TALPHERA, INC. — Director's Dealing 2011

Sep 7, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACELRX PHARMACEUTICALS INC (ACRX)
CIK: 0001427925
Period of Report: 2011-09-06

Reporting Person: WELCH JAMES H (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-09-06	Common Stock	P	7000	$3.3197	Acquired	12000	Direct
2011-09-07	Common Stock	P	2000	$3.3941	Acquired	14000	Direct
2011-09-07	Common Stock	P	1000	$3.391	Acquired	15000	Direct

Footnotes

F1: Includes 5,000 shares purchased on August 31, 2011 under the Company's 2011 Employee Stock Purchase Plan.