Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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
OMB APPROVAL
OMB Number: 3235-0104
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
  Babu Yarlagadda S
 2. Date of Event Requiring Statement (Month/Day/Year)
12/23/2008		 3. Issuer Name and Ticker or Trading Symbol
BIOCRYST PHARMACEUTICALS INC [BCRX]
(Last)
(First)
(Middle)
2190 PARKWAY LAKE DR		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
VP Drug Discovery
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

BIRMINGHAM, AL 35244		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 57,650
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option 12/15/2000 12/15/2009 Common Stock 7,396 $ 22.813 D  
Emp. Stock Option (Right to Buy) 12/15/2000 12/15/2009 Common Stock 10,204 $ 22.813 D  
Non-Qualified Stock Option 12/12/2001 12/12/2010 Common Stock 13,496 $ 8.875 D  
Emp. Stock Option (Right to Buy) 12/12/2001 12/12/2010 Common Stock 4,504 $ 8.875 D  
Non-Qualified Stock Option 03/23/2002 03/23/2011 Common Stock 6,049 $ 6.094 D  
Emp. Stock Option (Right to Buy) 03/23/2002 03/23/2011 Common Stock 2,751 $ 6.094 D  
Non-Qualified Stock Option 12/12/2002 12/12/2001 Common Stock 7,199 $ 3.59 D  
Emp. Stock Option (Right to Buy) 12/12/2002 12/12/2011 Common Stock 7,201 $ 3.59 D  
Non-Qualified Stock Option 08/05/2003 08/05/2012 Common Stock 5,865 $ 1.18 D  
Emp. Stock Option (Right to Buy) 08/05/2003 08/05/2012 Common Stock 1,834 $ 1.18 D  
Non-Qualified Stock Option 12/11/2003 12/11/2012 Common Stock 1,226 $ 1.04 D  
Emp. Stock Option (Right to Buy) 12/11/2003 12/11/2012 Common Stock 921 $ 1.04 D  
Emp. Stock Option (Right to Buy) 02/03/2004 02/03/2013 Common Stock 6,608 $ 0.87 D  
Non-Qualified Stock Option 05/12/2005 05/12/2014 Common Stock 2,208 $ 8.83 D  
Emp. Stock Option (Right to Buy) 05/12/2005 05/12/2014 Common Stock 23,679 $ 8.83 D  
Non-Qualified Stock Option 05/11/2006 05/11/2015 Common Stock 2,929 $ 4.3 D  
Emp. Stock Option (Right to Buy) 05/11/2006 05/11/2015 Common Stock 23,179 $ 4.3 D  
Non-Qualified Stock Option 05/17/2007 05/17/2016 Common Stock 14,181 $ 12.26 D  
Emp. Stock Option (Right to Buy) 05/17/2007 05/17/2016 Common Stock 15,320 $ 12.26 D  
Non-Qualified Stock Option 11/01/2007 11/01/2016 Common Stock 24,544 $ 11.42 D  
Emp. Stock Option (Right to Buy) 11/01/2007 11/01/2016 Common Stock 5,456 $ 11.42 D  
Non-Qualified Stock Option 05/16/2008 05/16/2017 Common Stock 26,540 $ 7.98 D  
Emp. Stock Option (Right to Buy) 05/16/2008 05/16/2017 Common Stock 3,088 $ 7.98 D  
Non-Qualified Stock Option 03/14/2009 03/14/2018 Common Stock 20,621 $ 3.26 D  
Emp. Stock Option (Right to Buy) 03/14/2009 03/14/2018 Common Stock 9,379 $ 3.26 D  
Restricted Stock Award 12/31/2009 05/21/2018 Common Stock 19,513 $ 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Babu Yarlagadda S
2190 PARKWAY LAKE DR
BIRMINGHAM, AL 35244		       VP Drug Discovery  

Signatures

/s/ Michael Richardson, by power of attorney 01/06/2009
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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.

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 number.