SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                ----------------

                                  SCHEDULE 13G
                                 (Rule 13d-102)
                                ----------------

              INFORMATION TO BE INCLUDED IN STATEMENTS PURSUANT TO
                   RULES 13d-1(b), (c) AND (d) AND AMENDMENTS
                    THERETO FILED PURSUANT TO 13d-2 UNDER THE
                         SECURITIES EXCHANGE ACT OF 1934
                               (Amendment No. 1)*

                           DUSA Pharmaceuticals, Inc.
                                (Name of Issuer)

                                  Common Stock
                         (Title of Class of Securities)

                                    266898105
                                 (CUSIP Number)

                                 August 20, 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)

                              (Page 1 of 12 Pages)
-----------

     * 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).





Schedule 13G                                                PAGE 2 of 12
CUSIP No. 266898105



     (1)  NAME OF REPORTING PERSON
          S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
          Phaeton International (BVI) Ltd. None
------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
------------------------------------------------------------------------
     (3)  SEC USE ONLY

------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
          British Virgin Islands
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    404,400
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    404,400
------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
          404,400
------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                        [ ]
------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
          2.07%
------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
          CO
------------------------------------------------------------------------





Schedule 13G                                                PAGE 3 of 12
CUSIP No. 266898105



     (1)  NAME OF REPORTING PERSON
          S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
          Phoenix Partners, L.P.
          13-6272912
------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
------------------------------------------------------------------------
     (3)  SEC USE ONLY

------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
          New York
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    493,300
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    493,300
------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
          493,300
------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                        [ ]
------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
          2.53%
------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
          PN
------------------------------------------------------------------------





Schedule 13G                                                PAGE 4 of 12
CUSIP No. 266898105


     (1)  NAME OF REPORTING PERSON
          S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
          Phoenix Partners II, L.P.
          84-1631449
------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
------------------------------------------------------------------------
     (3)  SEC USE ONLY

------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
          Delaware
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    102,300
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    102,300
------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
          102,300
------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                        [ ]
------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
          0.52%
------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
          PN
------------------------------------------------------------------------




Schedule 13G                                                PAGE 5 of 12
CUSIP No. 266898105


     (1)  NAME OF REPORTING PERSON
          S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
          Morgens, Waterfall, Vintiadis & Co., Inc.
          13-2674766
------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
------------------------------------------------------------------------
     (3)  SEC USE ONLY

------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
          New York
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    1,000,000
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    1,000,000
------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
          1,000,000
------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                        [ ]
------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
          5.13%
------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
          IA
------------------------------------------------------------------------





Schedule 13G                                                PAGE 6 of 12
CUSIP No. 266898105


     (1)  NAME OF REPORTING PERSON
          S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
          Edwin H. Morgens
------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
------------------------------------------------------------------------
     (3)  SEC USE ONLY

------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
          United States
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    1,000,000
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    1,000,000
------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
          1,000,000
------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                        [ ]
------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
          5.13%
------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
          IN
------------------------------------------------------------------------





Schedule 13G                                                PAGE 7 of 12
CUSIP No. 266898105


     (1)  NAME OF REPORTING PERSON
          S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
          John C. Waterfall
------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
------------------------------------------------------------------------
     (3)  SEC USE ONLY

------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
          United States
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    1,000,000
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    1,000,000
------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
          1,000,000
------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                        [ ]
------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
          5.13%
------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
          IN
------------------------------------------------------------------------




Schedule 13G                                                PAGE 8 of 12
CUSIP No. 266898105


ITEM 1(a).  NAME OF ISSUER:
              DUSA Pharmaceuticals, Inc. (the "Company")

ITEM 1(b).  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
              25 Upton Drive, Wilmington, MA 01887

ITEM 2(a).  NAME OF PERSON FILING:
              This Schedule 13G is filed jointly by (a) Phaeton
              International (BVI) Ltd. ("Phaeton"), (b) Phoenix Partners,
              L.P. ("Phoenix"), (c) Phoenix Partners II, L.P.("Phoenix
              II"), (d) Morgens, Waterfall, Vintiadis & Company, Inc.
              ("Morgens Waterfall") (e) Edwin H. Morgens ("Morgens") and
              (f) John C. Waterfall ("Waterfall" and together with the
              persons listed in (a) through (f), the "Reporting
              Persons").

              Phaeton, Phoenix and Phoenix II are hereinafter sometimes
              collectively referred to as the "Advisory Clients".

ITEM 2(b).  ADDRESS OF PRINCIPAL OFFICE OR, IF NONE, RESIDENCE:
              The business address of each of the Reporting Persons is 600 Fifth
              Avenue, 27th Floor, New York NY 10020.

ITEM 2(c).  CITIZENSHIP:
              Phoenix is a limited partnership organized under the laws of
              the State of New York. Phoenix II is a limited partnership
              organized under the laws of the State of Delaware. Phaeton
              is an exempted company organized in British Virgin Islands.
              Morgens Waterfall is a corporation organized under the laws
              of the State of New York. Each of Morgens and Waterfall are
              United States citizens.

ITEM 2(d).  TITLE OF CLASS OF SECURITIES:
              Common Stock

ITEM 2(e).  CUSIP NUMBER:
              266898105.

