EXHIBIT 10.20(a)

                   REVOLVING PROMISSORY NOTE

$5,000,000                                       Atlanta, Georgia
                                                    March 6, 2002

     FOR  VALUE RECEIVED, the undersigned, ATHEROGENICS, INC.,  a
Georgia corporation ("Borrower") promises to pay to the order  of
Silicon  Valley  Bank, a California-chartered bank  ("Bank"),  at
such place as the holder hereof may designate, in lawful money of
the  United  States  of America, the aggregate  unpaid  principal
amount  of all advances ("Advances") made by Bank to Borrower  in
accordance with the terms and conditions of the Loan and Security
Agreement  between  Borrower and Bank of even date  herewith,  as
amended from time to time (the "Loan Agreement"), up to a maximum
principal amount of Five Million Dollars ($5,000,000) ("Principal
Sum"),  or  so much thereof as may be advanced or readvanced  and
remains  unpaid.   Borrower  shall  also  pay  interest  on   the
aggregate unpaid principal amount of such Advances, as follows:

     Commencing  as  of  the  date hereof  and  continuing  until
repayment in full of all sums due hereunder, the unpaid Principal
Sum  shall  bear interest at the variable rate of  interest,  per
annum,  most  recently  announced by Bank as  its  "prime  rate,"
whether  or not such announced rate is the lowest rate  available
from  Bank  (the  "Prime Rate"), plus one and  one  half  of  one
percent (1.5%) per annum; provided that at all times during which
Borrower's  Liquidity is less than two and one half  (2.5)  times
the  outstanding  amount  of all Credit  Extensions  or  Borrower
maintains less than six (6) months Remaining Months Liquidity, as
determined  pursuant to the financial statements to be  delivered
to  Bank  pursuant to Section 6.2(a) of the Loan Agreement,  then
the  unpaid  Principal Sum at all such times shall  automatically
and  without notice to Borrower bear interest at the Prime  Rate,
plus  two  percent (2%) per annum.  The rate of interest  charged
under  this  Note  shall change immediately and contemporaneously
with  any  change in the Prime Rate.  All interest payable  under
the terms of this Note shall be calculated on the basis of a 360-
day year and the actual number of days elapsed.

     The unpaid Principal Sum, together with interest thereon  at
the rate or rates provided above, shall be payable as follows:

          (a)  Interest only on the unpaid principal amount shall
be  due and payable monthly in arrears, commencing April 1, 2002,
and  continuing  on  the first (1st) day of each  calendar  month
thereafter to maturity; and

          (b)   Unless  sooner  paid, the unpaid  Principal  Sum,
together with interest accrued and unpaid thereon, shall  be  due
and payable in full on September 5, 2004.

     The  fact that the balance hereunder may be reduced to  zero
from  time to time pursuant to the Loan Agreement will not affect
the  continuing validity of this Note or the Loan Agreement,  and
the  balance may be increased to the Principal Sum after any such
reduction to zero.

     Borrower  further  agrees  that,  if  any  payment  made  by
Borrower  or any other person is applied to this Note and  is  at
any time annulled, set aside, rescinded, invalidated, declared to
be  fraudulent  or  preferential  or  otherwise  required  to  be
refunded  or  repaid, or the proceeds of any  property  hereafter
securing  this  Note  is  required to  be  returned  by  Bank  to
Borrower,  its  estate, trustee, receiver  or  any  other  party,
including,   without   limitation,  such  Borrower,   under   any
bankruptcy  law,  state or federal law, common law  or  equitable
cause,  then,  to  the  extent  of  such  payment  or  repayment,
Borrower's  liability hereunder (and any lien, security  interest
or  other collateral securing such liability) shall be and remain
in  full force and effect, as fully as if such payment had  never
been  made, or, if prior thereto any such lien, security interest
or  other  collateral  hereafter  securing  Borrower's  liability
hereunder  shall have been released or terminated  by  virtue  of
such  cancellation  or  surrender,  this  Note  (and  such  lien,
security  interest or other collateral) shall  be  reinstated  in
full  force and effect, and such prior cancellation or  surrender
shall  not  diminish,  release, discharge,  impair  or  otherwise
affect  the obligations of Borrower in respect of the  amount  of
such  payment (or any lien, security interest or other collateral
securing such obligation).

     This  Note  is the "Revolving Promissory Note" described  in
the  Loan Agreement, to which reference is hereby made for a more
complete  statement of the terms and conditions under  which  the
loans  and  advances  evidenced hereby are  made.  This  Note  is
secured as provided in the Loan Agreement.  All capitalized terms
used  herein  and  not otherwise defined herein  shall  have  the
meanings given to such terms in the Loan Agreement.

     Borrower   irrevocably  waives  the  right  to  direct   the
application  of  any  and  all payments  at  any  time  hereafter
received  by  Bank  from  or on behalf of Borrower  and  Borrower
irrevocably agrees that Bank shall have the continuing  exclusive
right to apply any and all such payments against the then due and
owing obligations of Borrower as Bank may deem advisable.  In the
absence of a specific determination by Bank with respect thereto,
all  payments shall be applied in the following order:  (a)  then
due  and  payable  fees and expenses; (b) then  due  and  payable
interest payments and mandatory prepayments; and (c) then due and
payable principal payments and optional prepayments.

