TALPHERA, INC. — Director's Dealing 2015

May 7, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACELRX PHARMACEUTICALS INC (ACRX)
CIK: 0001427925
Period of Report: 2015-05-07

Reporting Person: EDWARDS MARK G (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-07	Common Stock	P	40000	$3.1279	Acquired	100000	Direct

Footnotes

F1: 1. The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.115 to $3.13, inclusive. The reporting person undertakes to provide to Acelrx Pharmaceuticals, Inc., any security holder of Acelrx Pharmaceuticals, Inc., or the staff of the Securities and Exchange Comission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.