Bradley Pharmaceuticals Inc - Amended Statement of Ownership (SC 13G/A)

UNITED STATES
SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549

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SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 1)*

BRADLEY PHARMACEUTICALS, INC.
(Name of Issuer)

Common Stock, $.01 par value per share
(Title of Class of Securities)

104576103
(CUSIP Number)

December 31, 2007
(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[ ] Rule 13d-1(b)

[X] Rule 13d-1(c)

[ ] Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Continued on following pages Page 1 of 9 Pages Exhibit Index: Page 8

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SCHEDULE 13G

CUSIP No.: 104576103 Page 2 of 9 Pages ................................................................................ 1. Names of Reporting Persons. CHESAPEAKE PARTNERS MANAGEMENT CO., INC. I.R.S. Identification Nos. of above persons (entities only): ................................................................................ 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [ ] ................................................................................ 3. SEC Use Only ................................................................................ 4. Citizenship or Place of Organization Maryland ................................................................................ Number of 5. Sole Voting Power 0 Shares ................................................................. Beneficially 6. Shared Voting Power 0 Owned by Each ................................................................. Reporting 7. Sole Dispositive Power 0 Person With ................................................................. 8. Shared Dispositive Power 0 ................................................................................ 9. Aggregate Amount Beneficially Owned by Each Reporting Person 0 ................................................................................ 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ] ................................................................................ 11. Percent of Class Represented by Amount in Row (9) 0.0% ................................................................................ 12. Type of Reporting Person: CO ................................................................................

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SCHEDULE 13G

CUSIP No.: 104576103 Page 3 of 9 Pages ................................................................................ 1. Names of Reporting Persons. MARK D. LERNER I.R.S. Identification Nos. of above persons (entities only): ................................................................................ 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [ ] ................................................................................ 3. SEC Use Only ................................................................................ 4. Citizenship or Place of Organization United States of America ................................................................................ Number of 5. Sole Voting Power 0 Shares ................................................................. Beneficially 6. Shared Voting Power 0 Owned by Each ................................................................. Reporting 7. Sole Dispositive Power 0 Person With ................................................................. 8. Shared Dispositive Power 0 ................................................................................ 9. Aggregate Amount Beneficially Owned by Each Reporting Person 0 ................................................................................ 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ] ................................................................................ 11. Percent of Class Represented by Amount in Row (9) 0.0% ................................................................................ 12. Type of Reporting Person: HC; IA ................................................................................

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SCHEDULE 13G

CUSIP No.: 104576103 Page 4 of 9 Pages ................................................................................ 1. Names of Reporting Persons. TRACI LERNER I.R.S. Identification Nos. of above persons (entities only): ................................................................................ 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [ ] ................................................................................ 3. SEC Use Only ................................................................................ 4. Citizenship or Place of Organization United States of America ................................................................................ Number of 5. Sole Voting Power 0 Shares ................................................................. Beneficially 6. Shared Voting Power 0 Owned by Each ................................................................. Reporting 7. Sole Dispositive Power 0 Person With ................................................................. 8. Shared Dispositive Power 0 ................................................................................ 9. Aggregate Amount Beneficially Owned by Each Reporting Person 0 ................................................................................ 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ] ................................................................................ 11. Percent of Class Represented by Amount in Row (9) 0.0% ................................................................................ 12. Type of Reporting Person: HC; IA ................................................................................

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Page 5 of 9 Pages

Item 1(a). Name of Issuer:

Bradley Pharmaceuticals, Inc. (the "Issuer")

Item 1(b). Address of Issuer's Principal Executive Offices:

383 Route 46, W., Fairfield, NJ 07004

Item 2(a). Name of Person Filing

This Statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons"):

i) Chesapeake Partners Management Co., Inc. ("CPMC");

ii) Mark D. Lerner ("Mr. Lerner"); and

iii) Traci Lerner ("Ms. Lerner").

