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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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* GALAKATOS NICHOLAS (Last) (First) (Middle) C/O MPM ASSET MANAGEMENT 111 HUNTINGTON AVE., 31ST FLOOR (Street) BOSTON MA 02199 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol CRITICAL THERAPEUTICS INC [ CRTX ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 06/02/2004
	4. If Amendment, Date of Original Filed (Month/Day/Year) 06/02/2004	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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/02/2004		C		2,474,665(1)	A	$0.00	2,474,665	I	See Footnote(2)
Common Stock	06/02/2004		C		1,466,665(3)	A	$0.00	3,941,330	I	See Footnote(4)
Common Stock	06/02/2004		P		357,100(5)	A	$7	4,298,430	I	See Footnote(6)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series B Convertible Preferred Stock	(3)	03/05/2004		P(7)		2,750,000		(3)	(3)	Common Stock	7,333,333(1)	$0	2,750,000	I	See Footnote(8)
Series A Convertible Preferred Stock	(1)	06/02/2004		C			9,280,000	(1)	(1)	Common Stock	2,474,665	$0	0	I	See Footnote(2)
Series B Convertible Preferred Stock	(2)	06/02/2004		C			5,500,000	(3)	(3)	Common Stock	1,466,665	$0	0	I	See Footnote(4)

Explanation of Responses:

1. Automatic conversion of every 3.75 shares of Series A Convertible Preferred Stock into 1 share of Common Stock upon the closing of the Issuer's initial public offering.

2. The shares are held as follows: 1,668,420 by MPM BioVentures II-QP, L.P. ("BV II QP"), 184,115 by MPM BioVentures II, L.P. ("BV II"), 34,645 by MPM Asset Management Investors 2001 LLC ("AM 2001") and 587,485 by MPM BioVentures GmbH & Co. Parallel-Beteiligungs KG ("BV KG"). MPM Asset Management II, L.P. ("AM II GP") and MPM Asset Management II LLC ("AM II LLC") are the direct and indirect general partners of BV II QP, BV II and BV KG. Luke Evnin, Ansbert Gadicke, Nicholas Galakatos, Michael Steinmetz and Kurt Wheeler are the members of AM II LLC and AM 2001. Each Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.

3. Automatic conversion of every 3.75 shares of Series B Convertible Preferred Stock into 1 share of Common Stock upon the closing of the Issuer's initial public offering.

4. The shares are held as follows: 2,657,246 by BV II QP, 293,235 by BV II, 55,178 by AM 2001 and 935,671 by BV KG. AM II GP and AM II LLC are the direct and indirect general partners of BV II QP, BV II and BV KG. Each Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.

5. The shares were purchased as follows: 240,757 by BV II QP, 26,568 by BV II, 4,999 by AM 2001 and 84,776 by BV KG. AM II GP and AM II LLC are the direct and indirect general partners of BV II QP, BV II and BV KG. Each Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.

6. The shares are held as follows: 2,898,003 by BV II QP, 319,803 by BV II, 60,177 by AM 2001 and 1,020,447 by BV KG. AM II GP and AM II LLC are the direct and indirect general partners of BV II QP, BV II and BV KG. Each Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.

7. The purchase of the Series B Convertible Preferred Stock (the "Series B") is being reported herein pursuant to Rule 16a-2(a) of the Securities Exchange Act of 1934, as amended.

8. The shares are held as follows: 1,854,050 by BV II QP, 204,600 by BV II, 38,500 by AM 2001 and 652,850 by BV KG. AM II GP and AM II LLC are the direct and indirect general partners of BV II QP, BV II and BV KG. Each Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.

	/s/ Nicholas Galakatos	04/27/2005
	** Signature of Reporting Person	Date
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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