Ownership Submission
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
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
BUGG CHARLES E
   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
__X__ Officer (give title below) _____ Other (specify below)
Chairman
(Last)
(First)
(Middle)
2190 PARKWAY LAKE DRIVE		 3. Date of Earliest Transaction (Month/Day/Year)
03/03/2006
(Street)

BIRMINGHAM, AL 35244-		 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 03/03/2006 03/03/2006 M   1,909 A $ 1.04 59,466 D  
Common Stock 03/03/2006 03/03/2006 M   2,973 A $ 1.18 62,439 D  
Common Stock 03/03/2006 03/03/2006 M   50,000 A $ 14.375 112,439 D  
Common Stock 03/03/2006 03/03/2006 S   8,215 (1) D $ 20.28 (2) 104,224 D  
Common Stock 03/03/2006 03/03/2006 S   2,441 (1) D $ 20.36 (3) 101,783 D  
Common Stock 03/03/2006 03/03/2006 S   800 (1) D $ 20.46 (4) 100,983 D  
Common Stock 03/03/2006 03/03/2006 S   439 (1) D $ 20.57 100,544 D  
Common Stock 03/03/2006 03/03/2006 S   100 (1) D $ 20.58 100,444 D  
Common Stock 03/03/2006 03/03/2006 S   5,812 (1) D $ 20.6 94,632 D  
Common Stock 03/03/2006 03/03/2006 S   1,600 (1) D $ 20.61 93,032 D  
Common Stock 03/03/2006 03/03/2006 S   5,600 (1) D $ 20.62 87,432 D  
Common Stock 03/03/2006 03/03/2006 S   2,767 (1) D $ 20.63 84,665 D  
Common Stock 03/03/2006 03/03/2006 S   2,291 (1) D $ 20.64 82,374 D  
Common Stock 03/03/2006 03/03/2006 S   1,391 (1) D $ 20.65 80,983 D  
Common Stock 03/03/2006 03/03/2006 S   1,600 (1) D $ 20.66 79,383 D  
Common Stock 03/03/2006 03/03/2006 S   2,600 (1) D $ 20.68 76,783 D  
Common Stock 03/03/2006 03/03/2006 S   1,200 (1) D $ 20.69 75,583 D  
Common Stock 03/03/2006 03/03/2006 S   300 (1) D $ 20.72 75,283 D  
Common Stock 03/03/2006 03/03/2006 S   300 (1) D $ 20.75 74,983 D  
Common Stock 03/03/2006 03/03/2006 S   100 (1) D $ 20.8 74,883 D  
Common Stock 03/03/2006 03/03/2006 S   1,500 (1) D $ 20.82 73,383 D  
Common Stock 03/03/2006 03/03/2006 S   1,700 (1) D $ 20.92 71,683 D  
Common Stock 03/03/2006 03/03/2006 S   1,313 (1) D $ 20.93 70,370 D  
Common Stock 03/03/2006 03/03/2006 S   500 (1) D $ 20.99 69,870 D  
Common Stock 03/03/2006 03/03/2006 S   7,431 (1) D $ 21.03 (5) 62,439 D  
Common Stock               73,138 I By Dit-Dit Partnership, LP (1)(2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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. SEC 1474 (9-02)

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
Emp. Stock Option (right to buy) (6) $ 1.04 03/03/2006 03/03/2006 M     1,909 12/11/2003 12/10/2012 Common Stock 1,909 $ 1.04 4,635 D  
Emp. Stock Option (right to buy) (6) $ 1.18 03/03/2006 03/03/2006 M     2,973 08/05/2003 08/04/2012 Common Stock 2,973 $ 1.18 20,927 D  
Stock Option (6) $ 14.375 03/03/2006 03/03/2006 M     50,000 12/11/1997 12/10/2006 Common Stock 50,000 $ 14.375 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BUGG CHARLES E
2190 PARKWAY LAKE DRIVE
BIRMINGHAM, AL 35244-		   X     Chairman  

Signatures

 Michael Darwin/Michael Richardson   03/07/2006
**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).
(5) The average disposition price for the 7,431 shares was $21.03. Shares were actually disposed of as follows: 1,800 shares @ $21.00, 600 shares @ $21.01, 1,900 shares @ $21.02, 561 shares @ $21.03, 300 shares @ $21.04, and 2,270 shares @ $21.05.
(3) The average disposition price for the 2,441 shares was $20.36. Shares were actually disposed of as follows: 695 shares @ $20.34, 100 shares @ $20.35, 461 shares @ $20.36, 285 shares @ $20.37, 544 shares @ $20.38, 156 shares @ $20.39, and 200 shares @ $20.40.
(6) Options were exercised due to grants expiring by year end
(7) Exercise pursuant to 10b5-1 rule of the Securities Exchange Act of 1934
(1) Sale of stock is pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934
(4) The average disposition price for the 800 shares was $20.46. Shares were actually disposed of as follows: 500 shares @ $20.45, 100 shares @ $20.46, and 200 shares @ $20.47.
(2) The average disposition price for the 8,215 shares was $20.28. Shares were actually disposed of as follows: 2,800 shares @ $20.26, 100 shares @ $20.27, 1,615 shares @ $20.28, 600 shares @ $20.29, 900 shares @ $20.30, 1,600 shares @ $20.31, and 600 shares @ $20.32.

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.