SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549
                           ______________________

                                 SCHEDULE 13G*
                                (Rule 13d-102)

            INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT 
           TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED 
                              PURSUANT TO 13d-2(b)


                             Pain Therapeutics, Inc.
                               (Name of Issuer)

                                  Common Stock
                        (Title of Class of Securities)

                                    69562K100
                                  (CUSIP Number)

                               July 14, 2000
            (Date of event which requires filing of this statement)


     Check the appropriate box to designate the rule pursuant to which this 
Schedule 13G is filed:
     [ ]  Rule 13d-1(b)
     [X]  Rule 13d-1(c)
     [ ]  Rule 13d-1(d)



                           (Page 1 of 10 Pages)
________________
     *The remainder of this cover page shall be filled out for a reporting 
person's initial filing on this form with respect to the subject class of 
securities, and for any subsequent amendment containing information which 
would alter the disclosures provided in a prior cover page.

     The information required in the remainder of this cover page shall not be 
deemed to be "filed" for purposes 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 (however, see the 
Notes)

CUSIP No. 69562K100                 13G                   Page 2 of 10 Pages

____________________________________________________________________________
     (1)    NAMES OF REPORTING PERSONS 
            I.R.S. IDENTIFICATION NO. 
            OF ABOVE PERSONS (ENTITIES ONLY)
                                            Blue Ridge Limited Partnership
_____________________________________________________________________________
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** 
                                                                  (a)  [ ] 
                                                                  (b)  [X] 
_____________________________________________________________________________
     (3)    SEC USE ONLY 
_____________________________________________________________________________
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                            New York
_____________________________________________________________________________
NUMBER OF      (5)  SOLE VOTING POWER 
                                                -0-
SHARES         ______________________________________________________________

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                 1,140,270
OWNED BY       ___________________________________________________________

EACH           (7)  SOLE DISPOSITIVE POWER 
                                                -0-
REPORTING      ______________________________________________________________

PERSON WITH    (8)  SHARED DISPOSITIVE POWER 
                                                 1,140,270
_____________________________________________________________________________
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON 
                                                 1,140,270
_____________________________________________________________________________
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT 
             IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ] 
_____________________________________________________________________________
     (11)    PERCENT OF CLASS REPRESENTED 
             BY AMOUNT IN ROW (9)           
                                                4.4%
_____________________________________________________________________________
     (12)    TYPE OF REPORTING PERSON **
                                                 PN
_____________________________________________________________________________
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>

CUSIP No. 69562K100                 13G                   Page 3 of 10 Pages

____________________________________________________________________________
     (1)    NAMES OF REPORTING PERSONS 
            I.R.S. IDENTIFICATION NO. 
            OF ABOVE PERSONS (ENTITIES ONLY)
                           Blue Ridge Private Equity Fund Limited Partnership
_____________________________________________________________________________
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** 
                                                                  (a)  [ ] 
                                                                  (b)  [X] 
_____________________________________________________________________________
     (3)    SEC USE ONLY 
_____________________________________________________________________________
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                            New York
_____________________________________________________________________________
NUMBER OF      (5)  SOLE VOTING POWER 
                                                -0-
SHARES         ______________________________________________________________

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                 40,000
OWNED BY       ___________________________________________________________

EACH           (7)  SOLE DISPOSITIVE POWER 
                                                -0-
REPORTING      ______________________________________________________________

PERSON WITH    (8)  SHARED DISPOSITIVE POWER 
                                                 40,000
_____________________________________________________________________________
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON 
                                                 40,000
_____________________________________________________________________________
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT 
             IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ] 
_____________________________________________________________________________
     (11)    PERCENT OF CLASS REPRESENTED 
             BY AMOUNT IN ROW (9)           
                                                .2%
_____________________________________________________________________________
     (12)    TYPE OF REPORTING PERSON **
                                                 PN
_____________________________________________________________________________
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>



CUSIP No. 69562K100                 13G                    Page 4 of 10 Pages

____________________________________________________________________________
     (1)    NAMES OF REPORTING PERSONS 
            I.R.S. IDENTIFICATION NO. 
            OF ABOVE PERSONS (ENTITIES ONLY)
                                           JAG Holdings LLC
_____________________________________________________________________________
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** 
                                                                  (a)  [ ] 
                                                                  (b)  [X] 
_____________________________________________________________________________
     (3)    SEC USE ONLY 
_____________________________________________________________________________
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                           New York
_____________________________________________________________________________
NUMBER OF      (5)  SOLE VOTING POWER 
                                                -0-
SHARES         ______________________________________________________________

