virium Pharmaceuticals
  Inc. and assumed by MacroChem Corporation.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Warrant to purchase 250,000 shares of
  common stock of Virium Pharmaceuticals Inc., dated as of May&nbsp;30, 2007.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Amendment No.&nbsp;1 to the Convertible
  Promissory Note dated as of May&nbsp;30, 2007 issued to Strategic Capital
  Resources,&nbsp;Inc. by Virium Pharmaceuticals Inc. and assumed by MacroChem
  Corporation.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Warrant to purchase 250,000 share of
  common stock of Virium Pharmaceuticals Inc., dated November&nbsp;26, 2007.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Amendment No.&nbsp;2 to the Convertible
  Promissory Note dated as of May&nbsp;30, 2007 issued to Strategic Capital
  Resources,&nbsp;Inc. by Virium Pharmaceuticals Inc. and assumed by MacroChem
  Corporation.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Form&nbsp;of Convertible Promissory Note
  Dated as of December&nbsp;12, 2007 issued by Virium Pharmaceuticals Inc. and
  assumed by MacroChem Corporation.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Form&nbsp;of Common Stock Purchase
  Warrant of Virium Pharmaceuticals Inc. dated as of December&nbsp;12, 2007.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Warrant to purchase 75,000 shares of
  common stock dated as of April&nbsp;17, 2008 issued to Dr.&nbsp;Jon Rogers by
  Virium Pharmaceuticals,&nbsp;Inc. and assumed by MacroChem Corporation.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Warrant to purchase 50,000 shares of common
  stock of Virium Pharmaceuticals Inc., dated May&nbsp;30, 2007.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Press release</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  
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text: UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D. C. 20549
  FORM 8-K
  CURRENT REPORT
  PURSUANT TO SECTION 13 OR 15(d) OF THE
  SECURITIES EXCHANGE ACT OF 1934
  DATE OF REPORT (DATE OF EARLIEST EVENT
  REPORTED):
  April 18, 2008
  MACROCHEM CORPORATION
  (Exact name of
  registrant as specified in its charter)
  Delaware
  (State or other jurisdiction of incorporation or organization)
  0-13634
  (Commission file number)
  04 2744744
  (IRS employer identification number)
  80 Broad Street, Suite 2210,
    New York, New York 10004
  (Address of Principal Executive Offices) (Zip Code)
  Registrant's telephone number, including area
    code:
  (212)
    514-8094
  40 Washington Street, Suite 220,
    Wellesley Hills, MA  02481
  (Former name or
    former address, if changed since last report)
  Check the appropriate box
  below if the Form 8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions:
  o
  Written communications
    pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  o
  Soliciting material
    pursuant to rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement
    communications pursuant to rule 14d-2(b) under the Exchange Act (17
    CFR 240.14d-2(b))
  o
  Pre-commencement
    communications pursuant to rule 13e-4(c) under the Exchange Act (17
    CFR 240.13e-4(c))
  Item 2.01.
  Completion of Acquisition or
  Disposition of Assets.
  On April 18, 2008
  (the "Effective Time"), MacroChem Corporation ("MacroChem") acquired Virium
  Pharmaceuticals Inc. ("Virium"), a non-public, development stage company based
  in Princeton, NJ whose business is developing and commercializing novel
  therapeutics with a focus on oncology, pursuant to the terms of an Agreement
  and Plan of Merger (the "Merger Agreement") dated as of April 18, 2008 by
  and among MacroChem, VRM Acquisition, LLC, a Delaware limited liability company
  and a direct wholly-owned subsidiary of MacroChem ("VRM Acquisition"), Virium
  and Virium Holdings, Inc., a non-public Delaware corporation ("Holdings")
  and the parent of Virium.  On the
  Effective Date, VRM Acquisition merged with and into Virium with Virium
  continuing as the surviving company and a wholly-owned subsidiary of MacroChem
  (the "Merger"). At March 31, 2007, Virium had an accumulated deficit of
  approximately $4.4 million and negative working capital of approximately $3.7
  million.
  Pursuant to the Merger
  Agreement, each share of Virium common stock outstanding at the Effective Time
  was converted into the right to receive 0.89387756 shares of MacroChem common
  stock (the "Merger Consideration") resulting in an aggregate of 22,899,206
  shares of MacroChem common stock being issued in the Merger.  After giving effect to the Merger, MacroChem
  has 45,798,412 shares of common stock outstanding.
  In addition, at the
  Effective Time,  all outstanding warrants
  to purchase shares of Virium common stock were converted into warrants to
  purchase MacroChem common stock.  After
  giving effect to the Merger, these warrants, which expire at various dates from
  2012 to 2013, are exercisable to purchase 513,980 shares of MacroChem common
  stock at an exercise price of  $0.671 per
  share and 312,857 shares of MacroChem common stock at an exercise price of
  $1.187 per share.  As described in more
  detail under item 2.03 below, MacroChem also assumed convertible notes of
  Virium at the Effective Time.
