Ownership Submission
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

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(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
MARTIN WILLIAM C
   2. Issuer Name and Ticker or Trading Symbol
DERMA SCIENCES, INC. [DSCI] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
TEN PRINCETON AVENUE, 		 3. Date of Earliest Transaction (Month/Day/Year)
04/02/2013
(Street)

ROCKY HILL, NJ 08553		 4. If Amendment, Date 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
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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)
Code V Amount (A) or (D) Price
Common Stock, par value $0.01 (1) 04/02/2013   X   125,000 A $ 9.6 1,457,557 I (2) By Raging Capital Master Fund, Ltd.
Common Stock, par value $0.01 (1) 04/02/2013   S   97,324 (3) D $ 12.33 1,360,233 I (2) By Raging Capital Master Fund, Ltd.

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction 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
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series K Warrants (right to buy) (1) $ 9.6 04/02/2013   X     125,000   (4) 04/01/2013 Common Stock, par value $0.01 125,000 $ 0 0 I (2) By Raging Capital Master Fund, Ltd.
Series J Warrants (right to buy) (1) $ 6.16               (4) 05/31/2013 Common Stock, par value $0.01 200,893   200,893 I (2) By Raging Capital Master Fund, Ltd.
Series O Warrants (right to buy) (1) $ 5.5               (4) 02/22/2015 Common Stock, par value $0.01 128,166   128,166 I (2) By Raging Capital Master Fund, Ltd.
Series R Warrants (right to buy) (1) $ 9.9               (4) 06/24/2016 Common Stock, par value $0.01 127,272   127,272 I (2) By Raging Capital Master Fund, Ltd.

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MARTIN WILLIAM C
TEN PRINCETON AVENUE
ROCKY HILL, NJ 08553		     X    
Raging Capital Management, LLC
TEN PRINCETON AVENUE
ROCKY HILL, NJ 08553		     X    
Raging Capital Master Fund, Ltd.
C/O OGIER FIDUCIARY SERVICES (CAYMAN)
89 NEXUS WAY
CAMANA BAY, GRAND CAYMAN, E9 KY 1-9007		     X    

Signatures

 By: /s/ Frederick C. Wasch as attorney-in-fact for William C. Martin   04/04/2013
**Signature of Reporting Person Date
 By: Raging Capital Management, LLC, By: /s/ Frederick C. Wasch, Chief Financial Officer   04/04/2013
**Signature of Reporting Person Date
 By: Raging Capital Master Fund, Ltd., By: Raging Capital Management, LLC, Investment Manager, By: /s/ Frederick C. Wasch, Chief Financial Officer   04/04/2013
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) This Form 4 is filed jointly by Raging Capital Master Fund, Ltd. ("Raging Master"), Raging Capital Management, LLC ("Raging Capital") and William C. Martin (collectively, the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.
(2) Represents securities owned directly by Raging Master. As the Investment Manager of Raging Master, Raging Capital may be deemed to beneficially own the securities owned directly by Raging Master. As the Managing Member of Raging Capital, Mr. Martin may be deemed to beneficially own the securities owned directly by Raging Master.
(3) Consists of shares of Common Stock withheld by the Issuer to fund the cashless exercise of Series K Warrants owned by Raging Master based on a price of $12.33 per share, the average closing price of the shares during the five business days prior to exercise.
(4) The Warrants are currently exercisable.

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