-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001181431-09-006288.txt : 20090203
<SEC-HEADER>0001181431-09-006288.hdr.sgml : 20090203
<ACCEPTANCE-DATETIME>20090203184859
ACCESSION NUMBER:		0001181431-09-006288
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090130
FILED AS OF DATE:		20090203
DATE AS OF CHANGE:		20090203

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Ehrlich Christopher B
		CENTRAL INDEX KEY:			0001293973

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51967
		FILM NUMBER:		09566349

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		650 854 8585

	MAIL ADDRESS:	
		STREET 1:		C/O INTERWEST PARTNERS
		STREET 2:		2710 SAND HILL ROAD, 2ND FLOOR
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Transcept Pharmaceuticals Inc
		CENTRAL INDEX KEY:			0001178711
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				330960223
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1003 W. CUTTING BLVD
		STREET 2:		SUITE 110
		CITY:			POINT RICHMOND
		STATE:			CA
		ZIP:			94804
		BUSINESS PHONE:		(510) 215-3500

	MAIL ADDRESS:	
		STREET 1:		1003 W. CUTTING BLVD
		STREET 2:		SUITE 110
		CITY:			POINT RICHMOND
		STATE:			CA
		ZIP:			94804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVACEA INC
		DATE OF NAME CHANGE:	20020724
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd231525.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-01-30</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001178711</issuerCik>
        <issuerName>Transcept Pharmaceuticals Inc</issuerName>
        <issuerTradingSymbol>TSPT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001293973</rptOwnerCik>
            <rptOwnerName>Ehrlich Christopher B</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O TRANSCEPT PHARMACEUTICALS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1003 W. CUTTING BLVD., SUITE #110</rptOwnerStreet2>
            <rptOwnerCity>POINT RICHMOND</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94804</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2009-01-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1251808</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1251808</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.50</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2009-01-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>10000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2019-01-30</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to the Agreement and Plan of Merger by and among Novacea, Inc. (&quot;Novacea&quot;), Pivot Acquisition, Inc. and Transcept Pharmaceuticals, Inc. (&quot;Transcept&quot;), dated as of August 29, 2008 (the &quot;Merger Agreement&quot;), each share of Transcept common stock converted into 0.141340 shares of Novacea common stock at the effective time of the merger. After completion of the merger, Novacea was renamed Transcept Pharmaceuticals, Inc. and began to trade under the stock symbol TSPT.</footnote>
        <footnote id="F2">The reported securities are owned directly by InterWest Partners IX, L.P. (&quot;the LP&quot;) and may be deemed to be beneficially owned indirectly by InterWest Management Partners IX, LLC (&quot;the LLC&quot;), as general partner of the LP. The reporting person as a venture member of the LLC disclaims any beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.</footnote>
        <footnote id="F3">The option vests in forty-eight equal monthly installments beginning on February 28, 2009.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Marilyn E. Wortzman, by power of attorney</signatureName>
        <signatureDate>2009-02-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----