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UNITED STATES
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): February 19, 2009

ATHEROGENICS, INC.
(Exact Name of Registrant as Specified in its Charter)

Georgia 0-31261 58-2108232

(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)

8995 Westside Parkway

Alpharetta, GA 30009
(Address of principal executive offices)

Registrant's telephone number, including area code (678) 336-2500

_________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events

AtheroGenics, Inc. (the “Company”) is required to file monthly operating reports in the United States Bankruptcy Court for the
Northern District of Georgia (the “Bankruptcy Court”). On February 19, 2009, the Company filed its monthly operating report for the month
ended January 31, 2009 with the Bankruptcy Court. Selected financial information for the month of January included in the monthly operating
report (the “Selected Financial Information”) is attached hereto as Exhibit 99.1.

The information contained in the Selected Financial Information is preliminary and subject to revision, and the Company cautions readers not
to place undue reliance upon this information. The Selected Financial Information is unaudited, in a format prescribed by applicable
bankruptcy laws, and has not been prepared in conformity with generally accepted accounting principles. The information in the Selected
Financial Information might not be indicative of the Company’s financial condition or operating results for the period that would be reflected in
the Company’s financial statements or in a periodic report filed pursuant to the Securities Exchange Act of 1934, as amended. The information
set forth in the Selected Financial Information should not be viewed as indicative of future results and should not be used for investment
purposes.

Item 9.01. Financial Statements and Exhibits.

The following exhibit is furnished as part of this current report on Form 8-K.

Exhibit No. Description

99.1 – Selected Financial Information

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SIGNATURE

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.

ATHEROGENICS, INC.

Date: February 20, 2009 By: /s/MARK P. COLONNESE

Mark P. Colonnese
Executive Vice President, Commercial Operations
and Chief Financial Officer
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EXHIBIT INDEX

Exhibit No. Description

99.1 – Selected Financial Information

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EXHIBIT 99.1

ATHEROGENICS, INC.
(Debtor-in-Possession)
BALANCE SHEET
January 31, 2009
(Unaudited)

Assets
Current assets:
Cash and cash equivalents $ 48,997,416
Prepaid expenses 492,510
Interest receivable and other current assets 28,958
Total current assets 49,518,884

Equipment and leasehold improvements, net of accumulated depreciation

and amortization 898,288
Total assets $ 50,417,172

Liabilities and Shareholders' Deficit

Current liabilities:
Accounts payable $ 360,727
Accrued compensation 159,649
Accrued and other liabilities 157,042
Total current liabilities not subject to compromise 677,418

Prepetition liabilities 306,689,386

Shareholders' deficit
Common stock 218,861,985
Warrants 598,172
Accumulated deficit (476,409,789)
Total shareholders' deficit (256,949,632)
Total liabilities and shareholders' deficit $ 50,417,172
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ATHEROGENICS, INC.
(Debtor-in-Possession)
STATEMENT OF OPERATIONS
For the month ended January 31, 2009
(Unaudited)

$
Revenues —

Operating expenses (1):

Research and development 644,918
General and administrative 411,195
Total operating expenses 1,056,113

Operating loss (1,056,113)

Interest and other income —
Interest expense —
Net loss before reorganization items (1,056,113)

Reorganization items, net (202,342)

$
Net loss (1,258,455)

Net loss per share –

$
basic and diluted (0.03)

Weighted average shares

outstanding – basic and diluted 39,518,492

(1) Operating expenses include non-cash depreciation expense of $195,038.

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