SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

SCHEDULE 13G/A
(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b) (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
(Amendment No. 4)*

Pharmacopeia Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

7171EP101

(CUSIP Number)

October 21, 2008

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

o x
o Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 7171EP101 13G Page 2 of 12 Pages

1	NAME OF REPORTING PERSON: Biotechnology Value Fund, L.P.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*	(a) x
		(b) o
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware

		5	SOLE VOTING POWER
NUMBER OF			0
SHARES
BENEFICIALLY		6	SHARED VOTING POWER
OWNED			831,339(1)
BY
EACH		7	SOLE DISPOSITIVE POWER
REPORTING			0
PERSON
WITH:		8	SHARED DISPOSITIVE POWER
			831,339(1)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	831,339(1)
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*			o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	2.78%(1)(2)
12	TYPE OF REPORTING PERSON*
	PN

CUSIP No. 7171EP101 13G Page 3 of 12 Pages

1	NAME OF REPORTING PERSON: Biotechnology Value Fund II, L.P.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*	(a) x
		(b) o
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware

		5	SOLE VOTING POWER
NUMBER OF			0
SHARES
BENEFICIALLY		6	SHARED VOTING POWER
OWNED			569,500(1)
BY
EACH		7	SOLE DISPOSITIVE POWER
REPORTING			0
PERSON
WITH:		8	SHARED DISPOSITIVE POWER
			569,500(1)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	569,500(1)
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*			o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	1.91%(1)(2)
12	TYPE OF REPORTING PERSON*
	PN

CUSIP No. 7171EP101 13G Page 4 of 12 Pages

1	NAME OF REPORTING PERSON: BVF Investments, L.L.C.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*	(a) x
		(b) o
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware

		5	SOLE VOTING POWER
NUMBER OF			0
SHARES
BENEFICIALLY		6	SHARED VOTING POWER
OWNED			1,999,000(1)
BY
EACH		7	SOLE DISPOSITIVE POWER
REPORTING			0
PERSON
WITH:		8	SHARED DISPOSITIVE POWER
			1,999,000(1)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	1,999,000(1)
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*			o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	6.69%(1)(2)
12	TYPE OF REPORTING PERSON*
	OO

CUSIP No. 7171EP101 13G Page 5 of 12 Pages

1	NAME OF REPORTING PERSON: Investment 10, L.L.C.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*	(a) x
		(b) o
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Illinois

		5	SOLE VOTING POWER
NUMBER OF			0
SHARES
BENEFICIALLY		6	SHARED VOTING POWER
OWNED			238,300(1)
BY
EACH		7	SOLE DISPOSITIVE POWER
REPORTING			0
PERSON
WITH:		8	SHARED DISPOSITIVE POWER
			238,300(1)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	238,300(1)
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*			o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	0.80%(1)(2)
12	TYPE OF REPORTING PERSON*
	OO

CUSIP No. 7171EP101 13G Page 6 of 12 Pages

1	NAME OF REPORTING PERSON: BVP Partners L.P.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*	(a) x
		(b) o
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware

		5	SOLE VOTING POWER
NUMBER OF			0
SHARES
BENEFICIALLY		6	SHARED VOTING POWER
OWNED			3,638,139(1)
BY
EACH		7	SOLE DISPOSITIVE POWER
REPORTING			0
PERSON
WITH:		8	SHARED DISPOSITIVE POWER
			3,638,139(1)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	3,638,139(1)
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*			o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	12.17%(1)(2)
12	TYPE OF REPORTING PERSON*
	PN, HC

CUSIP No. 7171EP101 13G Page 7 of 12 Pages

1	NAME OF REPORTING PERSON: BVF Inc.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*	(a) x
		(b) o
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware

		5	SOLE VOTING POWER
NUMBER OF			0
SHARES
BENEFICIALLY		6	SHARED VOTING POWER
OWNED			3,638,139(1)
BY
EACH		7	SOLE DISPOSITIVE POWER
REPORTING			0
PERSON
WITH:		8	SHARED DISPOSITIVE POWER
			3,638,139(1)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	3,638,139(1)
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*			o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	12.17%(1)(2)
12	TYPE OF REPORTING PERSON*
	CO, HC