This Statement relates to Shares (as defined herein) held for the accounts of each of Chesapeake Partners Limited Partnership, a Maryland limited partnership ("CPLP"); and Chesapeake Partners Master Fund Ltd., a Cayman Islands exempted company ("CPMF"). CPMC serves as investment manager to each of CPLP and CPMF. CPMC also serves as the General Partner of CPLP. Mr. Lerner and Ms. Lerner are officers of CPMC. In such capacities, each of CPMC, Mr. Lerner and Ms. Lerner may be deemed to have voting and dispositive power over the Shares held for each of CPLP and CPMF.

Item 2(b). Address of Principal Business Office or, if None, Residence:

The address of the principal business office of each of CPMC, Mr. Lerner and Ms. Lerner is 2800 Quarry Lake Drive, Suite 300, Baltimore, Maryland 21209.

Item 2(c). Citizenship:

i) CPMC is a Maryland corporation;

ii) Mr. Lerner is a citizen of the United States of America; and

iii) Ms. Lerner is a citizen of the United States of America.

Item 2(d). Title of Class of Securities:

Common Stock, $.01 par value per share (the "Shares").

Item 2(e). CUSIP Number:

104576103

Item 3. If This Statement is Filed Pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), Check Whether the Person Filing is a:

This Item 3 is not applicable.

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Page 6 of 9 Pages

Item 4. Ownership:

Item 4(a) Amount Beneficially Owned:

As of December 31, 2007, the Reporting Persons may be deemed to be the beneficial owner of 0 Shares.

Item 4(b) Percent of Class:

The number of Shares of which the Reporting Persons may be deemed to be the beneficial owner constitutes approximately 0.0% of the total number of Shares outstanding.

Item 4(c) Number of Shares of which such person has:

CPMC, Mr. Lerner and Ms. Lerner:

(i) Sole power to vote or direct the vote: 0

(ii) Shared power to vote or direct the vote: 0

(iii) Sole power to dispose or direct the disposition of: 0

(iv) Shared power to dispose or direct the disposition of: 0

Item 5. Ownership of Five Percent or Less of a Class:

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities check the following [X]

Item 6. Ownership of More than Five Percent on Behalf of Another
Person:

This Item 6 is not applicable.

Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding Company:

See disclosure in Item 2 hereof.

Item 8. Identification and Classification of Members of the Group:

This Item 8 is not applicable.

Item 9. Notice of Dissolution of Group:

This Item 9 is not applicable.

Item 10. Certification:

By signing below each of the Reporting Persons certifies that, to the best of their knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

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Page 7 of 9 Pages

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: February 14, 2008 CHESAPEAKE PARTNERS MANAGEMENT CO., INC. By: /s/ Mark D. Lerner ------------------ Name: Mark D. Lerner Title: Vice President Date: February 14, 2008 MARK D. LERNER /s/ Mark D. Lerner ----------------------------------- Date: February 14, 2008 TRACI LERNER /s/ Traci Lerner -----------------------------------

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Page 8 of 9 Pages

EXHIBIT INDEX

Ex. Page No. --- -------- A. Joint Filing Agreement, dated February 14, 2008 by and among Chesapeake Partners Management Co., Inc., Mark D. Lerner and Traci Lerner............................................... 9

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Page 9 of 9 Pages

EXHIBIT A

JOINT FILING AGREEMENT

The undersigned hereby agree that the statement on Schedule 13G with respect to the Common Stock of Bradley Pharmaceuticals, Inc. dated as of February 14, 2008 is, and any amendments thereto (including amendments on Schedule 13D) signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended.

Date: February 14, 2008 CHESAPEAKE PARTNERS MANAGEMENT CO., INC. By: /s/ Mark D. Lerner -------------------- Name: Mark D. Lerner Title: Vice President Date: February 14, 2008 MARK D. LERNER /s/ Mark D. Lerner ----------------------- Date: February 14, 2008 TRACI LERNER /s/ Traci Lerner -----------------------