TALPHERA, INC. — Director's Dealing 2011

Feb 10, 2011

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: ACELRX PHARMACEUTICALS INC (ACRX)
CIK: 0001427925
Period of Report: 2011-02-10

Reporting Person: WELCH JAMES H (Chief Financial Officer)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$5.32	2020-11-04	Common Stock (125000)		Direct

Footnotes

F1: The shares subject to the option vest as follows: 1/4 of the shares to the option vest on September 30, 2011 with the remaining shares subject to the option vesting on an equal monthly basis over the following 36 months.

F2: Reflects a 1-for-4 reverse stock split of the Company's issued an outstanding securities effective January 28, 2011.