Schedule 13G

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares

Not Applicable

Percent of Class Represented by Amount in Row (9)

6.42%

Type of Reporting Person

IN

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HB++r0dMqH+ayl5w5yxjBcHbZeqgAz5eMWg/Pvn7IV25/kfavrSeAUermApe+dSF RISHVmzNG2Gnrz4ij8eWYg== 0001193125-11-035530.txt : 20110214 0001193125-11-035530.hdr.sgml : 20110214 20110214184307 ACCESSION NUMBER: 0001193125-11-035530 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20110214 DATE AS OF CHANGE: 20110214 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ESHELMAN FREDRIC N CENTRAL INDEX KEY: 0001033409 FILING VALUES: FORM TYPE: SC 13G MAIL ADDRESS: STREET 1: PPD INC STREET 2: 929 NORTH FRONT STREET CITY: WILMINGTON STATE: NC ZIP: 28401 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Furiex Pharmaceuticals, Inc. CENTRAL INDEX KEY: 0001484478 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 271197863 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-85529 FILM NUMBER: 11609420 BUSINESS ADDRESS: STREET 1: 3900 PARAMOUNT PARKWAY STREET 2: SUITE 150 CITY: MORRISVILLE STATE: NC ZIP: 27560 BUSINESS PHONE: 919-456-7800 MAIL ADDRESS: STREET 1: 3900 PARAMOUNT PARKWAY STREET 2: SUITE 150 CITY: MORRISVILLE STATE: NC ZIP: 27560 FORMER COMPANY: FORMER CONFORMED NAME: PPD Therapeutics, Inc. DATE OF NAME CHANGE: 20100218 SC 13G 1 dsc13g.htm SCHEDULE 13G Schedule 13G

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

Furiex Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

36106P101

(CUSIP Number)

December 31, 2010

(Date of Event Which Requires Filing of this Statement)

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

¨ Rule 13d-1(b)

¨ Rule 13d-1(c)

x Rule 13d-1(d)

The remainder of this cover page shall be filled out for a reporting person’s initial filing of 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 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act.

CUSIP No. 36106P101

Page 2 of 5


1.	Name of Reporting Person I.R.S. Identification No. of Above Person (Entities Only) Fredric N. Eshelman
2.	Check the Appropriate Box if a Member of a Group (a) ¨ (b) ¨ Not Applicable
3.	SEC Use Only
4.	Citizenship or Place of Organization United States
Number of Shares Beneficially Owned By Each Reporting Person with		5.	Sole Voting Power 592,427
		6.	Shared Voting Power 41,806
		7.	Sole Dispositive Power 592,427
		8.	Shared Dispositive Power 41,806
9.	Aggregate Amount Beneficially Owned by Each Reporting Person 634,233

CUSIP No. 36106P101

Page 3 of 5

Item 1

(a)

Name of Issuer

Furiex Pharmaceuticals, Inc.

Item 1

(b)

Address of Issuer’s Principal Executive Offices

3900 Paramount Parkway, Suite 150, Morrisville, NC 27560

Item 2

(a)

Name of Person Filing

Fredric N. Eshelman

Item 2

(b)

Address of Principal Business Office, or if none, Residence

929 North Front Street, Wilmington, NC 28401

Item 2

(c)

Citizenship

United States

Item 2

(d)

Title of Class of Securities

Common Stock

Item 2

(e)

CUSIP Number

36106P101

Item 3.

Filing pursuant to Rules 13d-1(b) or 13d-2(b) or (c)

Not Applicable

CUSIP No. 36106P101

Page 4 of 5


Item 4.	Ownership

	(a)	Amount beneficially owned:

		634,233 shares includes 591,489 shares directly held by the Reporting Person; 41,666 shares held in a grantor retained annuity trust; 938 shares held in Elk Mountain Consulting, LLC, a member-managed limited liability company, Iron Bar Holdings, LLC, member, itself a manager-managed LLC, sole member and manager Fredric N. Eshelman; and 140 shares held by the Reporting Person’s spouse.

	(b)	Percent of class:

		6.42%

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

		The Reporting Person has sole voting and dispositive power of 591,489 shares. The Reporting Person has shared voting and dispositive power over the 938 shares held by Elk Mountain Consulting, LLC and the Reporting Person may be deemed to have shared voting and dispositive powers as to the 140 shares held by his spouse and the 41,666 shares held by the grantor retained annuity trust.

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

	Not Applicable

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

	Not Applicable

CUSIP No. 36106P101

Page 5 of 5

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: February 14, 2011

Fredric N. Eshelman

/s/ Alexander M. Donaldson

Signature

Attorney-in-Fact

Title

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