TALPHERA, INC. — Director's Dealing 2014

Mar 11, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACELRX PHARMACEUTICALS INC (ACRX)
CIK: 0001427925
Period of Report: 2014-03-07

Reporting Person: HOFFMAN STEPHEN J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-07	Common Stock	J	1300000	—	Disposed	2871933	Indirect

Footnotes

F1: Represents a pro-rata in-kind distribution by Skyline Venture Partners Qualified Purchaser Fund IV, L.P. ("SVP IV") without consideration to its limited and general partners.

F2: The shares are held by SVP IV. The reporting person is a member of Skyline Venture Management IV, LLC, which serves as the sole general partner of SVP IV, and may be deemed to share voting and dispositive power over the shares held by SVP IV, however, the reporting person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.