SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~September~~October 1623, 2003

PharmaNetics, Inc.

(Exact name of registrant as specified in its charter)

North Carolina

(State or other jurisdiction of incorporation)

0-25133		56-2098302
(Commission file Number)		(IRS Employer ID Number)

9401 Globe Center Drive, Morrisville, North Carolina 27560

9401 Globe Center Drive, Morrisville, North Carolina		27560
(Address of principal executive offices)		(Zip Code)

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code 919-582-2600

(Former name or former address, if changed since last report)

Item 5.

Other Events.

On ~~September~~October 1623, 2003, PharmaNetics ~~received~~and ~~approval~~Bayer ~~from~~Corporation ~~Nasdaq~~reached an agreement to ~~transfer~~extend the ~~listing~~term of ~~its~~their ~~shares~~global ofdistribution ~~common~~agreement ~~stock~~for ~~from~~another ~~the~~year, ~~Nasdaq~~from ~~National~~December ~~Market to the Nasdaq SmallCap Market~~31, ~~expected~~2003 to ~~become~~December ~~effective as of the start of trading on or about September 24~~31, ~~2003~~2004. ~~PharmaNetics~~Pursuant ~~elected~~ to ~~transfer to~~ the ~~Nasdaq~~terms ~~SmallCap Market in order to ensure continuity~~ of ~~its Nasdaq listing, since~~ the ~~market~~global ~~value~~distribution ~~of its~~agreement, ~~common~~originally ~~stock~~entered ~~has~~into ~~fallen~~in ~~below~~1998, ~~the~~Bayer ~~$50~~serves ~~million~~as ~~requirement for continued listing on~~ the ~~Nasdaq~~distributor ~~National~~of ~~Market.~~PharmaNetics’ ~~Following the transfer~~products, ~~PharmaNetics~~including ~~common~~routine ~~stock~~and ~~will~~specialty ~~continue~~test tocards, ~~trade~~controls ~~under~~and ~~the ticker symbol PHAR~~analyzers. The ~~transfer~~prices charged to ~~the~~Bayer ~~Nasdaq~~are ~~SmallCap~~variable ~~Market~~based ~~should~~on ~~not~~purchase ~~interrupt~~volumes. ~~the~~A ~~trading~~copy of ~~PharmaNetics~~the ~~common~~amendment ~~stock.~~to ~~Investors should experience no significant differences in~~ the ~~way~~distribution ~~they~~agreement ~~obtain stock price quotes or news about PharmaNetics. The Nasdaq SmallCap Market~~ is ~~fully automated,~~filed ~~and~~as ~~provides~~an ~~real-time~~exhibit ~~trade~~to ~~reporting~~this ~~and a marketplace for more than 800 companies~~report.

Item 7.

Exhibits

10.41*

Amendment #1 to Amended and Restated Distribution Agreement, dated October 23, 2003, by and between the

Company and Bayer Corporation.

*	Confidential Treatment Requested

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: September 19, 2003 PHARMANETICS, INC. /s/ John P. Funkhouser John P. Funkhouser President and Chief Executive Officer

	PHARMANETICS, INC.

Date: October 28, 2003		/s/ John P. Funkhouser

		John P. Funkhouser President and Chief Executive Officer

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