--------------------------
                            UNITED STATES                    OMB APPROVAL
                  SECURITIES AND EXCHANGE COMMISSION  --------------------------
                                                        OMB Number: 3235-0145
                       WASHINGTON, D.C. 20549         --------------------------
                                                      Expires: December 31, 2005
                                                      --------------------------
                                                      Estimated average burden
                             SCHEDULE 13G             hours per response...11
                                                      --------------------------


                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (AMENDMENT NO. 1)*


                Molecular Devices Corp. (formerly LJL Biosystems)
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                     Common
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    60851C107
            --------------------------------------------------------
                                 (CUSIP Number)

                                    12/31/04
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


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

   /X/       Rule 13d-1(b)

   / /       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).



CUSIP No. 60851C107
         --------------


-------------------------------------------------------------------------------
  1. Names of Reporting Persons
     I.R.S. Identification Nos. of above persons (entities only).
     Hambrecht & Quist Capital Management LLC
     01-0628853
-------------------------------------------------------------------------------
  2. Check the Appropriate Box if a Member of a Group (See Instructions)

                                                                       (a)  / /
                                                                       (b)  /X/
-------------------------------------------------------------------------------
  3. SEC Use Only


-------------------------------------------------------------------------------
  4. Citizenship or Place of Organization


     Delaware
-------------------------------------------------------------------------------
Number of Shares           5. Sole Voting Power
Beneficially Owned by
Each Reporting Person         0
With                       ----------------------------------------------------
                           6. Shared Voting Power

                              N/A
                           ----------------------------------------------------
                           7. Sole Dispositive Power

                              N/A
                           ----------------------------------------------------
                           8. Shared Dispositive Power

                              N/A
-------------------------------------------------------------------------------
  9. Aggregate Amount Beneficially Owned by Each Reporting Person

     0
-------------------------------------------------------------------------------
 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
     Instructions)  / /


-------------------------------------------------------------------------------
 11. Percent of Class Represented by Amount in Row (9)

     0.0%
-------------------------------------------------------------------------------
 12. Type of Reporting Person (See Instructions)

     IA
-------------------------------------------------------------------------------



ITEM 1.
     (a)  Name of Issuer

          Molecular Devices Corp. (formerly LJL Biosystems, Inc.)
          --------------------------------------------------------------------
     (b)  Address of Issuer's Principal Executive Offices

          1311 Orleans Drive
          Sunnyvale, CA 94089
          --------------------------------------------------------------------

ITEM 2.
     (a)  Name of Person Filing

          Hambrecht & Quist Capital Management LLP
          --------------------------------------------------------------------
     (b)  Address of Principal Business Office or, if none, Residence
          30 Rowes Wharf, Suite 430
          Boston, MA 02110
          --------------------------------------------------------------------
     (c)  Citizenship

          Delaware Corporation
          --------------------------------------------------------------------
     (d)  Title of Class of Securities

          Common Stock
          --------------------------------------------------------------------
     (e)  CUSIP Number

          60851C107
          --------------------------------------------------------------------

ITEM 3.   IF THIS STATEMENT IS FILED PURSUANT TO SECTIONS 240.13d-1(b) or
          240.13d-2(b) or (c), CHECK WHETHER THE PERSON FILING IS A:

          (a)  / / Broker or dealer registered under section 15 of the
                   Act (15 U.S.C. 78o).

          (b)  / / Bank as defined in section 3(a)(6) of the Act
                   (15 U.S.C. 78c).

          (c)  / / Insurance company as defined in section 3(a)(19) of
                   the Act (15 U.S.C. 78c).

          (d)  /X/ Investment company registered under section 8 of the
                   Investment Company Act of 1940 (15 U.S.C. 80a-8).

          (e)  / / An investment adviser in accordance with Section
                   240.13d-1(b)(1)(ii)(E);

          (f)  / / An employee benefit plan or endowment fund in accordance
                   with Section 240.13d-1(b)(1)(ii)(F);

          (g)  / / A parent holding company or control person in accordance
                   with Section  240.13d-1(b)(1)(ii)(G);

          (h)  / / A savings association as defined in Section 3(b) of the
                   Federal Deposit Insurance Act (12 U.S.C. 1813);

          (i)  / / A church plan that is excluded from the definition of an
                   investment company under section 3(c)(14) of the
                   Investment Company Act of 1940 (15 U.S.C. 80a-3);

          (j)  / / Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).



ITEM 4.   OWNERSHIP

     Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

          (a)  Amount beneficially owned:
               0
           --------------------------------------------------------------------
          (b)  Percent of Class:
               0.0%
           --------------------------------------------------------------------
          (c)  Number of shares as to which the person has:

                  (i)   Sole power to vote or to direct the vote
                        0
                  -------------------------------------------------------------
                  (ii)  Shared power to vote or to direct the vote
                        N/A
                  -------------------------------------------------------------
                  (iii) Sole power to dispose or to direct the disposition of
                        N/A
                  -------------------------------------------------------------
                  (iv)  Shared power to dispose or to direct the disposition of
                        N/A
                  -------------------------------------------------------------

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

N/A

ITEM 7.   IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
          THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR
          CONTROL PERSON

N/A

ITEM 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

N/A

ITEM 9.   NOTICE OF DISSOLUTION OF GROUP

N/A



ITEM 10.  CERTIFICATION

By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired and are held in the ordinary course
of business and 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.

                                    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.

                                               February 4, 2005
                                     -----------------------------------------
                                                     Date

                                             /s/ Kimberley Carroll
                                     -----------------------------------------
                                                   Signature

                                          Kimberley Carroll/Vice President
                                     -----------------------------------------
                                                   Name/Title