SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

WEBB MARIA L

(Last)

(First)

(Middle)

PO BOX 5350

(Street)

PRINCETON

08543-5350

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
PHARMACOPEIA DRUG DISCOVERY INC [ PCOP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	VP,Drug Discovery Research

3. Date of Earliest Transaction (Month/Day/Year)
03/13/2007

4. If Amendment, Date of 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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/13/2007		M		25,093	A	$2.8227	30,927.91	D
Common Stock	03/13/2007		S		25,093	D	$5.1427	5,834.91	D
Common Stock	03/13/2007		M		5,126	A	$2.8227	10,960.91	D
Common Stock	03/13/2007		S		5,126	D	$5.1427	5,834.91	D
Common Stock	03/13/2007		M		12,318	A	$2.8227	18,152.91	D
Common Stock	03/13/2007		S		12,318	D	$5.1607	5,834.91	D
Common Stock	03/14/2007		M		12,462	A	$2.8227	18,296.91	D
Common Stock	03/14/2007		S		12,462	D	$5.1411	5,834.91	D

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 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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Incentive Stock Options	$2.8227							02/05/2004	02/05/2013	Common Stock	54,999		54,999	D
Incentive Stock Options	$2.8227	03/13/2007		M			25,093	02/05/2004	02/05/2013	Common Stock	25,093	$0	29,906	D
Incentive Stock Options	$2.8227	03/13/2007		M			5,126	02/05/2004	02/05/2013	Common Stock	5,126	$0	24,780	D
Incentive Stock Options	$2.8227	03/13/2007		M			12,318	02/05/2004	02/05/2013	Common Stock	12,318	$0	12,462	D
Incentive Stock Options	$2.8227	03/14/2007		M			12,462	02/05/2004	02/05/2013	Common Stock	12,462	$0	0	D
Incentive Stock Options	$4.0364							05/28/2000	05/28/2009	Common Stock	30,799		30,799	D
Incentive Stock Options	$4.67							02/28/2008	02/28/2017	Common Stock	20,000		20,000	D
Incentive Stock Options	$4.75							03/01/2007	03/01/2016	Common Stock	25,000		25,000	D
Incentive Stock Options	$5.0454							05/08/2003	05/08/2012	Common Stock	32,999		32,999	D
Incentive Stock Options	$5.3045							09/24/2002	09/24/2011	Common Stock	32,999		32,999	D
Incentive Stock Options	$5.8523							07/30/1999	07/30/2008	Common Stock	12,376		12,376	D
Incentive Stock Options	$7.2727							05/09/1998	05/09/2007	Common Stock	4,127		4,127	D
Incentive Stock Options	$8.8818							03/16/2005	03/16/2014	Common Stock	27,500		27,500	D
Incentive Stock Options	$9.7727							10/17/1997	10/17/2006	Common Stock	6,417		6,417	D
Incentive Stock Options	$19.7727							07/11/2001	07/11/2010	Common Stock	19,799		19,799	D

Explanation of Responses:

	Brian M. Posner, by power of attorney	03/15/2007
	** 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 Number.