     Bank  is hereby authorized by Borrower to endorse on  Bank's
books  and records each Advance made by Bank under this Note  and
the  amount  of each payment or prepayment of principal  of  each
such Advance received by Bank; it being understood, however, that
failure  to make any such endorsement (or any error in  notation)
shall  not  affect the obligations of Borrower  with  respect  to
Advances  made hereunder, and payments of principal  by  Borrower
shall be credited to Borrower notwithstanding the failure to make
a  notation (or any errors in notation) thereof on such books and
records.

     The  occurrence  of any one or more of the following  events
shall constitute an event of default (individually, an "Event  of
Default"  and  collectively, the "Events of Default")  under  the
terms of this Note:

          (a)   The  failure of Borrower to pay  to  Bank  within
three  (3) Business Days of when due any and all amounts  payable
by Borrower to Bank under the terms of this Note; or

          (b)   The occurrence of an Event of Default (as defined
therein) under the terms and conditions of any of the other  Loan
Documents.

     Upon  the occurrence and during the continuance of an  Event
of  Default,  at  the  option of Bank,  all  amounts  payable  by
Borrower  to  Bank under the terms of this Note shall immediately
become  due  and  payable by Borrower to Bank without  notice  to
Borrower  or  any other person, and Bank shall have  all  of  the
rights,  powers, and remedies available under the terms  of  this
Note,  any  of the other Loan Documents and all applicable  laws.
Borrower and all endorsers, guarantors, and other parties who may
now  or in the future be primarily or secondarily liable for  the
payment  of  the  indebtedness  evidenced  by  this  Note  hereby
severally  waive  presentment,  protest  and  demand,  notice  of
protest, notice of demand and of dishonor and non-payment of this
Note  and expressly agree that this Note or any payment hereunder
may  be  extended from time to time without in any way  affecting
the liability of Borrower, guarantors and endorsers.

     Borrower promises to pay all costs and expense of collection
of  this  Note and to pay all reasonable attorneys' fees incurred
in  such collection, whether or not there is a suit or action, or
in  any  suit  or action to collect this Note or  in  any  appeal
thereof.  Borrower waives presentment, demand, protest, notice of
protest,  notice of dishonor, notice of nonpayment, and  any  and
all  other  notices and demands in connection with the  delivery,
acceptance, performance default or enforcement of this  Note,  as
well as any applicable statutes of limitations.  No delay by Bank
in  exercising any power or right hereunder shall  operate  as  a
waiver  of any power or right.  Time is of the essence as to  all
obligations hereunder.

     This  Note  is issued pursuant to the Loan Agreement,  which
shall  govern the rights and obligations of Borrower with respect
to all obligations hereunder.

     Borrower  acknowledges and agrees that this  Note  shall  be
governed by the laws of the State of Georgia, excluding conflicts
of  laws principles, even though for the convenience and  at  the
request of Borrower, this Note may be executed elsewhere.

     BORROWER  ACCEPTS  FOR  ITSELF AND IN  CONNECTION  WITH  ITS
PROPERTIES,  UNCONDITIONALLY, THE NON-EXCLUSIVE  JURISDICTION  OF
ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE
OF  GEORGIA  IN  ANY  ACTION, SUIT, OR PROCEEDING  OF  ANY  KIND,
AGAINST  IT  WHICH ARISES OUT OF OR BY REASON OF THIS  AGREEMENT;
PROVIDED,  HOWEVER,  THAT  IF FOR ANY REASON  BANK  CANNOT  AVAIL
ITSELF OF THE COURTS OF GEORGIA, BORROWER ACCEPTS JURISDICTION OF
THE COURTS AND VENUE IN SANTA CLARA COUNTY, CALIFORNIA.  BORROWER
AND  BANK  EACH HEREBY WAIVE THEIR RESPECTIVE RIGHTS  TO  A  JURY
TRIAL  OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING  OUT
OF  ANY  OF  THE  LOAN DOCUMENTS  OR  ANY  OF  THE  TRANSACTIONS
CONTEMPLATED  THEREIN, INCLUDING CONTRACT  CLAIMS,  TORT  CLAIMS,
BREACH  OF  DUTY  CLAIMS, AND ALL OTHER COMMON LAW  OR  STATUTORY
CLAIMS.   EACH  PARTY  RECOGNIZES AND AGREES THAT  THE  FOREGOING
WAIVER  CONSTITUTES A MATERIAL INDUCEMENT FOR IT  TO  ENTER  INTO
THIS  AGREEMENT.  EACH PARTY REPRESENTS AND WARRANTS THAT IT  HAS
REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY
AND   VOLUNTARILY   WAIVES  ITS  JURY  TRIAL   RIGHTS   FOLLOWING
CONSULTATION WITH LEGAL COUNSEL.


            [SIGNATURES APPEAR ON THE FOLLOWING PAGE]





     IN  WITNESS  WHEREOF, Borrower has caused this  Note  to  be
executed under seal by its duly authorized officer as of the date
first written above.


WITNESS/ATTEST:               ATHEROGENICS, INC.



/s/CHARLES A. DEIGNAN         By:  /s/MARK P. COLONNESE (SEAL)
                              Name:  Mark P. Colonnese
                              Title:  Chief Financial Officer
                                         and Secretary