  MacroChem intends to
  proceed with a strategic planning process to assess its commercial and
  financial position with respect to its business and product pipeline.  In advance of completing a strategic planning
  process, management preliminarily anticipates that it will need to consummate a
  financing at some time within the next 12 months in order to maintain
  operations unless it acquires further cash resources through one of its ongoing
  partnership initiatives.
  Prior to the Effective
  Date, SCO Capital Partners, LLC ("SCO LLC") together with its affiliates Beach
  Capital LLC, SCO Securities LLC and SCO Capital Partners, L.P. (collectively
  with SCO LLC, "SCO") was the beneficial owner of approximately 52.2% of the
  outstanding common stock of MacroChem, including warrants to purchase 8,075,498
  shares, and also held approximately 87.4% of the outstanding stock of Holdings
  and warrants to purchase 112,500 shares of Virium common stock. As a result of
  the Merger, SCO has acquired 20,015,617 additional shares of MacroChem common
  stock based on its ownership of Holdings and warrants to purchase 100,561
  shares of MacroChem common stock, and is now the beneficial owner of 36,056,000
  shares, or approximately 67% of MacroChem's common stock. Pursuant to a
  Director Designation Agreement dated as of October 1, 2007 between
  MacroChem and SCO LLC, SCO LLC has the right to designate two individuals to
  serve on MacroChem's board of directors for so long as SCO holds 20% of
  MacroChem's outstanding common stock. 
  The current SCO director designees are Jeffrey B. Davis and Mark J.
  Alvino.  Mr. Davis is currently the
  president of SCO Securities LLC and prior to the Effective Date was a director
  of Virium.  Mr. Alvino is a former
  Managing Director of SCO Financial Group LLC and currently an officer of
  Griffin Securities, Inc.  SCO
  Securities LLC, acted as placement agent in connection with MacroChem's 2006
  private placement.
  A special committee of
  the board of directors of MacroChem comprised entirely of disinterested
  directors (the "Special Committee") unanimously approved and recommended to the
  full board the Merger, which approved the Merger.  Griffin Securities, Inc. delivered an
  opinion to the board of directors that, as of the date of the opinion, the
  Merger Consideration is fair from a financial point of view to the holders of
  MacroChem common stock.
  The above summary of the
  Merger and the Merger Agreement is not intended to be complete and is qualified
  in its entirety by reference to the detailed provisions in the Merger Agreement
  which is attached to this Form 8-K as exhibit 10.1 and incorporated herein
  by reference.
  1
  The terms of the Merger
  Agreement (such as the representations and warranties) are intended to govern
  the contractual rights and relationships, and allocate risks, between the
  parties in relation to the Merger. The Merger Agreement contains
  representations and warranties that MacroChem and Virium and the other parties
  named therein made to each other as of specific dates. The representations and
  warranties were negotiated between the parties with the principal purpose of
  setting forth their respective rights with respect to their obligations to
  complete the Merger and may be subject to important limitations and
  qualifications as set forth therein, including a contractual standard of
  materiality different from that generally applicable under federal securities
  laws.
  A copy of the press
  release issued by MacroChem in connection with the acquisition is attached as Exhibit 99.1
  to this Form 8-K and is incorporated herein by reference.
  Item
  2.03               Creation of a Direct
  Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of
  a Registrant.
  Pursuant
  to the terms of the Merger Agreement, at the Effective Time, MacroChem assumed
  all obligations under the convertible promissory note in the aggregate
  principal amount of $500,000 issued to Strategic Capital Resources, Inc.
  by Virium on May 30, 2007 (the "First Convertible Note").  The First Convertible Note is due to mature
  on April 25, 2008.  The First
  Convertible Note had a 12% annual interest rate until November 30, 2007,
  which increased to 15% thereafter.
  MacroChem paid to Strategic Capital
  Resources, Inc. $44,725.96 in cash which represents all accrued and unpaid
  interest on such note through the date of consummation of the Merger plus
  $10,000. MacroChem  made this payment in
  consideration of Strategic Capital Resources, Inc.'s prior agreement with
  Virium to extend the maturity date on its note from March 26, 2008 to April 25,
  2008. 
  Upon closing of  MacroChem's
  next round of equity financing, the
  principal amount of the First Convertible Note and all accrued interest may be
  converted into MacroChem common stock at the discretion of each First
  Convertible Note holder such that each holder will be entitled to acquire
  shares of MacroChem common stock at $0.8950 per share, subject to anti-dilution
  adjustments.
