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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

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SCHEDULE 13G
(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.   )¹

		Atherogenics, Inc. (Name of Issuer)
		Common Stock (Title of Class of Securities)
		047439 10 4 (CUSIP Number)
		August 14, 2003 (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        Rule 13d-1(b)
ý        Rule 13d-1(c)
o        Rule 13d-1(d)

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¹      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 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).

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CUSIP NO. 047439 10 4

13G

Page 2 of 10 Pages

1	NAME OF REPORTING PERSON: Biotechnology Value Fund, L.P.
	I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
			(a) ý
			(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				568,927
BY
EACH		7		SOLE DISPOSITIVE POWER
REPORTING				0
PERSON
WITH		8		SHARED DISPOSITIVE POWER
				568,927

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	568,927
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
			o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
	1.56%
12	TYPE OF REPORTING PERSON*
	PN
* SEE INSTRUCTIONS BEFORE FILLING OUT!

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CUSIP NO. 047439 10 4

13G

Page 3 of 10 Pages

1	NAME OF REPORTING PERSON: Biotechnology Value Fund II, L.P.
	I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
			(a) ý
			(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				343,938
BY
EACH		7		SOLE DISPOSITIVE POWER
REPORTING				0
PERSON
WITH		8		SHARED DISPOSITIVE POWER
				343,938

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	343,938
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
			o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
	0.94%
12	TYPE OF REPORTING PERSON*
	PN
* SEE INSTRUCTIONS BEFORE FILLING OUT!

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CUSIP NO. 047439 10 4

13G

Page 4 of 10 Pages

1	NAME OF REPORTING PERSON: BVF Investments, L.L.C.
	I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
			(a) ý
			(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				869,521
BY
EACH		7		SOLE DISPOSITIVE POWER
REPORTING				0
PERSON
WITH		8		SHARED DISPOSITIVE POWER
				869,521

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	869,521
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
			o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
	2.38%
12	TYPE OF REPORTING PERSON*
	OO
* SEE INSTRUCTIONS BEFORE FILLING OUT!

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CUSIP NO. 047439 10 4

13G

Page 5 of 10 Pages

1	NAME OF REPORTING PERSON: Investment 10, LLC
	I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*		(a) ý
			(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				131,242
BY
EACH		7		SOLE DISPOSITIVE POWER
REPORTING				0
PERSON
WITH		8		SHARED DISPOSITIVE POWER
				131,242

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	131,242
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*		o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
	0.36%
12	TYPE OF REPORTING PERSON*
	OO
* SEE INSTRUCTIONS BEFORE FILLING OUT!

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CUSIP NO. 047439 10 4

13G

Page 6 of 10 Pages

1	NAME OF REPORTING PERSON: BVF Partners L.P.
	I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
			(a) ý
			(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				1,913,628
BY
EACH		7		SOLE DISPOSITIVE POWER
REPORTING				0
PERSON
WITH		8		SHARED DISPOSITIVE POWER
				1,913,628

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	1,913,628
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
			o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
	5.24%
12	TYPE OF REPORTING PERSON*
	PN
* SEE INSTRUCTIONS BEFORE FILLING OUT!

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CUSIP NO. 047439 10 4

13G

Page 7 of 10 Pages

1	NAME OF REPORTING PERSON: BVF Inc.
	I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
			(a) ý
			(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				1,913,628
BY
EACH		7		SOLE DISPOSITIVE POWER
REPORTING				0
PERSON
WITH		8		SHARED DISPOSITIVE POWER
				1,913,628

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	1,913,628
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
			o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
	5.24%
12	TYPE OF REPORTING PERSON*
	CO
* SEE INSTRUCTIONS BEFORE FILLING OUT!

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CUSIP NO. 047439 10 4

13G

Page 8 of 10 Pages

ITEM 1(a). NAME OF ISSUER:

Atherogenics, Inc. ("Atherogenics")

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

8995 Westside Parkway
Alpharetta, Georgia 30004

ITEM 2(a). NAME OF PERSON FILING:

This Schedule 13G 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. ("Investments")

(iv)

Investment 10, L.L.C. ("Investment 10")

(v)

BVF Partners L.P. ("Partners")

(vi)

BVF Inc. ("BVF Inc.")

        *      Attached as Exhibit 1 is a copy of an agreement among the Reporting Persons that this Schedule 13G is being filed on behalf of each of them.

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

        The principal business office of the Reporting Persons comprising the group filing this Schedule 13G is located at 227 West Monroe Street, Suite 4800, Chicago, Illinois, 60606.

ITEM 2(c). CITIZENSHIP:

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

This Schedule 13G is being filed with respect to the common stock, no par value per share (the "Common Stock"), of Atherogenics. The Reporting Persons' percentage ownership of Common Stock is based on 36,533,448 shares of Common Stock being outstanding.

ITEM 2(e). CUSIP Number:

047439 10 4

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CUSIP NO. 047439 10 4

13G

Page 9 of 10 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 Schedule 13G 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) on 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 owner of more than five percent of the class of securities check the following. o

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

        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 shares of the Common Stock and to vote and exercise dispositive power over those shares of Common Stock. Partners and BVF Inc. share voting and dispositive power over the shares of the Common Stock beneficially owned by BVF, BVF2, Investments and those owned by Investment 10, on whose behalf Partners acts as 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:

Not applicable.

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

Not applicable.

ITEM 9. NOTICE OF DISSOLUTION OF GROUP:

Not applicable.

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CUSIP NO. 047439 10 4

13G

Page 10 of 10 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:		August 21, 2003
		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 attorney-in-fact
				By:		BVF Inc., its general partner
						By:		/s/  MARK N. LAMPERT
								Mark N. Lampert President

		BVF 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

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SCHEDULE 13G
ITEM 1(a). NAME OF ISSUER
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
ITEM 2(a). NAME OF PERSON FILING
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE
ITEM 2(c). CITIZENSHIP
ITEM 2(d). TITLE OF CLASS OF SECURITIES
ITEM 2(e). CUSIP Number
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
ITEM 4. OWNERSHIP
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF A GROUP
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
ITEM 10. CERTIFICATION