SGXP Sgx Pharmaceuticals (MM)

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CUSIP No. 78423C108 13G Page 2 of 9 Pages
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 1. NAMES OF REPORTING PERSONS

 Great Point Partners, LLC

 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):

 37-1475292

 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a) |_|

 (b) |_|

 3. SEC USE ONLY

 4. CITIZENSHIP OR PLACE OF ORGANIZATION

 USA

 NUMBER OF SHARES 5. SOLE VOTING POWER

 BENEFICIALLY 0

 OWNED BY EACH
 6. SHARED VOTING POWER
 REPORTING PERSON
 1,542,264
 WITH 7. SOLE DISPOSITIVE POWER
 0

 8. SHARED DISPOSITIVE POWER

 1,542,264



 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 1,542,264

 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 (See Instructions) |_|


 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 7.4%

 12. TYPE OF REPORTING PERSON (See Instructions)

 OO

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CUSIP No. 78423C108 13G Page 3 of 9 Pages
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 1. NAMES OF REPORTING PERSONS

 Dr. Jeffrey R. Jay, M.D.

 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):


 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a) |_|

 (b) |_|

 3. SEC USE ONLY

 4. CITIZENSHIP OR PLACE OF ORGANIZATION

 USA

 NUMBER OF SHARES 5. SOLE VOTING POWER

 BENEFICIALLY 0

 OWNED BY EACH
 6. SHARED VOTING POWER
 REPORTING PERSON
 1,542,264
 WITH 7. SOLE DISPOSITIVE POWER
 0

 8. SHARED DISPOSITIVE POWER

 1,542,264



 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 1,542,264

 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 (See Instructions) |_|


 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 7.4%

 12. TYPE OF REPORTING PERSON (See Instructions)

 IN

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CUSIP No. 78423C108 13G Page 4 of 9 Pages
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 1. NAMES OF REPORTING PERSONS

 Mr. David Kroin

 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):


 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a) |_|

 (b) |_|

 3. SEC USE ONLY

 4. CITIZENSHIP OR PLACE OF ORGANIZATION

 USA

 NUMBER OF SHARES 5. SOLE VOTING POWER

 BENEFICIALLY 0

 OWNED BY EACH
 6. SHARED VOTING POWER
 REPORTING PERSON
 1,542,264
 WITH 7. SOLE DISPOSITIVE POWER
 0

 8. SHARED DISPOSITIVE POWER

 1,542,264



 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 1,542,264

 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 (See Instructions) |_|


 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 7.4%

 12. TYPE OF REPORTING PERSON (See Instructions)

 IN

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CUSIP No. 78423C108 13G Page 5 of 9 Pages
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 ITEM 1.

 (a) Name of Issuer

 SGX Pharmaceuticals, Inc.

 (b) Address of Issuer's Principal Executive Offices

 10505 Roselle Street San Diego, California 92121

 ITEM 2.

 (a) Name of Person Filing

 Great Point Partners, LLC
 Dr. Jeffrey R. Jay, M.D.
 Mr. David Kroin

 The Reporting Persons have entered into a Joint Filing
 Agreement, dated December 1, 2007, a copy of which is filed
 with this Schedule 13G as Exhibit A, pursuant to which the
 Reporting Persons have agreed to file this statement jointly
 in accordance with the provisions of Rule 13d-1(k)(1) under
 the Act.

 (b) Address of Principal Business Office, or if none,
 Residence

 The address of the principal business office of each of
 the Reporting Persons is

 165 Mason Street, 3rd Floor
 Greenwich, CT 06830

 (c) Citizenship

 Great Point Partners, LLC is a limited liability company
 organized under the laws of the State of Delaware. Dr.
 Jeffrey R. Jay, M.D. is a citizen of the United States. Mr.
 David Kroin is a citizen of the United States.

 (d) Title of Class of Securities

 Common Stock

 (e) CUSIP Number

 78423C108

 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SS.240.13d-1(b) OR
 240.13D.2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:

 Not Applicable.

 (a) Broker or dealer registered under Section 15 of the Act
 (15 U.S.C. 78o)

 (b) Bank as defined in Section 3(a)(6) of the Act (15
 U.S.C. 78c).

 (c) Insurance company as defined in Section 3(a)(19) of the
 Act (15. U.S.C. 78c).

 (d) Investment Company registered under Section 8 of the
 Investment Company Act of 1940 (15 U.S.C. 80a-8).

 (e) An investment adviser in accordance with
 ss.240.13d-1(b)(1)(ii)(E).

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CUSIP No. 78423C108 13G Page 6 of 9 Pages
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 (f) An employee benefit plan or endowment fund in
 accordance with ss.240.13d-1(b)(1)(ii)(F).

