FORM 4
[ X ] 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 OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

WILLS STEPHEN T 		2. Issuer Name and Ticker or Trading Symbol

DERMA SCIENCES, INC. [ DSCI ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      __ X __ Other (specify below)
Executive Chairman
(Last)          (First)          (Middle)

PALATIN TECHNOLOGIES, INC., 4C CEDAR BROOK DRIVE 		3. Date of Earliest Transaction (MM/DD/YYYY)

2/24/2017
(Street)

CRANBURY, NJ 08512
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. 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
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   2/24/2017     D    147076   D   (1) 0   D    
Common Stock   2/24/2017     D    27500   (2) A   (4) 27500   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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
Stock Option (right to buy)   $4.27   (3) 2/24/2017     D         29375      (4)   (4) Common Stock   29375   $0   (6) 0   D    
Restricted Stock Units     (5) 2/24/2017     D         27500      (5)   (5) Common Stock   27500   $0   (7) 0   D    

Explanation of Responses:
( 1)  Pursuant to the terms of the Agreement and Plan of Merger, dated January 10, 2017, by and among the Issuer, Integra Derma, Inc. and Integra LifeSciences Holdings Corporation (the "Merger Agreement"), as of the Effective Time (as defined in the Merger Agreement), the shares of the Issuer's common stock were converted into the right to receive $7.00 per share to the reporting person in cash.
( 2)  Represents shares of the Issuer's common stock received upon the vesting of 27,500 restricted stock units, as described herein.
( 3)  Represents the weighted average exercise price for in-the-money stock options, as described in a Schedule TO and the Issuer's Schedule 14D-9, each as filed with the Securities and Exchange Commission on January 25, 2017, pursuant to which Integra Derma, Inc. offered to purchase all of the Issuer's common stock for $7.00 per share (the "Offer").
( 4)  In connection with the expiration of the Offer and the subsequent closing of the merger pursuant to the terms of the Merger Agreement, all outstanding stock options became fully vested and exercisable on such date. Each stock option held by the reporting person was then cancelled in exchange for a cash payment representing the difference between the exercise price of such option and $7.00 per share, payable without any interest thereon and subject to any required tax withholdings.
( 5)  Upon the Effective Time, the restricted stock units were converted into the right to receive an amount in cash equal to $7.00 with respect to each share of common stock underlying such award, payable without any interest thereon and subject to any required tax withholdings.
( 6)  The options were originally granted in consideration of the reporting person's services to the Issuer and without payment of consideration.
( 7)  The restricted stock units were originally granted in consideration of the reporting person's services to the Issuer and without payment of consideration.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
WILLS STEPHEN T
PALATIN TECHNOLOGIES, INC.
4C CEDAR BROOK DRIVE
CRANBURY, NJ 08512 		X

Executive Chairman

Signatures
/s/ Stephen T. Wills 2/24/2017
** Signature of Reporting Person Date


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 control number.
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