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                 1,180,270
OWNED BY       ___________________________________________________________

EACH           (7)  SOLE DISPOSITIVE POWER 
                                                -0-
REPORTING      ______________________________________________________________

PERSON WITH    (8)  SHARED DISPOSITIVE POWER 
                                                 1,180,270
_____________________________________________________________________________
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON 
                                                 1,180,270
_____________________________________________________________________________
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT 
             IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ] 
_____________________________________________________________________________
     (11)    PERCENT OF CLASS REPRESENTED 
             BY AMOUNT IN ROW (9)           
                                                4.6%
_____________________________________________________________________________
     (12)    TYPE OF REPORTING PERSON **
                                                 OO
_____________________________________________________________________________
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>


CUSIP No. 69562K100                 13G                    Page 5 of 10 Pages

____________________________________________________________________________
     (1)    NAMES OF REPORTING PERSONS 
            I.R.S. IDENTIFICATION NO. 
            OF ABOVE PERSONS (ENTITIES ONLY)
                                           John A. Griffin
_____________________________________________________________________________
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** 
                                                                  (a)  [ ] 
                                                                  (b)  [X] 
_____________________________________________________________________________
     (3)    SEC USE ONLY 
_____________________________________________________________________________
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                            United States
_____________________________________________________________________________
NUMBER OF      (5)  SOLE VOTING POWER 
                                                580,000
SHARES         ______________________________________________________________

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                 1,180,270
OWNED BY       ___________________________________________________________

EACH           (7)  SOLE DISPOSITIVE POWER 
                                                -0-
REPORTING      ______________________________________________________________

PERSON WITH    (8)  SHARED DISPOSITIVE POWER 
                                                 1,180,270
_____________________________________________________________________________
     (9)     AGGREGATE AMOUNT BENEFICIALLY OWNED
             BY EACH REPORTING PERSON 
                                                 1,760,270
_____________________________________________________________________________
     (10)    CHECK BOX IF THE AGGREGATE AMOUNT 
             IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ] 
_____________________________________________________________________________
     (11)    PERCENT OF CLASS REPRESENTED 
             BY AMOUNT IN ROW (9)           
                                                6.8%
_____________________________________________________________________________
     (12)    TYPE OF REPORTING PERSON **
                                                 IN
_____________________________________________________________________________
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>


CUSIP No. 69562K100                 13G                    Page 6 of 10 Pages


Item 1(a).     Name of Issuer:

     The name of the issuer is Pain Therapeutics, Inc.(the "Company").  

Item 1(b).     Address of Issuer's Principal Executive Offices:

     The Company's principal executive offices are located at 250 East Grand 
Avenue, Suite 70, South San Francisco, California  94080.

Item 2(a).     Name of Person Filing:

     This statement is filed by:
          (i) Blue Ridge Limited Partnership ("BR"), a New York limited 
              partnership with respect to the shares of Common 
              Stock directly owned by it;
         (ii) Blue Ridge Private Equity Fund Limited Partnership ("BRPE"), a 
              New York limited partnership with respect to the shares of Common 
              Stock directly owned by it;
        (iii) JAG Holdings LLC, a limited liability company 
              organized under the laws of the State of New York, 
              with respect to the shares of Common Stock directly owned by 
              BR and BRPE; and
         (iv) John A. Griffin ("Mr. Griffin"), with respect to the 
              shares of Common Stock directly owned by him, BR and BRP.

              JAG Holdings LLC does not own any shares 
              of Common Stock directly.
              The foregoing persons are hereinafter sometimes
              collectively referred to as the "Reporting Persons."

Item 2(b).     Address of Principal Business Office or, if None, Residence:

     The address of the business office of each of the Reporting Persons is 
     660 Madison Avenue, 20th floor, New York, New York 10021.

Item 2(c).     Citizenship:

     Blue Ridge Limited Partnership is a limited partnership organized under 
     the laws of the State of New York.
     Blue Ridge Private Equity Fund Limited Partnership is a limited 
     partnership organized under the laws of the State of New York.
     JAG Holdings LLC is a limited liability company organized under the laws 
     of the State of New York.
     John A. Griffin is a United States citizen.


