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    FORM 4
o Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

(Print or Type Responses)		   UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF
CHANGES IN BENEFICIAL OWNERSHIP

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		  
OMB APPROVAL
OMB Number:        3235-0287
Expires: January 31, 2005
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1.   Name and Address of Reporting Person*   2.   Issuer Name and Ticker or Trading Symbol   6.   Relationship of Reporting Person(s) to Issuer
(Check all applicable)
    BVF Partners L.P.               Biocryst Pharmaceuticals Inc. ("BCRX")                Director     X   10% Owner
 
           
    (Last)   (First)   (Middle)   3.   I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)   4.   Statement for
Month/Day/Year		                Officer
        (give title
        below)		            Other
        (specify
        below)
    227 West Monroe Street, Suite 4800               February 11, 2003            
 
 
     
(Street)           5.   If Amendment, Date of Original (Month/Day/Year)   7.   Individual or Joint/Group Filing
(Check Applicable Line)
             Form filed by one Reporting
            Person
    X     Form filed by More than
    Chicago,   Illinois   60606                                   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 at End of Month (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   2/11/03               P           300   A   $0.8950               (1)       (1)(2)
    Common Stock   2/12/03               P           1,000   A   $0.9499               (1)       (1)(2)
                                                        2,119,900                
                                                                         
                                                                         
                                                                         
                                                                         
                                                                         
                                                                         
                                                                         

*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
 
(Over)
Reminder:    Report on a separate line for each class of securities beneficially owned directly or indirectly.    

PERSONS WHO ARE TO 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.
FORM 4 (Continued)   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)
                               
 
                                    Code   V       (A)   (D)       Date
Exercisable		   Expiration Date
                                                                 
                                                                 
                                                                 
                                                                 
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 Securities: Direct (D) or Indirect (I) (Instr. 4)   11.   Nature of Indirect Beneficial Ownership
(Instr. 4)
   
                               
    Title   Amount or Number of Shares                                
                                         
                                         
                                         
                                         

Explanation of Responses:

(1)
The shares reported in this response are beneficially owned by BVF Partners L.P., a Delaware limited partnership ("Partners"), the designated filer of this joint filing on Form 4, and by its general partner, BVF Inc., a Delaware corporation ("BVF Inc."), which is also an investment advisor to Partners. Partners is the general partner of Biotechnology Value Fund, L.P., a Delaware limited partnership ("BVF, L.P.") and Biotechnology Value Fund II, L.P., a Delaware limited partnership ("BVF2, L.P."), both investment limited partnerships. Partners also is the manager of BVF Investments, L.L.C., a Delaware limited liability company ("Investments"). Pursuant to the operating agreement of Investments, Partners is authorized, among other things, to invest the funds of Ziff Asset Management, L.P., the majority member of Investments, in the shares of Common Stock reported in Table I as being beneficially owned by Investments. Mark N. Lampert is the sole shareholder and sole director of BVF Inc., and is an officer of BVF Inc. This joint filing on Form 4 shall not be deemed an admission that Mark N. Lampert is, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise, the beneficial owner of any equity securities covered by this joint filing.

(2)
Shares beneficially owned by BVF, L.P.


 
 
 
 
 
 
 
    BVF Partners L.P.    

 
 
By:
 
BVF Inc., its general partner

 
 
By:
 
/s/  MARK N. LAMPERT      
** Signature of Reporting Person
 
February 13, 2003
Date

**
 
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.

Potential persons who are to 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.
FORM 4 (Continued)    
     
Listing of the names and addresses of other reporting persons:

1.
 
Biotechnology Value Fund, L.P.
 
BIOTECHNOLOGY VALUE FUND, L.P.
    227 West Monroe Street, Suite 4800              
    Chicago, Illinois 60606   By: BVF Partners L.P., its general partner
                   
          By: BVF Inc., its general partner
                   
            By: /s/  MARK N. LAMPERT      
**Signature of Reporting Person
    Authorized Signatory		   February 13, 2003
Date
                   
2.   Biotechnology Value Fund II, L.P.   BIOTECHNOLOGY VALUE FUND II, L.P.
    227 West Monroe Street, Suite 4800              
    Chicago, Illinois 60606   By: BVF Partners L.P., its general partner
                   
          By: BVF Inc., its general partner
                   
            By: /s/  MARK N. LAMPERT      
**Signature of Reporting Person
    Authorized Signatory		   February 13, 2003
Date
                   
3.   BVF Investments, L.L.C.   BVF INVESTMENTS, L.L.C.
    227 West Monroe Street, Suite 4800              
    Chicago, Illinois 60606   By: BVF Partners L.P., its manager
                   
          By: BVF Inc., its general partner
                   
            By: /s/  MARK N. LAMPERT      
**Signature of Reporting Person
    Authorized Signatory		   February 13, 2003
Date
                   
4.   BVF Inc.   BVF INC.
    One Sansome Street, 31st Floor              
    San Francisco, California 94104   By: /s/  MARK N. LAMPERT      
**Signature of Reporting Person
    Authorized Signatory		   February 13, 2003
Date
                   
5.   Mark N. Lampert
One Sansome Street, 31st Floor
San Francisco, California 94104		   By: /s/  MARK N. LAMPERT      
**Signature of Reporting Person
    Authorized Signatory		   February 13, 2003
Date
                   

**
 
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.

 
 
Potential persons who are to 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.

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SEC 1474 (9-02)