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: 2012-07-26

Reporting Person: WAN MARK A (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	Disposed	2022-07-23	Common Stock (12500)	Direct

Footnotes

F1: The shares subject to the option will vest monthly over two years, with the first options vested and exercisable on August 24, 2012.