Dare Bioscience, Inc. — Director's Dealing 2014

May 19, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Cerulean Pharma Inc. (CERU)
CIK: 0001401914
Period of Report: 2014-05-16

Reporting Person: FETZER OLIVER (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-16	Common Stock	M	30000	$3.34	Acquired	30000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-16	Stock Option (right to buy)	$3.34	M	30000	Disposed	2021-01-27	Common Stock (30000)	Direct

Footnotes

F1: This option was granted on February 4, 2011. This option vested as to 25% of the underlying shares on December 31, 2011, and vests as to an additional 2.08333% of the shares monthly thereafter through and including December 31, 2014.