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^*

MOLLICA JOSEPH A

(Last)

(First)

(Middle)

PHARMACOPEIA DRUG DISCOVERY, INC.

P.O. BOX 5350

(Street)

PRINCETON

08543-5350

(City)

(State)

(Zip)

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

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

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2007

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	08/29/2007		M		500	A	$2.8227	84,200.36	D
Common Stock	08/29/2007		S		500	D	$5.55	83,700.36	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)
Non-Qualified Stock Option (right to buy)	$2.8227	08/29/2007		M			500	02/05/2004	02/05/2013	Common Stock	500	$0	28,499	D
Incentive Stock Option (right to buy)	$4.0364							05/28/2000	05/28/2009	Common Stock	4,235		4,235	D
Incentive Stock Option (right to buy)	$5.0454							05/08/2003	05/08/2012	Common Stock	5,947		5,947	D
Incentive Stock Option (right to buy)	$5.8523							07/30/1999	07/30/2008	Common Stock	5,666		5,666	D
Incentive Stock Option (right to buy)	$8.3636							05/09/2002	05/09/2011	Common Stock	3,588		3,588	D
Incentive Stock Option (right to buy)	$19.7727							07/11/2001	07/11/2010	Common Stock	2,261		2,261	D
Non-Qualified Stock Option (right to buy)	$4.0364							05/28/2000	05/28/2009	Common Stock	32,064		32,064	D
Non-Qualified Stock Option (right to buy)	$4.96							05/05/2006	05/05/2015	Common Stock	6,000		6,000	D
Non-Qualified Stock Option (right to buy)	$5.0454							05/08/2003	05/08/2012	Common Stock	60,052		60,052	D
Non-Qualified Stock Option (right to buy)	$5.11							04/30/2008	05/03/2017	Common Stock	7,572		7,572	D
Non-Qualified Stock Option (right to buy)	$5.8523							07/30/1999	07/30/2008	Common Stock	27,333		27,333	D
Non-Qualified Stock Option (right to buy)	$6.2							05/04/2007	05/04/2016	Common Stock	6,000		6,000	D
Non-Qualified Stock Option (right to buy)	$8.15							05/03/2005	05/03/2014	Common Stock	12,000		12,000	D
Non-Qualified Stock Option (right to buy)	$8.3636							05/09/2002	05/09/2011	Common Stock	95,411		95,411	D
Non-Qualified Stock Option (right to buy)	$19.7727							07/11/2001	07/11/2010	Common Stock	34,038		34,038	D

Explanation of Responses:

	By: Brian M. Posner For: Joseph A. Mollica	08/30/2007
	** 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.