X0303 4 2011-06-29 0 0000818033 AP PHARMA INC /DE/ APPA 0001178579 TANG KEVIN C 4401 EASTGATE MALL SAN DIEGO CA 92121 1 0 1 0 0001232621 TANG CAPITAL MANAGEMENT LLC 4401 EASTGATE MALL SAN DIEGO CA 92121 1 0 1 0 0001191935 TANG CAPITAL PARTNERS LP 4401 EASTGATE MALL SAN DIEGO CA 92121 1 0 1 0 Common Stock 2011-06-29 4 A 0 50000000 0.15 A 60436506 I By LP Common Stock 286950 I As Trustee Common Stock 138841 D Warrants (right to buy) 0.18 2011-06-29 4 A 0 25000000 0.00 A 2011-07-01 2016-07-01 Common Stock 25000000 25000000 I By LP The securities are held by Tang Capital Partners, LP. Kevin C. Tang is the sole manager of Tang Capital Management, LLC, which is the general partner of Tang Capital Partners, LP. Mr. Tang disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein. The securities are held by Kevin C. Tang as custodian for his minor children, as Trustee of the Tang Family Trust, and as Trustee of the Tang Advisors, LLC Profit Sharing Plan. 42,950 of these securities are held by Kevin C. Tang's IRA. Tang Capital Partners, LP does not have the right to exercise any portion of this Warrant, to the extent that after giving effect to such exercise, Tang Capital Partners, LP (together with the its affiliates) would beneficially own in excess of 9.99% (subject to change as described in the Warrant) of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. /s/ Kevin C. Tang 2011-07-01 /s/ Kevin C. Tang, Managing Member 2011-07-01 /s/ Kevin C. Tang, as Managing Member of Tang Capital Management, LLC, General Partner 2011-07-01