TALPHERA, INC. — Director's Dealing 2014

Jul 21, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACELRX PHARMACEUTICALS INC (ACRX)
CIK: 0001427925
Period of Report: 2014-07-17

Reporting Person: Hamel Lawrence G (Chief Development Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-07-17	Common Stock	A	3962	$1.20	Acquired	65353	Direct
2014-07-17	Common Stock	A	1000	$9.57	Disposed	64353	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-07-17	Stock Option (Right to Buy)	$1.20	D	3962	Disposed	2017-12-05	Common Stock (3962)	Direct

Footnotes

F1: Pursuant to Optionee's 10b-5 Plan

F2: Option vests 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 36 months.