-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TF1gnhn0qcJZQtF4QFqCYqQZTFJGOf7nZfJCuRT9nN/B4vMTWRl5fNRqmYyki1II
 Zzhv93PkfMRT2b0Pklsxtg==

<SEC-DOCUMENT>0001181431-11-005670.txt : 20110127
<SEC-HEADER>0001181431-11-005670.hdr.sgml : 20110127
<ACCEPTANCE-DATETIME>20110127201857
ACCESSION NUMBER:		0001181431-11-005670
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110127
FILED AS OF DATE:		20110127
DATE AS OF CHANGE:		20110127

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:		11553440

	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>rrd298989.xml
<DESCRIPTION>2011 ANNUAL GRANT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2011-01-27</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>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>8.85</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2011-01-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2021-01-27</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The option vests in twelve equal monthly installments beginning on February 27, 2011.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Marilyn E. Wortzman, by power of attorney</signatureName>
        <signatureDate>2011-01-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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