SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

CHURCH KATRINA J

(Last)

(First)

(Middle)

3160 PORTER DRIVE

(Street)

PALO ALTO

94304

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CONNETICS CORP [ CNCT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP Legal Affairs, GC & Secty

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, Par Value $0.001	09/08/2006		M		10,000	A	$3.25	64,596	D
Common Stock, Par Value $0.001	09/08/2006		S		200⁽¹⁾	D	$10.43	64,396	D
Common Stock, Par Value $0.001	09/08/2006		S		100⁽¹⁾	D	$10.42	64,296	D
Common Stock, Par Value $0.001	09/08/2006		S		1,000⁽¹⁾	D	$10.41	63,296	D
Common Stock, Par Value $0.001	09/08/2006		S		3,600⁽¹⁾	D	$10.4	59,696	D
Common Stock, Par Value $0.001	09/08/2006		S		100⁽¹⁾	D	$10.38	59,596	D
Common Stock, Par Value $0.001	09/08/2006		M		30,000	A	$6.375	89,596	D
Common Stock, Par Value $0.001	09/08/2006		M		7,212	A	$4.563	96,808	D
Common Stock, Par Value $0.001	09/08/2006		S		37,212⁽¹⁾	D	$10.1498	59,596	D
Common Stock, Par Value $0.001	09/08/2006		M		12,027	A	$4.5625	71,623	D
Common Stock, Par Value $0.001	09/08/2006		S		100⁽¹⁾	D	$10.4	71,523	D
Common Stock, Par Value $0.001	09/08/2006		S		300⁽¹⁾	D	$10.38	71,223	D
Common Stock, Par Value $0.001	09/08/2006		S		400⁽¹⁾	D	$10.37	70,823	D
Common Stock, Par Value $0.001	09/08/2006		S		800⁽¹⁾	D	$10.36	70,023	D
Common Stock, Par Value $0.001	09/08/2006		S		850⁽¹⁾	D	$10.35	69,173	D
Common Stock, Par Value $0.001	09/08/2006		S		600⁽¹⁾	D	$10.34	68,573	D
Common Stock, Par Value $0.001	09/08/2006		S		300⁽¹⁾	D	$10.33	68,273	D
Common Stock, Par Value $0.001	09/08/2006		S		1⁽¹⁾	D	$10.32	68,272	D
Common Stock, Par Value $0.001	09/08/2006		S		700⁽¹⁾	D	$10.31	67,572	D
Common Stock, Par Value $0.001	09/08/2006		S		1,700⁽¹⁾	D	$10.3	65,872	D
Common Stock, Par Value $0.001	09/08/2006		S		1,200⁽¹⁾	D	$10.29	64,672	D
Common Stock, Par Value $0.001	09/08/2006		S		1,400⁽¹⁾	D	$10.28	63,272	D
Common Stock, Par Value $0.001	09/08/2006		S		1,100⁽¹⁾	D	$10.27	62,172	D
Common Stock, Par Value $0.001	09/08/2006		S		1,300⁽¹⁾	D	$10.26	60,872	D
Common Stock, Par Value $0.001	09/08/2006		S		600⁽¹⁾	D	$10.25	60,272	D
Common Stock, Par Value $0.001	09/08/2006		S		200⁽¹⁾	D	$10.24	60,072	D
Common Stock, Par Value $0.001	09/08/2006		S		100⁽¹⁾	D	$10.23	59,972	D
Common Stock, Par Value $0.001	09/08/2006		S		100⁽¹⁾	D	$10.22	59,872	D
Common Stock, Par Value $0.001	09/08/2006		S		276⁽¹⁾	D	$10.1498	59,596	D

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Incentive Stock Option (right to buy)	$3.25	09/08/2006		M			200⁽¹⁾	11/05/2002	11/05/2008	Common Stock, Par Value $0.001	200	$10.43	359,353	D
Incentive Stock Option (right to buy)	$3.25	09/08/2006		M			100⁽¹⁾	11/05/2002	11/05/2008	Common Stock, Par Value $0.001	100	$10.42	359,253	D
Incentive Stock Option (right to buy)	$3.25	09/08/2006		M			1,000⁽¹⁾	11/05/2002	11/05/2008	Common Stock, Par Value $0.001	1,000	$10.41	358,253	D
Incentive Stock Option (right to buy)	$3.25	09/08/2006		M			3,600⁽¹⁾	11/05/2002	11/05/2008	Common Stock, Par Value $0.001	3,600	$10.4	354,653	D
Incentive Stock Option (right to buy)	$3.25	09/08/2006		M			100⁽¹⁾	11/05/2002	11/05/2008	Common Stock, Par Value $0.001	100	$10.38	354,553	D
Incentive Stock Option (right to buy)	$3.25	09/08/2006		M			5,000⁽¹⁾	11/05/2002	11/05/2008	Common Stock, Par Value $0.001	5,000	$10.44	349,553	D
Incentive Stock Option (right to buy)	$6.375	09/08/2006		M			30,000⁽¹⁾	07/12/2003	07/12/2009	Common Stock, Par Value $0.001	30,000	$10.1498	319,553	D
Incentive Stock Option (right to buy)	$4.563	09/08/2006		M			5,208⁽¹⁾	10/12/2004	10/12/2010	Common Stock, Par Value $0.001	5,208	$10.1498	314,345	D
Non-Qualified Stock Option (right to buy)	$4.563	09/08/2006		M			2,004⁽¹⁾	10/12/2004	10/12/2010	Common Stock, Par Value $0.001	2,004	$10.1498	312,341	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			100⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	100	$10.4	312,241	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			300⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	300	$10.38	311,941	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			400⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	400	$10.37	311,541	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			800⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	800	$10.36	310,741	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			850⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	850	$10.35	309,891	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			600⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	600	$10.34	309,291	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			300⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	300	$10.33	308,991	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			1⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	1	$10.32	308,990	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			700⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	700	$10.31	308,290	D
Non Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			1,700⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	1,700	$10.3	306,590	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			1,200⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	1,200	$10.29	305,390	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			1,400⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	1,400	$10.28	303,990	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			1,100⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	1,100	$10.27	302,890	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			1,300⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	1,300	$10.26	301,590	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			600⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	600	$10.25	300,990	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			200⁽¹⁾	01/02/2005	01/02/2011	Common Stock Par Value $0.00	200	$10.24	300,790	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			100⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	100	$10.23	300,690	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			100⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	100	$10.22	300,590	D
Non-Qualified Stock Option (right to buy)	$4.5625	09/08/2006		M			276⁽¹⁾	01/02/2005	01/02/2011	Common Stock, Par Value $0.001	276	$10.1498	300,314	D

Explanation of Responses:

1. Exercise and sale pursuant to plan adopted under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Remarks:

	Katrina J. Church	09/12/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
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