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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000895813-97-000209.txt : 19970912
<SEC-HEADER>0000895813-97-000209.hdr.sgml : 19970912
ACCESSION NUMBER:		0000895813-97-000209
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19970910
SROS:			AMEX

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHEFFIELD PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0000894158
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				133808303
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		
		SEC FILE NUMBER:	005-50777
		FILM NUMBER:		97678557

	BUSINESS ADDRESS:	
		STREET 1:		30 ROCKEFELLER PLAZA
		STREET 2:		SUITE 4515
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10112
		BUSINESS PHONE:		2129576600

	MAIL ADDRESS:	
		STREET 1:		30 ROCKEFELLER PLAZA
		STREET 2:		SUITE 4515
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SHEFFIELD MEDICAL TECHNOLOGIES INC
		DATE OF NAME CHANGE:	19940606

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLOBAL CAPITAL MANAGEMENT INC/MN
		CENTRAL INDEX KEY:			0001034884
		STANDARD INDUSTRIAL CLASSIFICATION:	 []

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		601 CARLSON PARKWAY
		STREET 2:		SUITE 200
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305

	MAIL ADDRESS:	
		STREET 1:		601 CARLSON PARKWAY
		STREET 2:		SUITE 200
		CITY:			MINNETONK
		STATE:			MN
		ZIP:			55305
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<TEXT>







                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549

                            ____________________

                                SCHEDULE 13D

                              (Amendment No. 2)

                  Under the Securities Exchange Act of 1934


                       Sheffield Pharmaceuticals, Inc.
                              (Name of Issuer)

                                Common Stock
                       (Title of Class of Securities)

                                 8212 3D309
                               (CUSIP Number)

                             Richard J. Emmerich
                       Global Capital Management, Inc.
                             601 Carlson Parkway
                                  Suite 200
                         Minnetonka, Minnesota 55305
                               (612) 476-7200
                (Name, Address and Telephone Number of Person
              Authorized to Receive Notices and Communications)

                               August 15, 1997
           (Date of Event Which Requires Filing of this Statement)

        If the filing person has previously filed a statement on Schedule
   13G to report the  acquisition which is the  subject of this  Schedule
   13D, and is  filing this schedule because of Rule  13d-1(b)(3) or (4),
   check the following box  [  ].

    
                       (continued on following pages) <PAGE>





   CUSIP No. 8212 3D309                   Schedule 13D (Amendment No. 2) 


        1)   Name of Reporting Persons/S.S. or I.R.S. Identification Nos.
             of  Above  Persons  Global   Capital  Management,  Inc./FEIN
             41-1625323

        2)   Check the Appropriate Box if a Member of a Group
             (a) [  ]       (b) [  ]

        3)   SEC Use Only


        4)   Source of Funds
                  WC

        5)   Check Box  if Disclosure  of Legal  Proceedings is  Required
             Pursuant to Item 2(d) or 2(e)      [  ] 

        6)   Citizenship or Place of Organization
                            Delaware

        Number  of Shares  Beneficially Owned  by  Each Reporting  Person
   with:

             (7)  Sole Voting Power
                  958,004 (See Item 5)

             (8)  Shared Voting Power
                  0

             (9)  Sole Dispositive Power
                  958,004 (See Item 5)

             (10) Shared Dispositive Power
                  0

        11)  Aggregate Amount Beneficially Owned by Each Reporting Person
                  958,004 (See Item 5)

        12)  Check  Box  if the  Aggregate  Amount in  Row  (11) Excludes
   Certain Shares  [  ]  

        13)  Percent of Class Represented by Amount in Row (11)
                  7.4% (See Item 5)

        14)  Type of Reporting Person
                  CO







                              Page 2 of 4 Pages<PAGE>





                                SCHEDULE 13D
                               AMENDMENT NO. 2

             This Amendment  No. 2  to the Statement  on Schedule  13D is
   being filed pursuant  to Section 13(d) of the  Securities Exchange Act
   of 1934  and the rules  and regulations promulgated thereunder.   This
   Amendment No. 2  amends and supplements the Statement  on Schedule 13D
   and the  Amendment No.  1 thereto  relating to  the common  stock, par
   value  $0.01 per share ("Common Stock"), of Sheffield Pharmaceuticals,
   Inc.  (formerly  Sheffield  Medical  Technologies  Inc.),  a  Delaware
   corporation  (the  "Issuer"),  previously  filed  by  Global   Capital
   Management,  Inc., a  Delaware  corporation  ("Global").   Capitalized
   terms used and not defined herein shall have the meanings set forth in
   the Schedule 13D.  Except as amended  herein, the Schedule 13D and the
   Amendment No. 1 thereto previously filed remain unchanged.  

   ITEM 5.  INTEREST IN SECURITIES OF THE ISSUER.

        Item 5(a) is hereby amended by adding the following:

        (a)  Without  modifying the description  set forth above  in this
             Item 5(a),  as of  August 15, 1997,  the Investors  held (i)
             Series  A Preferred  Stock  that  was  convertible  into  an
             aggregate  of  782,141  shares  of  Common  Stock  and  (ii)
             Warrants that were  exercisable for an aggregate  of 150,663
             shares of Common  Stock.  Furthermore, as of  August 15, the
             Investors  were  entitled  to  cumulative  dividends  of  an
             aggregate of 25,200  shares of Common Stock  upon conversion
             of the Series A Preferred Stock or exercise of the Warrants.
             Based on  the Issuer s Quarterly  Report on Form  10-Q filed
             with  the Securities and Exchange Commission for the quarter
             ended June 30,  1997, there were 11,988,274 shares of Common
             Stock outstanding as of that date.  Based on that number  of
             shares  and treating the  shares of Common  Stock underlying
             the  Investors   Series  A  Preferred  Stock,  Warrants  and
             cumulative dividends as also being outstanding, Global would
             be deemed to be the beneficial owner of 7.4% of the Issuer s
             outstanding Common Stock.

        Item 5(c) is hereby amended to read as follows:

        (c)  No  transactions  in  Common  Stock  were  effected  by  the
             Investors  during the sixty  (60) days  prior to  August 15,
             1997.











                              Page 3 of 4 Pages<PAGE>





                                  SIGNATURE

        After  reasonable inquiry  and to  the best  of my  knowledge and
   belief, I certify that the information set forth  in this statement is
   true, complete and correct.

   Date: September 9, 1997                GLOBAL   CAPITAL   MANAGEMENT,
   INC.



                                 By: /s/ John D. Brandenborg 
                                     -----------------------------------
                                     Name:   John D. Brandenborg
                                     Title:  Vice-President






































                              Page 4 of 4 Pages<PAGE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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