Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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 *
  Gumbiner Barry
 2. Date of Event Requiring Statement (Month/Day/Year)
11/12/2008		 3. Issuer Name and Ticker or Trading Symbol
METABASIS THERAPEUTICS INC [MBRX]
(Last)
(First)
(Middle)
11119 NORTH TORREY PINES ROAD		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
VP Clinical Development & CMO
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

LA JOLLA, CA 92037		 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 Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 6,891 (1)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy)   (2) 09/29/2016 Common Stock 50,000 $ 5.85 D  
Stock Option (right to buy)   (2) 03/21/2017 Common Stock 27,875 $ 7.24 D  
Stock Option (right to buy)   (2) 02/01/2018 Common Stock 27,875 $ 2.46 D  
Stock Option (right to buy)   (3) 02/01/2018 Common Stock 11,708 $ 2.46 D  
Stock Option (right to buy_   (2) 04/01/2018 Common Stock 5,575 $ 2.12 D  
Stock Option (right to buy)   (4) 08/01/2018 Common Stock 17,290 $ 1.35 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Gumbiner Barry
11119 NORTH TORREY PINES ROAD
LA JOLLA, CA 92037		       VP Clinical Development & CMO  

Signatures

Barry Gumbiner 11/13/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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) Shares acquired pursuant to the Company's Employee Stock Purchase Plan
(2) Options are immediately exercisable. Shares vest at 25% on the first anniversary of the grant date, and the remaining shares vest in equal monthly installments over the following three years.
(3) Options are immediately exerciseable. The shares vest on the second anniverary of the grant date.
(4) The shares vest in 24 equal monthly installments from the grant date.

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