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 * Jensen Peder   2. Issuer Name and Ticker or Trading Symbol BIOCRYST PHARMACEUTICALS INC [BCRX] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 4505 EMPEROR BLVD., SUITE 200 3. Date of Earliest Transaction (Month/Day/Year) 05/12/2011 (Street) DURHAM, NC 27703 4. If Amendment, Date Original Filed(Month/Day/Year) 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 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 05/12/2011   P   10,000 A $ 3.56 10,000 D

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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

Non-Qualified Stock Option (1)

$ 3.56

05/12/2011

A

15,000

06/13/2011(2)

05/12/2021

Common Stock

15,000

$ 0

15,000

D

Non-Qualified Stock Option (3)

$ 3.56

05/12/2011

A

7,917

06/13/2011(2)

05/12/2021

Common Stock

7,917

$ 0

7,917

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Jensen Peder 4505 EMPEROR BLVD. SUITE 200 DURHAM, NC 27703	X

Signatures

/s/ Michael Richardson, by power of attorney		05/16/2011
**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)	Automatic non-employee director grant pursuant to the BioCryst Pharmaceuticals, Inc. Stock Incentive Plan (the "Plan").
(2)	The option vests 1/12 per month for a period of 12 months, beginning on June 13, 2011.
(3)	The reporting person began service on the board of directors of BioCryst Pharmaceuticals, Inc. (the "Company") effective May 3, 2011, in advance of the Company's annual meeting, at the request of the Company's board of directors. Under the Plan, each non-employee director receives an automatic option grant to purchase 25,000 shares, prorated based on the number of months remaining until the Company's next annual meeting, at the time of his or her initial election or appointment to the Company's board of directors. On May 3, 2011, the reporting person was granted an option to purchase 2,083 shares. Had the reporting person joined the board of directors on the date of the annual meeting, May 12, 2011, he would have received an automatic option grant to purchase 25,000 shares. As permitted under the Plan, the reporting person was granted this discretionary option to purchase 7,917 shares, which, combined with the previous option grant of 2,083 shares and the automatic grant of 15,000 shares reported on this Form 4, totals 25,000 shares, to avoid an inequitable loss of shares due to timing.

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