SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

KEYSER D JEFFREY

(Last)

(First)

(Middle)

4848 LOOP CENTRAL DRIVE, SUITE 700

(Street)

HOUSTON

77081

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/08/2007

3. Issuer Name and Ticker or Trading Symbol
ENCYSIVE PHARMACEUTICALS INC [ ENCY ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	V.P., Regulatory Affairs

5. If Amendment, Date of Original Filed (Month/Day/Year)

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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	39,467	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Incentive Stock Option (right to buy)	⁽¹⁾	04/05/2014	Common Stock	27,546	$10.89	D
Non-Qualified Stock Option (right to buy)	⁽²⁾	04/05/2014	Common Stock	57,454	$10.89	D
Incentive Stock Option (right to buy)	03/01/2008	03/01/2015	Common Stock	9,074	$11.02	D
Non-Qualified Stock Option (right to buy)	⁽³⁾	03/01/2015	Common Stock	22,426	$11.02	D
Non-Qualified Stock Option (right to buy)	⁽⁴⁾	03/02/2016	Common Stock	25,161	$8.85	D
Incentive Stock Option (right to buy)	⁽⁵⁾	03/14/2017	Common Stock	10,228	$2.995	D
Non-Qualified Stock Option (right to buy)	11/30/2008	03/14/2017	Common Stock	10,227	$2.995	D

Explanation of Responses:

1. Options vest in three equal amounts with the first portion vesting on 04/05/2005, the second portion vesting on 04/05/2006 and the final portion vesting on 04/05/2007.

2. Options vest in three amounts with 19,152 options vesting on 04/05/2005, 19,151 options vesting on 04/05/2006 and the final 19,151 options vesting on 04/05/2007.

3. Options vest in three amounts with 10,500 options vesting on 03/01/2006, 10,500 options vesting on 03/01/2007 and the final 1,426 options vesting on 03/01/2008.

4. Stock option grant will vest in two installments; the first portion of 12,581 options vesting on 11/30/2007 and the second portion of 12,580 options vesting on 11/30/2008.

5. Stock option grant will vest in two installments; the first portion of 1 option vesting on 11/30/2008 and the second portion of 10,227 options vesting on 11/30/2009.

Remarks:

	/s/ Paul S. Manierre, by Power of Attorney for D. Jeffrey Keyser	03/19/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.