<PAGE>


CUSIP No. 69562K100                 13G                    Page 7 of 10 Pages

Item 2(d).     Title of Class of Securities:

     Common Stock par value $[.01] per share (the "Common Stock")

Item 2(e).  CUSIP Number:     69562K100

Item 3.  If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or 
(c), check whether the person filing is a:

          (a) [ ]   Broker or dealer registered under Section 15 of the
                    Act,

          (b) [ ]   Bank as defined in Section 3(a)(6) of the Act,

          (c) [ ]   Insurance Company as defined in Section 3(a)(19) of
                    the Act,

          (d) [ ]   Investment Company registered under Section 8 of the
                    Investment Company Act of 1940,

          (e) [ ]   Investment Adviser registered under Section 203 of the
                    Investment Advisers Act of 1940,

          (f) [ ]   Employee Benefit Plan or Endowment Fund in accordance with
                    13d-1 (b)(1)(ii)(F),

          (g) [ ]   Parent Holding Company or control person in accordance 
                    with Rule 13d-1 (b)(ii)(G),

          (h) [ ]   Savings Associations as defined in Section 3(b) of the
                    Federal Deposit Insurance Act,
                   
          (i) [ ]   Church Plan that is excluded from the definition of an
                    investment company under Section 3(c)(14) of the 
                    Investment Company Act of 1940,

          (j) [ ]   Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

     If this statement is filed pursuant to 13d-1(c), check this box:  [x]


<PAGE


CUSIP No. 69562K100                 13G                    Page 8 of 10 Pages

Item 4.   Ownership.

A. Blue Ridge Limited Partnership
              (a) Amount beneficially owned: 1,140,270
              (b) Percent of class: 4.4%  The percentages used herein and in
                  the rest of Item 4 are calculated based upon there being 
                  25,827,142 shares of Common Stock outstanding as of
                  July 14, 2000, as reported in the Form S-8 filed by the
                  Company with the Securities and Exchange Commission (the 
                  "Commission") on July 18, 2000.
              (c)(i) Sole power to vote or direct the vote: -0-
                (ii) Shared power to vote or direct the vote: 1,140,270
               (iii) Sole power to dispose or direct the disposition: -0-
                (iv) Shared power to dispose or direct the disposition: 
                     1,140,270

B. Blue Ridge Private Equity Limited Partnership
              (a) Amount beneficially owned: 40,000
              (b) Percent of class: .2%  
              (c)(i) Sole power to vote or direct the vote: -0-
                (ii) Shared power to vote or direct the vote: 40,000
               (iii) Sole power to dispose or direct the disposition: -0-
                (iv) Shared power to dispose or direct the disposition: 
                     40,000
C. JAG Holdings LLC
              (a) Amount beneficially owned: 1,180,270
              (b) Percent of class: 4.6%  
              (c)(i) Sole power to vote or direct the vote: -0-
                (ii) Shared power to vote or direct the vote: 1,180,270
               (iii) Sole power to dispose or direct the disposition: -0-
                (iv) Shared power to dispose or direct the disposition: 
                     1,180,270

D. John A. Griffin
              (a) Amount beneficially owned: 1,760,270
              (b) Percent of class: 6.8% 
              (c)(i) Sole power to vote or direct the vote: 580,000
                (ii) Shared power to vote or direct the vote: 1,760,270
               (iii) Sole power to dispose or direct the disposition: -0-
                (iv) Shared power to dispose or direct the disposition: 
                     1,760,27

CUSIP No. 69562K100                 13G                    Page 9 of 10 Pages

Item 10.  Certification.

     Each of the Reporting Persons hereby makes the following certification:

          By signing below I certify that, to the best of my knowledge and 
belief, the securities referred to above were not acquired and are not held 
for the purpose of or with the effect of changing or influencing the control 
of the issuer of the securities and were not acquired and are not held in 
connection with or as a participant in any transaction having that purpose or 
effect.

<PAGE>

CUSIP No. 69562K100                   13G                 Page 10 of 10 Pages

SIGNATURES
       After reasonable inquiry and to the best of our knowledge and belief, 
the undersigned certify that the information set forth in this statement is 
true, complete and correct.

DATED:  July 21, 2000

                           Blue Ridge Limited Partnership
                           By:  JAG Holdings LLC,
                           General Partner

                           Blue Ridge Private Equity Fund Limited Partnership
                           By:  JAG Holdings LLC,
                           General Partner

                           By:  /s/ John A. Griffin
                           John A. Griffin
                           Managing Member

                           JAG Holdings LLC


                           By:  /s/ John A. Griffin
                           John A. Griffin
                           Managing Member

                          John A. Griffin, individually


                          /s/ John A. Griffin
                          John A. Griffin