FORM 4

      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

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 1. Name and Address of Reporting Person *

(Last)            (First)              (Middle)

(Street)

(City)       (State)          (Zip)

 2. Issuer Name and Ticker
    or Trading Symbol

Biocryst Pharmaceuticals Inc.
(“BCRX”)

 3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)

 4. Statement for
 (Month/Day/Year)

April  24, 2003

 5. If Amendment, Date of
   Original (Month/Day/Year)

 6. Relationship of Reporting Person(s) to Issuer

(Check all applicable)

      Director

 X  10% Owner

      Officer (give title below)

      Other (specify below)

 7. Individual or Joint/Group
     Filing (Check Applicable Line)

      Form filed by One Reporting Person

  X  Form filed by More than One Reporting Person

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

4/24/03

P

22,000

A

$1.5400

(I)

(1)(2)

Common Stock

4/24/03

P

12,000

A

$1.5400

(I)

(1)(3)

Common Stock

4/24/03

P

33,000

A

$1.5400

(I)

(1)(4)

2,201,900

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 Securities: 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

Explanation of Responses:

(1)     The shares reported in this response are indirectly 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 are directly beneficially owned by BVF, L.P.

(3)     Shares are directly beneficially owned by BVF2, L.P.

(4)     Shares are directly beneficially owned by Investments.

BVF Partners L.P.

By:          BVF Inc., its general partner

** Signature of Reporting Person

Date

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

April 28, 2003

**Signature of Reporting Person
    Authorized Signatory

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

April 28, 2003

**Signature of Reporting Person
    Authorized Signatory

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

April 28, 2003

**Signature of Reporting Person
    Authorized Signatory

Date

4.

BVF Inc.

BVF INC.

One Sansome Street, 31st Floor

San Francisco, California 94104

By:

/s/ Mark N. Lampert

April 28, 2003

**Signature of Reporting Person
    Authorized Signatory

Date

5.

Mark N. Lampert

One Sansome Street, 31st Floor

San Francisco, California 9410

By:

/s/ Mark N. Lampert

April 28, 2003

**Signature of Reporting Person
    Authorized Signatory

Date