Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
WAN MARK A
   2. Issuer Name and Ticker or Trading Symbol
ACELRX PHARMACEUTICALS INC [ACRX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
3200 ALPINE ROAD		 3. Date of Earliest Transaction (Month/Day/Year)
05/29/2012
(Street)

PORTOLA VALLEY, CA 94028		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/29/2012   P   67,543 A $ 3.4 3,704,712 I See Footnote (1) (1)
Common Stock 05/29/2012   P   3,631 A $ 3.4 199,174 I See Footnote (2) (2)
Common Stock 05/29/2012   P   208,911 A $ 3.4 3,958,829 I See Footnote (3) (3)
Common Stock 05/29/2012   P   4,613 A $ 3.4 87,408 I See Footnote (4) (4)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Warrant to purchase Common Stock $ 3.4 05/29/2012   P   60,789   11/29/2012 11/29/2017 Common Stock 60,789 $ 0.125 60,789 I See Footnote (1) (1)
Warrant to purchase Common Stock $ 3.4 05/29/2012   P   3,268   11/29/2012 11/29/2017 Common Stock 3,268 $ 0.125 3,268 I See Footnote (2) (2)
Warrant to purchase Common Stock $ 3.4 05/29/2012   P   188,020   11/29/2012 11/29/2017 Common Stock 188,020 $ 0.125 188,020 I See Footnote (3) (3)
Warrant to purchase Common Stock $ 3.4 05/29/2012   P   4,151   11/29/2012 11/29/2017 Common Stock 4,151 $ 0.125 4,151 I See Footnote (4) (4)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
WAN MARK A
3200 ALPINE ROAD
PORTOLA VALLEY, CA 94028		   X   X    
JAEGER WILFRED E
3200 ALPINE DRIVE
PORTOLA VALLEY, CA 94028		     X    
THREE ARCH PARTNERS III LP
3200 ALPINE DRIVE
PORTOLA VALLEY, CA 94028		     X    
THREE ARCH ASSOCIATES III LP
3200 ALPINE ROAD
PORTOLA VALLEY, CA 94028		     X    
THREE ARCH PARTNERS L P
3200 ALPINE ROAD
PORTOLA VALLEY, CA 94028		     X    
THREE ARCH ASSOCIATES L P
3200 ALPINE ROAD
PORTOLA VALLEY, CA 94028		     X    

Signatures

 /s/ Steve Agelopoulos, Attorney-in-Fact   05/31/2012
**Signature of Reporting Person Date
 /s/ Steve Agelopoulos, Attorney-in-Fact   05/31/2012
**Signature of Reporting Person Date
 /s/ Steve Agelopoulos, Attorney-in-Fact   05/31/2012
**Signature of Reporting Person Date
 /s/ Steve Agelopoulos, Attorney-in-Fact   05/31/2012
**Signature of Reporting Person Date
 /s/ Steve Agelopoulos, Attorney-in-Fact   05/31/2012
**Signature of Reporting Person Date
 /s/ Steve Agelopoulos, Attorney-in-Fact   05/31/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The shares are held by Three Arch Partners III, L.P. ("TAP III"). Three Arch Management III, L.L.C. ("TAM III"), the general partner of TAP III, has sole voting and dispositive power with respect to the securities held by TAP III. Mark A. Wan and Wilfred Jaeger, the managing members of TAM III, share the voting and dispositive power with respect to the shares hld by TAP III. Such persons and entities disclaim beneficial ownership of the shares held by TAP III except to the extent of any pecuniary interest therein.
(2) The shares are held by Three Arch Associates III, L.P. ("TAA III"). TAM III, the general partner of TAA III, has sole voting and dispositive power with respect to the securities held by TAA III. Mark A. Wan and Wilfred Jaeger, the managing members of TAM III, share the voting and dispositive power with respect to the shares hld by TAA III. Such persons and entities disclaim beneficial ownership of the shares held by TAA III except to the extent of any pecuniary interest therein.
(3) The shares are held by Three Arch Partners IV, L.P. ("TAP IV"). Three Arch Management IV, L.L.C. ("TAM IV"), the general partner of TAP IV, has sole voting and dispositive power with respect to the securities held by TAP IV. Mark A. Wan and Wilfred Jaeger, the managing members of TAM IV, share the voting and dispositive power with respect to the shares hld by TAP IV. Such persons and entities disclaim beneficial ownership of the shares held by TAP IV except to the extent of any pecuniary interest therein.
(4) The shares are held by Three Arch Associates IV, L.P. ("TAA IV"). TAM IV, the general partner of TAA IV, has sole voting and dispositive power with respect to the securities held by TAA IV. Mark A. Wan and Wilfred Jaeger, the managing members of TAM IV, share the voting and dispositive power with respect to the shares hld by TAA IV. Such persons and entities disclaim beneficial ownership of the shares held by TAA IV except to the extent of any pecuniary interest therein.

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