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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000895813-97-000301.txt : 19971223
<SEC-HEADER>0000895813-97-000301.hdr.sgml : 19971223
ACCESSION NUMBER:		0000895813-97-000301
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19971222
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:		97741994

	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. 3)

                  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)

                              December 9, 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. 3) 


        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
                  1,323,193 (See Item 5)

             (8)  Shared Voting Power
                  0

             (9)  Sole Dispositive Power
                  1,323,193 (See Item 5)

             (10) Shared Dispositive Power
                  0

        11)  Aggregate Amount Beneficially Owned by Each Reporting Person
                  1,323,193 (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)
                  9.6% (See Item 5)

        14)  Type of Reporting Person
                  CO



                              Page 2 of 6 Pages
<PAGE>


                                SCHEDULE 13D
                               AMENDMENT NO. 3

             This Amendment No. 3 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. 3 amends and supplements the statement on Schedule 13D
   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 previously filed remains 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):

             (1)  As of December 9, 1997, the Investors held (i) 37
                  shares of Common Stock, (ii) Series A Preferred Stock
                  that was convertible into an aggregate of 952,608
                  shares of Common Stock and (iii) Warrants that were
                  exercisable for an aggregate of 150,663 shares of
                  Common Stock.  Furthermore, as of December 9, 1997, the
                  Investors were entitled to cumulative dividends of an
                  aggregate of 51,884 shares of Common Stock upon
                  conversion of the Series A Preferred Stock or exercise
                  of the Warrants.  Based upon the Issuer's Form 10-Q for
                  the quarter ended September 30, 1997, there were
                  12,511,875 shares of Common Stock outstanding as of
                  that date.  Based upon 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 8.4% of
                  the Issuer's outstanding Common Stock as of December 9,
                  1997.

             (2)  As of the date hereof, the Investors held (i) 14,189
                  shares of Common Stock, (ii) Series A Preferred Stock
                  that was convertible into an aggregate of 1,096,516
                  shares of Common Stock and (iii) Warrants that were
                  exercisable for an aggregate of 150,663 shares of
                  Common Stock.  Furthermore, as of the date hereof, the
                  Investors were entitled to cumulative dividends of an
                  aggregate of 61,825 shares of Common Stock upon


                              Page 3 of 6 Pages
<PAGE>


                  conversion of the Series A Preferred Stock or exercise
                  of the Warrants.  Based upon the Issuer's Form 10-Q for
                  the quarter ended September 30, 1997, there were
                  12,511,875 shares of Common Stock outstanding as of
                  that date.  Based upon 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 9.6% of
                  the Issuer's outstanding Common Stock as of the date
                  hereof.

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

        (c)  Schedule A describes each transaction in Common Stock
             effected by the Investors during the sixty (60) days prior
             to December 9, 1997 and the date hereof.  All of such
             transactions were executed on the American Stock Exchange.


































                              Page 4 of 6 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: December 19, 1997            GLOBAL CAPITAL MANAGEMENT, INC.



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






































                              Page 5 of 6 Pages
<PAGE>

                                 SCHEDULE A
                                 ----------
<TABLE>
<CAPTION>

   Transaction Date          Transacting Party        Transaction        Quantity         Price
   ----------------          -----------------        -----------        --------         -----
   <S>                            <C>                     <C>              <C>           <C>
       10/13/97                   Merced                  Sell             3,000         $2.375

       10/20/97                   Merced                  Sell             2,000         $2.25

       10/21/97                   Merced                  Sell             2,500         $2.3125

       10/22/97                   Merced                  Sell             5,000         $2.4375

       10/23/97                   Merced                  Sell             1,600         $2.375

       12/18/97                   Merced              Conversion of       43,330           N/A
                                                      500 shares of
                                                        Series A
                                                     Preferred Stock
                                                       into Common
                                                          Stock

       12/18/97                   Merced                  Sell             7,000         $1.375

       12/19/97                   Merced                  Sell            22,149         $1.25


</TABLE>
























                              Page 6 of 6 Pages
<PAGE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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