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO 13d-1(b) OR 13d-2(b) OR (c),
CHECK WHETHER THE PERSON FILING IS A:

         (a) [ ] Broker or dealer registered under Section 15 of the Act

         (b) [ ] Bank as defined in Section 3(a)(6) of the Act

         (c) [ ] Insurance Company as defined in Section 3(a)(19) of the
                 Act

         (d) [ ] Investment Company registered under Section 8 of the
                 Investment Company Act of 1940

         (e) [ ] Investment Adviser registered under Section 203 of the
                 Investment Advisers Act of 1940: see Rule 13d-1(b)(1)(ii)(E)

         (f) [ ] Employee Benefit Plan, Pension Fund which is subject


Schedule 13G                                                PAGE 9 of 12
CUSIP No. 266898105


 to
                 the provisions of the Employee Retirement Income Security
                 Act of 1974 or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F)

         (g) [ ] Parent Holding Company, in accordance with Rule 13d-
                 1(b)(ii)(G);

         (h) [ ] Savings Associations as defined in Section 3(b) of the
                 Federal Deposit Insurance Act;

         (i) [ ] Church Plan that is excluded from the definition of an
                 investment company under Section 3(c)(14) of the Investment
                 Company Act of 1940;

         (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

      IF THIS STATEMENT IS FILED PURSUANT TO Rule 13d-1(c),
      CHECK THIS BOX.                                                    [x]

ITEM 4.  OWNERSHIP.

         The percentages used herein are calculated based on the shares issued
and outstanding as of August 6, 2007, as reported in the Company's quarterly
report on Form 10-Q filed with the Securities and Exchange Commission by the
Company for the quarterly period ending June 30, 2007.

         A.   Phaeton International (BVI) Ltd
              (a) Amount beneficially owned: 404,400
              (b) Percent of class: 2.07%
              (c)(i) Sole power to vote or direct the vote: -0-
                (ii) Shared power to vote or direct the vote: 404,400
               (iii) Sole power to dispose or direct the disposition: -0-
                (iv) Shared power to dispose or direct the disposition: 404,400

         B.   Phoenix Partners, L.P.
              (a) Amount beneficially owned: 493,300
              (b) Percent of class: 2.53%
              (c)(i) Sole power to vote or direct the vote: -0-
                (ii) Shared power to vote or direct the vote: 493,300
               (iii) Sole power to dispose or direct the disposition: -0-
                (iv) Shared power to dispose or direct the disposition: 493,300

         C.   Phoenix Partners II, L.P.
              (a) Amount beneficially owned: 102,300
              (b) Percent of class: 0.52%
              (c)(i) Sole power to vote or direct the vote: -0-
                (ii) Shared power to vote or direct the vote: 102,300
               (iii) Sole power to dispose or direct the disposition: -0-
                (iv) Shared power to dispose or direct the disposition: 102,300

         D.   Morgens, Waterfall, Vintiadis & Co., Inc.
              (a) Amount beneficially owned: 1,000,000
              (b) Percent of class: 5.13%
              (c)(i) Sole power to vote or direct the vote: -0-
                (ii) Shared power to vote or direct the vote: 1,000,000
               (iii) Sole power to dispose or direct the disposition: -0-
                (iv) Shared power to dispose or direct the disposition:
                     1,000,000

         E. Edwin H. Morgens
              (a) Amount beneficially owned: 1,000,000
              (b) Percent of class: 5.13%
              (c)(i) Sole power to vote or direct the vote: 0

Schedule 13G                                                PAGE 10 of 12
CUSIP No. 266898105


                (ii) Shared power to vote or direct the vote: 1,000,000
               (iii) Sole power to dispose or direct the disposition: 0
                (iv) Shared power to dispose or direct the disposition:
                     1,000,000

         F. John C. Waterfall
              (a) Amount beneficially owned: 1,000,000
              (b) Percent of class: 5.13%
              (c)(i) Sole power to vote or direct the vote: 0
                (ii) Shared power to vote or direct the vote: 1,000,000
               (iii) Sole power to dispose or direct the disposition: 0
                (iv) Shared power to dispose or direct the disposition:
                     1,000,000


ITEM 5.   OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
            Not applicable.


ITEM 6.   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
            Morgens Waterfall is an investment adviser registered under
            Section 203 of the Investment Advisers Act of 1940, as
            amended. The business of Morgens Waterfall is the rendering of
            financial services and as such it provides discretionary
            investment advisory services to each of the Advisory Clients.
            In such capacity, Morgens Waterfall has the power to make
            decisions regarding the dispositions of the proceeds from the
            sale of the foregoing shares of Common Stock. Under the rules
            promulgated by the Securities and Exchange Commission, Morgens
            Waterfall and its principals (Mr. Morgens and Mr. Waterfall)
            may be considered "beneficial owners" of securities acquired
            by the Advisory Clients. Each such Advisory Client has the
            right to receive or the power to direct the receipt of
            dividends from, or the proceeds from the sale of, the
            securities held in such person's account.


ITEM 7.   IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
          THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
            Not applicable.

ITEM 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
            Not applicable.

ITEM 9.   NOTICE OF DISSOLUTION OF GROUP.
            Not applicable.


Schedule 13G                                                PAGE 11 of 12
CUSIP No. 266898105


ITEM 10.  CERTIFICATION.  (if filing pursuant to Rule 13d-1(c))
            By signing below each Reporting Person certifies that, to the
            best of its 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.







Schedule 13G                                                PAGE 12 of 12
CUSIP No. 266898105


                                    SIGNATURE

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

DATED:  September 14, 2007


                                    /s/ Edwin H. Morgens
                                    ------------------------------
                                    Edwin H. Morgens,
                                    as attorney-in-fact for
                                    the Reporting Persons