TALPHERA, INC. — Director's Dealing 2012

Jul 26, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACELRX PHARMACEUTICALS INC (ACRX)
CIK: 0001427925
Period of Report: 2012-07-24

Reporting Person: NOHRA GUY P (Director, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-07-24	Stock Option (right to buy)	$3.11	A	12500	Acquired	2022-07-23	Common Stock (12500)	Direct

Footnotes

F1: The shares of common stock underlying this stock option vest and become exercisable in 24 equal monthly installments over two years following the date of grant, subject to the director's continuing service on the board of directors of the Issuer on those dates.