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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 EHg9YwaBfLEi6SQSpI2GFg==

<SEC-DOCUMENT>0000950142-04-004159.txt : 20041207
<SEC-HEADER>0000950142-04-004159.hdr.sgml : 20041207
<ACCEPTANCE-DATETIME>20041207200023
ACCESSION NUMBER:		0000950142-04-004159
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041203
FILED AS OF DATE:		20041207
DATE AS OF CHANGE:		20041207

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALENTIS INC
		CENTRAL INDEX KEY:			0000932352
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				943156660
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		863A MITTEN RD
		CITY:			BURLINGAME
		STATE:			CA
		ZIP:			94010
		BUSINESS PHONE:		6506971900

	MAIL ADDRESS:	
		STREET 1:		863A MITTEN ROAD
		CITY:			BURLINGAME
		STATE:			CA
		ZIP:			94010

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEGABIOS CORP
		DATE OF NAME CHANGE:	19960716

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SOROS GEORGE
		CENTRAL INDEX KEY:			0000900203
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22987
		FILM NUMBER:		041189501

	BUSINESS ADDRESS:	
		STREET 1:		888 SEVENTH AVENUE
		STREET 2:		33RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10106
		BUSINESS PHONE:		212-262--6

	MAIL ADDRESS:	
		STREET 1:		888 SEVENTH AVE
		STREET 2:		33RD FLR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10106

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SOROS FUND MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001029160
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22987
		FILM NUMBER:		041189502

	BUSINESS ADDRESS:	
		STREET 1:		888 SEVENTH AVENUE 33RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10106
		BUSINESS PHONE:		2128721054

	MAIL ADDRESS:	
		STREET 1:		C/O AKIN, GUMP, STRAUSS,HAUER,FELD,
		STREET 2:		399 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-sfm120304_vltsex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-12-03</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000932352</issuerCik>
        <issuerName>VALENTIS INC</issuerName>
        <issuerTradingSymbol>VLTS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001029160</rptOwnerCik>
            <rptOwnerName>SOROS FUND MANAGEMENT LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>888 SEVENTH AVENUE 33RD FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10106</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000900203</rptOwnerCik>
            <rptOwnerName>SOROS GEORGE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>888 SEVENTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>33RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10106</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Options to Purchase Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.97</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-12-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>10000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-12-03</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents director options to purchase 10,000 shares of common stock issued to Dennis J. Purcell. One forty-eighth (1/48) of
 the total number of shares subject to this option vest at the end of each one-month period commencing on the date of the
 grant. These options are held for the benefit of an entity which may be deemed to be affiliated with Soros Fund Management
 LLC (&quot;SFM LLC&quot;). Mr. George Soros serves as Chairman of SFM LLC.</footnote>
    </footnotes>

    <remarks>Pursuant to Rule 16a-1(a)(2)(ii)(B) under the Securities Exchange Act of 1934, as amended (the &quot;Act&quot;), SFM LLC and Mr. Soros
 may be deemed to be the beneficial owners of the securities reported herein only to the extent of his or its pecuniary
 interest therein. Pursuant to Rule 16a-1(a)(4) under the Act, this filing shall not be deemed an admission that SFM LLC or
 Mr. Soros are, for purposes of Section 16 of the Act or otherwise, the beneficial owners of any securities reported herein
 in excess of such amount.</remarks>

    <ownerSignature>
        <signatureName>/s/ Jodye M. Anzalotta, Assistant General Counsel</signatureName>
        <signatureDate>2004-12-07</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Jodye M. Anzalotta, Attorney-in-Fact for George Soros</signatureName>
        <signatureDate>2004-12-07</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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