The following footnotes relate to pages 2 thru 7:

(1) With respect to each Reporting Person, the following securities are held, as follows (See Items 2(a) and 2(d) for defined terms for each entity and all other capitalized terms below):

Security Type	BVF	BVF2	Investments	ILL10	Partners	BVF Inc.
Common Stock	800,139	548,000	1,916,000	229,000	3,493,139	3,493,139
Warrants	31,200	21,500	83,000	9,300	145,000	145,000

The Warrants may be exercised at any time until expiration for shares of the issuer's Common Stock (as defined in Item 2(d) below) at an exercise price of $5.14 per share.  The Warrants are exercisable until April 19, 2011.

(2) The percentage calculations are based on 29,890,100 shares of Common Stock outstanding determined as follows: (x) 29,745,100 shares of Common Stock outstanding plus (y) 145,000 shares of Common Stock issuable upon exercise of the Warrants held by the Reporting Persons.

CUSIP No. 7171EP101 13G Page 8 of 12 Pages

ITEM 1(a).      NAME OF ISSUER: PHARMACOPEIA (“PCOP”)

ITEM 1(b).      ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

                                   P. O. Box 5350
                                   Princeton, NJ 08543-5350
          

ITEM 2(a).      NAME OF PERSON FILING:

                         This Schedule 13G/A is being filed on behalf of the following persons (the "Reporting Persons"):

(i)	Biotechnology Value Fund, L.P. ("BVF")
(ii)	Biotechnology Value Fund II, L.P. ("BVF2")
(iii)	BVF Investments, L.L.C. ("BVLLC")
(iv)	Investment 10, L.L.C. ("ILL10")
(v)	BVF Partners L.P. ("Partners")
(vi)	BVF Inc. ("BVF Inc.")

ITEM 2(b).      ADDRESS OF PRINCIPAL BUSINESS OFFICE:

                        The principal business office of the Reporting Persons comprising the group filing this Amendment No. 4 to Schedule 13G is located at 900 North Michigan Avenue, Suite 1100, Chicago, Illinois, 60611.

ITEM 2(c).      CITIZENSHIP:

BVF:	a Delaware limited partnership
BVF2:	a Delaware limited partnership
BVLLC:	a Delaware limited liability company
ILL10:	an Illinois limited liability company
Partners:	a Delaware limited partnership
BVF Inc.:	a Delaware corporation

ITEM 2(d).      TITLE OF CLASS OF SECURITIES:

                        This Amendment No. 4 to Schedule 13G, is being filed with respect to the common stock, par value $0.01 per share ("Common Stock"), of PCOP. The Reporting Persons' percentage ownership of Common Stock is based on 29,745,100 shares of Common Stock being outstanding and the beneficial ownership by the Reporting Persons of 145,000 warrants (the “Warrants”) to purchase an equivalent number of shares of the Common Stock.

                      As of October 21, 2008, BVF beneficially owned 831,339 shares of CommonStock, of which 31,200 are attributable to Warrants, BVF2 beneficially owned 569,500 shares of Common Stock, of which 21,500 are attributable to Warrants, BVLLC benefically owned 1,999,000 shares of Common Stock, of which 83,000 are attributable to Warrants and ILL10 beneficially owned 238,300 shares of Common Stock, of which 9,300 are attributable to Warrants.  Partners and BVF Inc. may each be deemed to beneficially own 3,638,139 shares of Common Stock, of which 145,000 are attributable to Warrants.

ITEM 2(e).      CUSIP Number:                  7171EP101

CUSIP No. 7171EP101 13G Page 9 of 12 Pages

ITEM 3.        IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS:    One of the following

                        Not applicable as this Amendment No. 4 to Schedule 13G/A is filed pursuant to Rule 13d-1(c).

ITEM 4.        OWNERSHIP:

                        The information in items 1 and 5 through 11 on the cover pages (pp. 2 - 7) of this Schedule 13G is hereby incorporated by reference.

ITEM 5.        OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

                        If this statement is being filed to report the fact that as of the date hereof the reporting persons have ceased to be the beneficial owners of more than 5 percent of the class of securities, check the following [ ].

