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
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

BVF PARTNERS L P/IL 		2. Issuer Name and Ticker or Trading Symbol

SGX PHARMACEUTICALS, INC. [ SGXP ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      __ X __ Other (specify below)
Indirect Beneficial Owner
(Last)          (First)          (Middle)

ONE SANSOME STREET, 31ST FLOOR 		3. Date of Earliest Transaction (MM/DD/YYYY)

7/8/2008
(Street)

SAN FRANCISCO, CA 94104
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

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

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   7/8/2008     P    20100   (3) A $2.9939   4229674   (6) I   See footnotes   (1) (2)
Common Stock   7/8/2008     P    14000   (4) A $2.9939   4243674   (6) I   See footnotes   (1) (2)
Common Stock   7/8/2008     P    48000   (5) A $2.9939   4291674   (6) I   See footnotes   (1) (2)
Common Stock   7/9/2008     P    197300   (3) A $3.0415   4488974   (6) I   See footnotes   (1) (2)
Common Stock   7/9/2008     P    135000   (4) A $3.0415   4623974   (6) I   See footnotes   (1) (2)
Common Stock   7/9/2008     P    468000   (5) A $3.0415   5091974   (6) I   See footnotes   (1) (2)
Common Stock   7/10/2008     P    99200   (3) A $3.0298   5191174   (6) I   See footnotes   (1) (2)
Common Stock   7/10/2008     P    68000   (4) A $3.0298   5259174   (6) I   See footnotes   (1) (2)
Common Stock   7/10/2008     P    236000   (5) A $3.0298   5495174   (6) I   See footnotes   (1) (2)
Common Stock   7/11/2008     P    3500   (3) A $3.0698   5498674   (6) I   See footnotes   (1) (2)
Common Stock   7/11/2008     P    2000   (4) A $3.0698   5500674   (6) I   See footnotes   (1) (2)
Common Stock   7/11/2008     P    7000   (5) A $3.0698   5507674   (6) I   See footnotes   (1) (2)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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

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.
( 2)  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.
( 3)  Shares directly beneficially owned by BVF, L.P.
( 4)  Shares directly beneficially owned by BVF2, L.P.
( 5)  Shares directly beneficially owned by Investments.
( 6)  Total amount of shares indirectly beneficially owned by Partners and BVF Inc.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
BVF PARTNERS L P/IL
ONE SANSOME STREET, 31ST FLOOR
SAN FRANCISCO, CA 94104
X
Indirect Beneficial Owner
BIOTECHNOLOGY VALUE FUND L P
900 N. MICHIGAN AVE., SUITE 1100
CHICAGO, IL 60611


Direct Beneficial Owner
BIOTECHNOLOGY VALUE FUND II LP
900 N. MICHIGAN AVE., SUITE 1100
CHICAGO, IL 60611


Direct Beneficial Owner
BVF INVESTMENTS LLC
900 N. MICHIGAN AVE., SUITE 1100
CHICAGO, IL 60611


Direct Beneficial Owner
BVF INC/IL
ONE SANSOME STREET, 31ST FLOOR
SAN FRANCISCO, CA 94104
X
Indirect Beneficial Owner

Signatures
BVF Partners L.P., By: BVF Inc., its GP, By: /s/ Mark N. Lampert 7/11/2008
** Signature of Reporting Person Date

BIOTECHNOLOGY VALUE FUND, L.P. By: BVF Partners L.P., its GP, By: BVF Inc., By: /s/ Mark N. Lampert 7/11/2008
** Signature of Reporting Person Date

BIOTECHNOLOGY VALUE FUND II, L.P., By: BVF Partners L.P., its GP, By: BVF Inc., By: /s/ Mark N. Lampert 7/11/2008
** Signature of Reporting Person Date

BVF INVESTMENTS, L.L.C., By: BVF Partners L.P., its Manager, By: BVF Inc., By: /s/ Mark N. Lampert 7/11/2008
** Signature of Reporting Person Date

BVF INC., By: /s/ Mark N. Lampert 7/11/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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.
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