TALPHERA, INC. — Director's Dealing 2011

Sep 28, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACELRX PHARMACEUTICALS INC (ACRX)
CIK: 0001427925
Period of Report: 2011-09-26

Reporting Person: EDWARDS MARK G (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-09-26	Stock Option (Right to Buy)	$3.25	A	15000	Acquired	2021-09-25	Common Stock (15000)	Direct

Footnotes

F1: Issued pursuant to the 2011 Equity Incentive Plan

F2: The shares subject to the option vest as follows: 1/36th of the shares subject to the option per month on an equal monthly basis over a three-year period beginning 10/26/2011.