FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * TANG KEVIN C   2. Issuer Name and Ticker or Trading Symbol INTRABIOTICS PHARMACEUTICALS INC /DE [IBPI] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 4401 EASTGATE MALL 3. Date of Earliest Transaction (Month/Day/Year) 02/24/2006 (Street) SAN DIEGO, CA 92121 4. If Amendment, Date 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 (City) (State) (Zip) 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 02/24/2006   P   22,477 A $ 3.35 22,477 I (1) By trust (1) Common Stock 02/24/2006   P   28,370 A $ 3.35 28,935 I (1) By trust (1) Common Stock 02/24/2006   P   1,319 A $ 3.35 1,319 I (1) By trust (1) Common Stock 02/24/2006   P   10,803 A $ 3.35 10,803 I (3) By profit sharing plan Common Stock 02/24/2006   P   17,442 A $ 3.35 17,442 I (4) By trust Common Stock 02/28/2006   P   10,000 A $ 3.4 27,442 I (4) By trust Common Stock               776,671 I (5) See Footnote (5) Common Stock 02/24/2006   P   15,089 A $ 3.35 15,089 D (2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities (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 of Derivative Security: 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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
TANG KEVIN C 4401 EASTGATE MALL SAN DIEGO, CA 92121	X	X

Signatures

/s/ Kevin C. Tang		02/28/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(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).
(1)	The shares are held by the reporting person as custodian for a minor child under the Uniform Transfers to Minors Act. The reporting person disclaims beneficial ownership of such securities.
(2)	The securities are owned by the reporting person's IRA.
(3)	The securities are owned by the Tang Advisors LLC Profit Sharing Plan, for which the reporting person serves as trustee and in which the reporting person is a participant. The reporting person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
(4)	The securities are owned by the Tang Family Trust, for which the reporting person serves as trustee and is a beneficiary. The reporting person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
(5)	The securities are owned by Tang Capital Partners, L.P. and Kevin C. Tang as custodian for his minor children and as trustee of the Tang Family Trust and as Trustee of the Tang Advisors LLC Profit Sharing Plan. Mr. Tang is the sole manager of Tang Capital Management, LLC, which is the general partner of Tang Capital Partners, LP. Mr. Tang disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein. The total includes 8,955 shares received by Tang Capital Partners, L.P. as a dividend from the issuer on December 31, 2005.

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