HERON THERAPEUTICS, INC. /DE/ — Director's Dealing 2012

May 31, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AP PHARMA INC /DE/ (APPA)
CIK: 0000818033
Period of Report: 2012-05-29

Reporting Person: TANG KEVIN C (Director, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-29	Non-Qualified Stock Option (right to buy)	$0.58	A	500000	Acquired	2022-05-29	Common Stock (500000)	Direct

Footnotes

F1: Options will vest 1/12 of the underlying shares monthly so that the options are fully vested on the earlier of one year from the grant date or the day immediately prior to the next annual meeting.