  MacroChem
  also assumed on the Effective Date all obligations under convertible promissory
  notes in the aggregate principal amount of $500,000 issued by Virium on December 12,
  2007 (the "Second Convertible Notes"). 
  The Second Convertible Notes mature on the earlier of (a)
  the closing of any equity financing by
  the MacroChem or (b) June 12,
  2008.  The Second Convertible Notes have
  a 12% annual interest rate with all accrued interest due at maturity.  Upon closing of the MacroChem's next
  round of equity financing, the
  principal amount of the Second Convertible Notes and all accrued interest
  thereon will be automatically converted into MacroChem common stock  such that each Second Convertible Note holder
  will be entitled to acquire shares of MacroChem Common Stock at $0.8950 per
  share.
  Item 3.02.              Unregistered Sales of Equity Securities
  The shares of MacroChem
  common stock issued in connection with the acquisition have not been registered
  under the Securities Act of 1933, as amended (the "Securities Act") and were
  sold in reliance upon an exemption provided under Section 4(2) of the
  Securities Act and rule 506 of Regulation D promulgated thereunder. Please refer to the disclosure under Item
  2.01, which is responsive to the other requirements of this item and
  incorporated herein by reference.
  Item
  3.03               Material Modification
  to Rights of Security Holders.
  Immediately prior to the
  execution of the Merger Agreement, the Company amended the Rights Agreement,
  dated as of August 13, 1999 between the Company and American Stock
  Transfer & Trust Company, as amended by Amendment No. 1 dated as
  of December 23, 2005 (the "Rights Agreement"), to provide that as a result
  of the consummation of the transactions contemplated by the Merger Agreement (i) no
  one acquiring common stock of MacroChem or any securities convertible into
  common stock of MacroChem pursuant to the Merger Agreement shall become an "Acquiring
  Person" (as defined in the Rights Agreement) as a result of such acquisition,
  and (ii) a "Stock Acquisition Date" or "Distribution Date" (as defined in
  the Rights Agreement) would not be deemed to have occurred.
  2
  The foregoing description
  of the amendment to the Rights Agreement does not purport to be complete and is
  qualified in its entirety by reference to Amendment No. 2 to the Rights
  Agreement, which is filed as Exhibit 4.1 hereto and is incorporated herein
  by reference.
  Item
  5.02               Departure of Directors
  or Certain Officers; Election of Directors; Appointment of Certain Officers;
  Compensatory Arrangements of Certain Officers.
  Pursuant
  to the terms of the Merger Agreement, at 
  the Effective Time , a
  ll members of the Special Committee, namely, John L. Zabriskie, Michael A. Davis, Paul S. Echenberg, and Peter G.
  Martin resigned from the board of directors of MacroChem.
  Immediately
  following these resignations, David P. Luci and Dr. James Pachence were
  appointed to the board of directors of MacroChem.  Dr. Pachence and Mr. Luci will be
  entitled to the standard compensation payable to our directors which as of
  April 22, 2008, is now applicable to all directors and includes compensation of
  $12,000 annually, $1,000 per regular board meeting attended, $500 for each
  special, telephone or committee meeting attended and the stock option grants
  that our Compensation Committee from time to time deems appropriate.
  As of April 22, 2008,
  Dr. Pachence was appointed Chief Executive Officer of MacroChem pursuant
  to an employment agreement dated April 22, 2008.  Mr. Pachence held approximately 1.76% of
  the outstanding stock of Holdings at the Effective Time.  The dollar value of the MacroChem shares
  which Mr. Pachence is entitled to receive based upon his ownership of
  Holdings and MacroChem's stock price on the date of the consummation of the
  Merger is $120,673.47.
  As
  of April 22, 2008, Mr. Luci was appointed
  President and Chief Business Officer of MacroChem and
  is a party to the employment agreement with MacroChem described in MacroChem's
  Current Report on Form 8-K filed on March 25, 2008, and such
  description is incorporated by reference herein.  Mr. Luci's employment agreement was amended
  and restated on April 22, 2008.
  As
  of April 22, 2008, Mr. DeLuccia was appointed the Chairman of MacroChem pursuant
  to a letter of employment dated April 22, 2008 and will continue to serve
  as a member of the board of directors of MacroChem.
  The
  terms of Dr. Pachence's and Mr. Luci's employment agreements and Mr. DeLuccia's
  letter of employment will be described in a subsequent filing on Form 8-K on or
  before April 28, 2008.
  Item
  9.01.              Financial Statements
  and Exhibits
  (a) Financial
  statements of business acquired.
  The financial statements
  required by Item 9.01(a) of Form 8-K will be filed by an amendment to
  this Current Report on Form 8-K within 71 calendar days after the date by
  which this Current Report must be filed.
  (b) Pro forma
  financial information.
