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: Hamel Lawrence G (Chief Development Officer)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$1.20	2017-04-03	Common Stock (12500)		Direct
Stock Option (Right to Buy)	$1.20	2017-04-03	Common Stock (25000)		Direct
Stock Option (Right to Buy)	$1.20	2017-12-05	Common Stock (18750)		Direct
Stock Option (Right to Buy)	$5.52	2019-07-01	Common Stock (12500)		Direct
Stock Option (Right to Buy)	$2.56	2020-06-15	Common Stock (62500)		Direct

Footnotes

F1: The shares subject to the option vest as follows: 1/4 of the shares subject to the option vest on December 31, 2007 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.

F3: The shares subject to the option vest as follows: 1/4 of the shares subject to the option vest on September 20, 2007 with the remaining shares subject to the option vesting on an equal monthly basis over the following 36 months.

F4: The shares subject to the option vest as follows: 1/4 of the shares subject to the option vest on December 4, 2008 with the remaining shares subject to the option vesting on an equal monthly basis over the following 36 months.

F5: The shares subject to the option vest as follows: 1/2 of the shares subject to the option vest on December 31, 2010 with the remaining shares subject to the option vesting on an equal monthly basis over the following 24 months.