JOHNSON & JOHNSON — Director's Dealing 2004

Jun 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CRITICAL THERAPEUTICS INC (CRTX)
CIK: 0001145404
Period of Report: 2004-06-02

Reporting Person: JOHNSON & JOHNSON (10% Owner)
Reporting Person: JOHNSON & JOHNSON DEVELOPMENT CORP ET AL (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-06-02	Common Stock	C	1961904	—	Acquired	1961904	Indirect
2004-06-02	Common Stock	P	142800	$7.00	Acquired	2104704	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-06-02	Series A Preferred Stock	$	C	2000000	Disposed		Common Stock (533333)	Indirect
2004-06-02	Series B Preferred Stock	$	C	5357143	Disposed		Common Stock (1428571)	Indirect

Footnotes

F1: All of the preferred stock was automatically converted on a 1-for-3.75 basis into Common Stock of the Issuer upon the closing of the Issuer's initial public offering.

F2: The securities reported as being indirectly beneficially owned by the Reporting Person are directly beneficially owned by Johnson & Johnson Development Corporation, a wholly-owned subsidiary of the Reporting Person.