TALPHERA, INC. — Director's Dealing 2015

May 20, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACELRX PHARMACEUTICALS INC (ACRX)
CIK: 0001427925
Period of Report: 2015-05-19

Reporting Person: Rosen Howard B (Director, Intermin CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-19	Common Stock	P	35400	—	Acquired	39794	Direct

Footnotes

F1: These shares were bought in multiple transactions at prices ranging from $3.27 to $3.36, 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.