Statement of Changes of Beneficial Ownership

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* Chambon Philippe O.	2. Issuer Name and Ticker or Trading Symbol NxStage Medical, Inc. [ NXTM ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __ X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle) C/O NEW LEAF VENTURE PARTNERS, 7 TIMES SQUARE, SUITE 3502	3. Date of Earliest Transaction (MM/DD/YYYY) 8/31/2011
(Street) NEW YORK, NY 10036 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	8/31/2011		S		57480 ⁽²⁾	D	$18.469	2102914 ⁽³⁾	I	See footnotes ⁽¹⁾ ⁽³⁾
Common Stock	9/1/2011		S		2085 ⁽⁴⁾	D	$18.5178	2100829 ⁽⁵⁾	I	See footnotes ⁽¹⁾ ⁽⁵⁾
Common Stock	9/1/2011		X		112862 ⁽⁶⁾	A	$5.5	2213691 ⁽⁷⁾	I	See footnotes ⁽¹⁾ ⁽⁷⁾
Common Stock	9/1/2011		S		34892 ⁽⁶⁾	D	$17.792	2178799 ⁽⁷⁾	I	See footnotes ⁽¹⁾ ⁽⁷⁾

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Warrants (right to buy)	$5.5	9/1/2011		X			112862 ⁽⁶⁾	5/22/2008	5/22/2013	Common Stock	112862 ⁽⁶⁾	$ 0	85964 ⁽⁸⁾	I	See footnotes ⁽¹⁾ ⁽⁶⁾

Explanation of Responses:
( 1)	See Footnote 1 in Exhibit 99.1
( 2)	See Footnote 2 in Exhibit 99.1
( 3)	See Footnote 3 in Exhibit 99.1
( 4)	See Footnote 4 in Exhibit 99.1
( 5)	See Footnote 5 in Exhibit 99.1
( 6)	See Footnote 6 in Exhibit 99.1
( 7)	See Footnote 7 in Exhibit 99.1
( 8)	See Footnote 8 in Exhibit 99.1

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Chambon Philippe O. C/O NEW LEAF VENTURE PARTNERS 7 TIMES SQUARE, SUITE 3502 NEW YORK, NY 10036	X

Signatures
/s/ Craig L. Slutzkin as Attorney-in-fact for Philippe Chambon		9/2/2011
^** 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 4(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 control number.

(1) Dr. Philippe Chambon ("Chambon"), in his capacity as a member of the investment

committees of DLJCC (as defined below) and of DLJLBO (as defined below), may be deemed to

beneficially own the shares as to which this Form 4 relates. Dr. Chambon disclaims beneficial

ownership of such shares except to the extent of his pecuniary interest therein.



Sprout Capital IX, L.P. ("Sprout IX"), Sprout Capital VIII, L.P. ("Sprout VIII"), Sprout

Capital VII, L.P. ("Sprout VII"), Sprout CEO Fund, L.P. ("Sprout CEO"), Sprout Entrepreneurs

Fund, L.P. ("Sprout Entrepreneurs"), Sprout IX Plan Investors, L.P. ("IX Plan"), Sprout Plan

Investors, L.P. ("Plan Investors"), Sprout Venture Capital, L.P. ("Sprout Venture") and DLJ

ESC II, L.P. ("ESC II") are Delaware limited partnerships which make investments for long

term appreciation. DLJ Capital Corporation ("DLJCC"), a Delaware corporation acts as a

venture capital partnership management company. DLJCC is also the general partner of Sprout

CEO, Sprout Entrepreneurs and Sprout Venture. DLJCC is also the managing general partner of

Sprout IX, Sprout VIII, Sprout VII and, as such, is responsible for their day-to-day

management. DLJCC makes all of the investment decisions on behalf of Sprout IX, Sprout VIII,

Sprout VII, Sprout CEO, Sprout Entrepreneurs and Sprout Venture. DLJ Associates IX, L.P.

