FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response: 0.5

1. Name and Address of Reporting Person* POLYGON GLOBAL OPPORTUNITIES MASTER FUND (Last) (First) (Middle) C/O POLYGON INVESTMENT PARTNERS LLP 10 DUKE OF YORK SQUARE (Street) LONDON SW3 4LY UNITED KINGDOM (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 05/11/2007	3. Issuer Name and Ticker or Trading Symbol DOV PHARMACEUTICAL INC [ DOVP ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series C Convertible Preferred Stock	(1)	(1)	Common Stock	12,225,672	(1)	D
Series D Convertible Preferred Stock	(2)	(2)	Common Stock	19,102,612	(2)	D

1. Name and Address of Reporting Person* POLYGON GLOBAL OPPORTUNITIES MASTER FUND (Last) (First) (Middle) C/O POLYGON INVESTMENT PARTNERS LLP 10 DUKE OF YORK SQUARE (Street) LONDON SW3 4LY UNITED KINGDOM (City) (State) (Zip)

1. Name and Address of Reporting Person* Polygon Investment Partners LLP (Last) (First) (Middle) C/O POLYGON INVESTMENT PARTNERS LLP 10 DUKE OF YORK SQUARE (Street) LONDON SW3 4LY UNITED KINGDOM (City) (State) (Zip)

1. Name and Address of Reporting Person* Polygon Investment Partners LP (Last) (First) (Middle) C/O POLYGON INVESTMENT PARTNERS LLP 10 DUKE OF YORK SQUARE (Street) LONDON SW3 4LY UNITED KINGDOM (City) (State) (Zip)

1. Name and Address of Reporting Person* Polygon Investment Partners HK LTD (Last) (First) (Middle) C/O POLYGON INVESTMENT PARTNERS LLP 10 DUKE OF YORK SQUARE (Street) LONDON SW3 4LY UNITED KINGDOM (City) (State) (Zip)

1. Name and Address of Reporting Person* Polygon Investments Ltd. (Last) (First) (Middle) C/O POLYGON INVESTMENT PARTNERS LLP 10 DUKE OF YORK SQUARE (Street) LONDON SW3 4LY UNITED KINGDOM (City) (State) (Zip)

1. Name and Address of Reporting Person* Polygon Investment Management LTD (Last) (First) (Middle) C/O POLYGON INVESTMENT PARTNERS LLP 10 DUKE OF YORK SQUARE (Street) LONDON SW3 4LY UNITED KINGDOM (City) (State) (Zip)

1. Name and Address of Reporting Person* Polygon Investment Partners GP, LLC (Last) (First) (Middle) C/O POLYGON INVESTMENT PARTNERS LLP 10 DUKE OF YORK SQUARE (Street) LONDON SW3 4LY UNITED KINGDOM (City) (State) (Zip)

1. Name and Address of Reporting Person* Reade E. Griffith (Last) (First) (Middle) C/O POLYGON INVESTMENT PARTNERS LLP 10 DUKE OF YORK SQUARE (Street) LONDON SW3 4LY UNITED KINGDOM (City) (State) (Zip)

1. Name and Address of Reporting Person* Alexander E. Jackson (Last) (First) (Middle) C/O POLYGON INVESTMENT PARTNERS LLP 10 DUKE OF YORK SQUARE (Street) LONDON SW3 4LY UNITED KINGDOM (City) (State) (Zip)

1. Name and Address of Reporting Person* Patrick G. G. Dear (Last) (First) (Middle) C/O POLYGON INVESTMENT PARTNERS LLP 10 DUKE OF YORK SQUARE (Street) LONDON SW3 4LY UNITED KINGDOM (City) (State) (Zip)

Explanation of Responses:

1. The Series C Convertible Preferred Stock is convertible into common stock at any time, at the holders' election, between May 11, 2007 and June 10, 2007 at a conversion rate of 191.02612143 shares of common stock for one share of Series C Convertible Preferred Stock. All shares of Series C Convertible Preferred Stock not converted on June 10, 2007 shall be automatically converted to common stock.

2. The Series D Convertible Preferred Stock is convertible into common stock at any time after May 11, 2007, to the extent that the Reporting Persons would not beneficially own shares of capital stock having in excess of 9.99% of the voting power of Dov immediately after giving effect to such conversion. The Series D Convertible Preferred Stock has no expiration date and is convertible into common stock at a conversion rate of 191.02612143 shares of common stock for one share of Series D Convertible Preferred Stock.

Remarks:

This Form 3 is filed on behalf of Polygon Global Opportunities Master Fund, Polygon Investments Ltd., Polygon Investment Management Limited, Polygon Investment Partners LLP, Polygon Investment Partners LP, Polygon Investment Partners HK Limited, Polygon Investment Partners GP, LLC, Mr. Reade E. Griffith, Mr. Alexander E. Jackson and Mr. Patrick G. G. Dear.

	POLYGON GLOBAL OPPORTUNITIES MASTER FUND By: Polygon Investment Partners LLP, its investment manager By: /s/ Patrick G. G. Dear, Principal	05/21/2007
	POLYGON INVESTMENT MANAGEMENT LIMITED By: /s/ Patrick G. G. Dear, Principal	05/21/2007
	POLYGON INVESTMENTS LTD. By: /s/ Patrick G. G. Dear, Principal	05/21/2007
	POLYGON INVESTMENT PARTNERS LLP By: /s/ Patrick G. G. Dear, Principal	05/21/2007
	POLYGON INVESTMENT PARTNERS LP By: /s/ Patrick G. G. Dear, Principal	05/21/2007
	POLYGON INVESTMENT PARTNERS HK LIMITED By: /s/ Patrick G. G. Dear, Principal	05/21/2007
	POLYGON INVESTMENT PARTNERS GP, LLC By: /s/ Patrick G. G. Dear, Principal	05/21/2007
	/s/ Reade E. Griffith	05/21/2007
	/s/ Alexander E. Jackson	05/21/2007
	/s/ Patrick G G. Dear	05/21/2007
	** 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 5 (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 Number.