BIOCRYST PHARMACEUTICALS INC — Director's Dealing 2011

May 16, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BIOCRYST PHARMACEUTICALS INC (BCRX)
CIK: 0000882796
Period of Report: 2011-05-12

Reporting Person: Jensen Peder (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-12	Common Stock	P	10000	$3.56	Acquired	10000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-12	Non-Qualified Stock Option	$3.56	A	15000	Acquired	2021-05-12	Common Stock (15000)	Direct
2011-05-12	Non-Qualified Stock Option	$3.56	A	7917	Acquired	2021-05-12	Common Stock (7917)	Direct

Footnotes

F1: Automatic non-employee director grant pursuant to the BioCryst Pharmaceuticals, Inc. Stock Incentive Plan (the "Plan").

F2: The option vests 1/12 per month for a period of 12 months, beginning on June 13, 2011.

F3: 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.