("Associates IX"), a Delaware limited partnership, is a general partner of Sprout IX and in

accordance with the terms of the relevant partnership agreement, does not participate in

investment decisions made on behalf of Sprout IX. DLJ Capital Associates IX, Inc. ("DLJCA

IX"), a Delaware corporation, is the managing general partner of Associates IX. DLJ

Associates VIII, L.P. ("Associates VIII"), a Delaware limited partnership, is a general

partner of Sprout VIII and in accordance with the terms of the relevant partnership

agreement, does not participate in investment decisions made on behalf of Sprout VIII. DLJ

Capital Associates VIII, Inc. ("DLJCA VIII"), a Delaware corporation, is the managing general

partner of Associates VIII. DLJ Associates VII, L.P. ("Associates VII"), a Delaware limited

partnership, is a general partner of Sprout VII and in accordance with the terms of the

relevant partnership agreement, does not participate in investment decisions made on behalf

of Sprout VII. DLJ Capital Associates VII, Inc. ("DLJCA VII"), a Delaware corporation, is the

managing general partner of Associates VII. Dr. Chambon is a limited partner of Associates

IX, Associates VIII and Associates VII. DLJ LBO Plans Management Corporation II ("DLJLBO"), a

Delaware corporation, is the general partner of IX Plan and Plan Investors and, as such, is

responsible for each of their day-to-day management. DLJLBO makes all of the investment

decisions on behalf of IX Plan and Plan Investors.



(2) Includes  (i) 18,964 shares of Common Stock sold by Sprout ESC II, (ii) 4,477 shares of

common Stock sold by DLJCC, (iii) 2,705 shares of Common Stock sold by Sprout CEO, (iv) 2,643

shares of Common Stock sold by Plan Investors, (v) 17,709 shares of Common Stock sold by

Sprout Venture, (vi) 850 shares of Common Stock sold by Sprout Entrepreneurs and (vii) 10,132

shares of Common Stock sold by IX Plan.



(3) Includes (i) 387,515 shares of Common Stock held directly by Sprout VIII, (ii) 2,598

shares of Common Stock held directly by Sprout CEO, (iii) 23,259 shares of Common Stock held

directly by Plan Investors, (iv) 51,714 shares of Common Stock held directly by Sprout

Venture, (v) 55,379 shares of Common Stock held directly by ESC II, (vi) 1,419,013 shares of

Common Stock held directly by Sprout IX, (vii) 7,481 shares of Common Stock held directly by

Sprout Entrepreneurs, (viii) 89,166 shares of Common Stock held directly by IX Plan, (ix)

13,077 shares of Common Stock held directly by DLJCC and (x)53,712 shares of Common Stock

held directly by Chambon.



(4) Includes  (i) 1,587 shares of Common Stock sold by Sprout CEO and (ii) 498 shares of

Common Stock sold by Sprout Entrepreneurs.



(5) Includes (i) 387,515 shares of Common Stock held directly by Sprout VIII, (ii) 1,011

shares of Common Stock held directly by Sprout CEO, (iii) 23,259 shares of Common Stock held

directly by Plan Investors, (iv) 51,714 shares of Common Stock held directly by Sprout

Venture, (v) 55,379 shares of Common Stock held directly by ESC II, (vi) 1,419,013 shares of

Common Stock held directly by Sprout IX, (vii) 6,983 shares of Common Stock held directly by

Sprout Entrepreneurs, (viii) 89,166 shares of Common Stock held directly by IX Plan, (ix)

13,077 shares of Common Stock held directly by DLJCC and (x)53,712 shares of Common Stock

held directly by Chambon.



(6) Represents (i) 4,694 warrants exercised by DLJCC for 3,242 shares of Common Stock, (ii)

28,774 warrants exercised by Sprout VII for 19,879 shares of Common Stock, (iii) 73,040

warrants exercised by Sprout VIII for 50,461 shares of Common Stock, (iv) 335 warrants

exercised by Sprout CEO for 231 shares of Common Stock, (v) 1,635 warrants exercised by Plan

Investors for 1,129 shares of Common Stock and (vi) 4,384 warrants exercised by Sprout

Venture for 3,028 shares of Common Stock.



(7) Includes (i) 437,976 shares of Common Stock held directly by Sprout VIII, (ii) 1,242

shares of Common Stock held directly by Sprout CEO, (iii) 24,388 shares of Common Stock held

directly by Plan Investors, (iv) 54,742 shares of Common Stock held directly by Sprout

Venture, (v) 55,379 shares of Common Stock held directly by ESC II, (vi) 1,419,013 shares of

Common Stock held directly by Sprout IX, (vii) 6,983 shares of Common Stock held directly by

Sprout Entrepreneurs, (viii) 89,166 shares of Common Stock held directly by IX Plan, (ix)

16,319 shares of Common Stock held directly by DLJCC, (x) 19,879 shares of Common Stock held

directly by Sprout VII and (xi) 53,712 shares of Common Stock held directly by Chambon.



(8) Represents warrants held by Sprout Entrepreneurs, Sprout IX and IX Plan.