 (g) A parent holding company or control person in
 accordance with ss.240.13d-1(b)(1)(ii)(G).

 (h) A savings associations as defined in Section 3(b) of
 the Federal Deposit Insurance Act (12 U.S.C. 1813).

 (i) A church plan that is excluded from the definition of
 an investment company under Section 3(c)(14) of the
 Investment Company Act of 1940 (15 U.S.C. 80a-3).

 (j) Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).

 ITEM 4. OWNERSHIP

 Biomedical Value Fund, L.P. ("BMVF") is the direct
 beneficial owner of 863,668 shares (the "BMVF Shares"),
 consisting of 664,360 shares of Common Stock and warrants to
 purchase 199,308 shares of Common Stock. Great Point
 Partners, LLC ("Great Point") is the investment manager of
 BMVF, and by virtue of such status may be deemed to be the
 beneficial owner of the BMVF Shares. Each of Dr. Jeffrey R.
 Jay, M.D. ("Dr. Jay"), as senior managing member of Great
 Point, and Mr. David Kroin ("Mr. Kroin"), as special
 managing member of Great Point, has voting and investment
 power with respect to the BMVF Shares, and therefore may be
 deemed to be the beneficial owner of the BMVF Shares.

 Biomedical Offshore Value Fund, Ltd. ("BOVF") is the direct
 beneficial owner of 678,596 shares (the "BOVF Shares"),
 consisting of 521,997 shares of Common Stock and warrants to
 purchase 156,599 shares of Common Stock. Great Point is the
 investment manager of BOVF, and by virtue of such status may
 be deemed to be the beneficial owner of the BOVF Shares.
 Each of Dr. Jay, as senior managing member of Great Point,
 and Mr. Kroin, as special managing member of Great Point,
 has voting and investment power with respect to the BOVF
 Shares, and therefore may be deemed to be the beneficial
 owner of the BOVF Shares.

 Notwithstanding the above, Great Point, Dr. Jay and Mr.
 Kroin disclaim beneficial ownership of the BMVF Shares and
 the BOVF Shares, except to the extent of their respective
 pecuniary interests.


 Provide the following information regarding the aggregate
 number and percentage of the class of securities of the
 issuer identified in Item 1.

 1. GREAT POINT PARTNERS, LLC

 (a) Amount beneficially owned: 1,542,264

 (b) Percent of class: 7.4%

 (c) Number of shares as to which the person has:

 (i) Sole power to vote or to direct the vote: - 0 -

 (ii) Shared power to vote or to direct the vote:
 1,542,264

 (iii) Sole power to dispose or to direct the
 disposition of: - 0 -.

 (iv) Shared power to dispose or to direct the
 disposition of: 1,542,264

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CUSIP No. 78423C108 13G Page 7 of 9 Pages
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 2. DR. JEFFREY R. JAY, M.D.

 (a) Amount beneficially owned: 1,542,264

 (b) Percent of class: 7.4%

 (c) Number of shares as to which the person has:

 (i) Sole power to vote or to direct the vote: 0.

 (ii) Shared power to vote or to direct the vote:
 1,542,264

 (iii) Sole power to dispose or to direct the
 disposition of: 0.

 (iv) Shared power to dispose or to direct the
 disposition of: 1,542,264

 3. MR. DAVID KROIN

 (a) Amount beneficially owned: 1,542,264

 (b) Percent of class: 7.4%

 (c) Number of shares as to which the person has:

 (i) Sole power to vote or to direct the vote: 0.

 (ii) Shared power to vote or to direct the vote:
 1,542,264

 (iii) Sole power to dispose or to direct the
 disposition of: 0.

 (iv) Shared power to dispose or to direct the
 disposition of: 1,542,264

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

 Not Applicable.

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

 See Item 4.

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 THE GROUP

 Not Applicable.

ITEM 9. NOTICE OF DISSOLUTION OF GROUP

 Not Applicable.

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
participant in any transaction having that purpose or effect.

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CUSIP No. 78423C108 13G Page 8 of 9 Pages
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 SIGNATURE

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.

Date: December 3, 2007


 GREAT POINT PARTNERS, LLC

 By: /s/ Dr. Jeffrey R. Jay, M.D.
 ------------------------------------
 Dr. Jeffrey R. Jay, M.D.,
 as senior managing member


 /s/ Dr. Jeffrey R. Jay, M.D.
 -----------------------------------------
 DR. JEFFREY R. JAY, M.D.


 /s/ Mr. David Kroin
 -----------------------------------------
 Mr. David Kroin