  The pro forma financial
  statements required by Item 9.01(b) of Form 8-K will be filed by an
  amendment to this Current Report on Form 8-K within 71 calendar days after
  the date by which this Current Report must be filed.
  (d)  Exhibits.
  4.1
  Amendment No. 2 to the Rights
  Agreement, dated as of April 18, 2008 by and between the Company and
  American Stock Transfer & Trust Company.
  10.1
  Merger Agreement, dated April 18,
  2008 by and among MacroChem Corporation, VRM Acquisition, LLC, Virium
  Pharmaceuticals Inc., and Virium Holdings, Inc.
  10.2
  Convertible Promissory Note dated as of May 30,
  2007 issued to Strategic Capital Resources, Inc. by Virium Pharmaceuticals
  Inc. and assumed by MacroChem Corporation.
  10.3
  Warrant to purchase 250,000 shares of
  common stock of Virium Pharmaceuticals Inc., dated as of May 30, 2007.
  10.4
  Amendment No. 1 to the Convertible
  Promissory Note dated as of May 30, 2007 issued to Strategic Capital Resources, Inc.
  by Virium Pharmaceuticals Inc. and assumed by MacroChem Corporation.
  3
  10.5
  Warrant to purchase 250,000 shares of
  common stock of Virium Pharmaceuticals Inc., dated November 26, 2007.
  10.6
  Amendment No. 2 to the Convertible
  Promissory Note dated as of May 30, 2007 issued to Strategic Capital
  Resources, Inc. by Virium Pharmaceuticals Inc. and assumed by MacroChem
  Corporation.
  10.7
  Form of Convertible Promissory Note
  Dated as of December 12, 2007 issued by Virium Pharmaceuticals Inc. and
  assumed by MacroChem Corporation.
  10.8
  Form of Common Stock Purchase
  Warrant of Virium Pharmaceuticals Inc. dated as of December 12, 2007.
  10.9
  Warrant to purchase 75,000 shares of
  common stock dated as of April 17, 2008 issued to Dr. Jon Rogers by
  Virium Pharmaceuticals, Inc. and assumed by MacroChem Corporation.
  10.10
  Warrant to purchase 50,000 shares of
  common stock of Virium Pharmaceuticals Inc., dated May 30, 2007.
  99.1
  Press release
  4
  SIGNATURE
  Pursuant to the
  requirements of the Securities Exchange Act of 1934, the registrant has duly
  caused this report to be signed on its behalf by the undersigned hereunto duly
  authorized.
  Dated: April 23,
    2008
  MACROCHEM
    CORPORATION
  By
  /s/ David P. Luci
  Name:
  David P. Luci
  Title:
  President and Chief
    Business Officer
  5
  EXHIBIT INDEX
  The following exhibits
  are filed herewith:
  4.1
  Amendment No. 2 to the Rights Agreement,
  dated as of April 18, 2008 by and between the Company and American Stock
  Transfer & Trust Company.
  10.1
  Merger Agreement, dated April 18,
  2008 by and among MacroChem Corporation, VRM Acquisition, LLC, Virium
  Pharmaceuticals Inc., and Virium Holdings, Inc.
  10.2
  Convertible Promissory Note dated as of May 30,
  2007 issued to Strategic Capital Resources, Inc. by Virium Pharmaceuticals
  Inc. and assumed by MacroChem Corporation.
  10.3
  Warrant to purchase 250,000 shares of
  common stock of Virium Pharmaceuticals Inc., dated as of May 30, 2007.
  10.4
  Amendment No. 1 to the Convertible
  Promissory Note dated as of May 30, 2007 issued to Strategic Capital
  Resources, Inc. by Virium Pharmaceuticals Inc. and assumed by MacroChem
  Corporation.
  10.5
  Warrant to purchase 250,000 share of
  common stock of Virium Pharmaceuticals Inc., dated November 26, 2007.
  10.6
  Amendment No. 2 to the Convertible
  Promissory Note dated as of May 30, 2007 issued to Strategic Capital
  Resources, Inc. by Virium Pharmaceuticals Inc. and assumed by MacroChem
  Corporation.
  10.7
  Form of Convertible Promissory Note
  Dated as of December 12, 2007 issued by Virium Pharmaceuticals Inc. and
  assumed by MacroChem Corporation.
  10.8
  Form of Common Stock Purchase
  Warrant of Virium Pharmaceuticals Inc. dated as of December 12, 2007.
  10.9
  Warrant to purchase 75,000 shares of
  common stock dated as of April 17, 2008 issued to Dr. Jon Rogers by
  Virium Pharmaceuticals, Inc. and assumed by MacroChem Corporation.
  10.10
  Warrant to purchase 50,000 shares of common
  stock of Virium Pharmaceuticals Inc., dated May 30, 2007.
  99.1
  Press release
  6