SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported): April 30, 2003

                               PHARMANETICS, INC.
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             (Exact name of Registrant as specified in its charter)


                                 North Carolina
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                 (State or other jurisdiction of incorporation)


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

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


Registrant's telephone number, including area code    (919) 582-2600
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                                       NA
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          (Former name or former address, if changed since last report)



Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

     (c) Exhibits

     Exhibit No.      Description
     -----------      -----------

     99.1             Press release dated April 30, 2003 of PharmaNetics, Inc.
                      (the "Company"), announcing its operating and financial
                      results for the quarter ended March 31, 2003.


Item 9. Regulation FD Disclosure.

     On April 30, 2003, the Company issued a press release announcing its
operating and financial results for the quarter ended March 31, 2003. A copy of
the press release is attached hereto as Exhibit 99.1 and is incorporated herein
in its entirety by reference.

     The information furnished in this Item 9 (which is being furnished under
Item 12) shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that section, nor shall such information be deemed incorporated
by reference in any filing under the Securities Act of 1933, as amended, except
as shall be expressly set forth by specific release in such a filing.



                                   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.

                                  PharmaNetics, Inc.


Date: April 30, 2003              By:   /s/ John P. Funkhouser
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                                  Name:     John P. Funkhouser
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                                  Title: President and Chief Executive Offficer
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