ITEM 6.        OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:

           Pursuant to the operating agreement of BVLLC, Partners is authorized, among other things, to invest the funds of Ziff Asset Management, L.P., the majority member of BVLLC, in the shares of Common Stock beneficially owned by BVLLC and to vote and exercise dispositive power over those shares of Common Stock. Partners and BVF Inc. share voting and dispositive power over shares of Common Stock beneficially owned by BVF, BVF2, BVLLC and those owned by ILL10, on whose behalf Partners acts as an investment manager and, accordingly, Partners and BVF Inc. have beneficial ownership of all of the shares of Common Stock owned by such parties.

ITEM 7.        IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:

                        Mr. Lampert is the owner, sole director and an officer of BVF Inc. BVF Inc. is the general partner of Partners, which is the general partner of BVF and BVF 2. Partners is the manager of BVLLC and is investment adviser to ILL10.

ITEM 8.        IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF A GROUP:

                        The members of the group making this filing on Schedule 13G/A are: Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P., BVF Investments, L.L.C., Investment 10, L.L.C., BVF Partners L.P. and BVF Inc.     

ITEM 9.        NOTICE OF DISSOLUTION OF GROUP:

                        Not applicable.

CUSIP No. 7171EP101 13G Page 10 of 12 Pages

ITEM 10.        CERTIFICATION

                        By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

                        After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: October 22, 2008
 

BIOTECHNOLOGY VALUE FUND, L.P.*
 

By: BVF Partners, L.P., its general partner
 
     By: BVF Inc., its general partner
 
     By: /s/ Mark N. Lampert          

     Mark N. Lampert, President
 

BIOTECHNOLOGY VALUE FUND II, L.P.*
 

By: BVF Partners, L.P., its general partner
 
     By: BVF Inc., its general partner
 
     By: /s/ Mark N. Lampert          

     Mark N. Lampert, President
 

BVF INVESTMENTS, L.L.C.*
 

By: BVF Partners, L.P., its manager
 
     By: BVF Inc., its general partner
 
     By: /s/ Mark N. Lampert          

     Mark N. Lampert, President
 

INVESTMENT 10, L.L.C.*
 

By: BVF Partners, L.P., its investment manager
 
     By: BVF Inc., its general partner
 
     By: /s/ Mark N. Lampert          

     Mark N. Lampert, President

BVP PARTNERS L.P.*
 

By: BVF Inc., its general partner
 
     By: /s/ Mark N. Lampert          

     Mark N. Lampert, President
 

BVF INC.*
 

     By: /s/ Mark N. Lampert          

     Mark N. Lampert, President
 
 
 

*The Reporting Person disclaims beneficial ownership except to the extent of its pecuniary interest therein.

Exhibit A
 
JOINT FILING AGREEMENT
 

The undersigned agree that this Amendment No. 4 to Schedule 13G, dated October 22, 2008, relating to the Common Stock of PCOP shall be filed on behalf of the undersigned.
 

Dated: October 22, 2008
 

BIOTECHNOLOGY VALUE FUND, L.P.
 

By: BVF Partners, L.P., its general partner
 
     By: BVF Inc., its general partner
 
     By: /s/ Mark N. Lampert          

     Mark N. Lampert, President
 

BIOTECHNOLOGY VALUE FUND II, L.P.
 

By: BVF Partners, L.P., its general partner
 
     By: BVF Inc., its general partner
 
     By: /s/ Mark N. Lampert          

     Mark N. Lampert, President
 

BVF INVESTMENTS, L.L.C.
 

By: BVF Partners, L.P., its manager
 
     By: BVF Inc., its general partner
 
     By: /s/ Mark N. Lampert          

     Mark N. Lampert, President
 

INVESTMENT 10, L.L.C.
 

By: BVF Partners, L.P., its investment manager
 
     By: BVF Inc., its general partner
 
     By: /s/ Mark N. Lampert          

     Mark N. Lampert, President
 

BVP PARTNERS L.P.
 

By: BVF Inc., its general partner
 
     By: /s/ Mark N. Lampert          

     Mark N. Lampert, President
 

BVF INC.
 

     By: /s/ Mark N. Lampert          

     Mark N. Lampert, President