X0303 4 2008-10-10 0 0001418919 CPEX Pharmaceuticals, Inc. CPEX 0001218893 MURPHY JAMES R 2 HOLLAND WAY EXETER NH 03833 1 0 0 0 Common Stock, $0.01 par value 2008-10-10 4 M 0 7500 5.2748 A 53090 D Common Stock, $0.01 par value 2008-10-10 4 M 0 1740 5.2748 A 54830 D Common Stock, $0.01 par value 2008-10-10 4 M 0 10000 8.7898 A 64830 D Common Stock, $0.01 par value 2008-10-10 4 M 0 5760 5.387 A 70590 D Common Stock, $0.01 par value 2008-10-10 4 M 0 5000 7.2276 A 75590 D Common Stock, $0.01 par value 2008-10-10 4 M 0 5000 9.0142 A 80590 D Common Stock, $0.01 par value 2008-10-10 4 M 0 15000 6.7337 A 95590 D Common Stock, $0.01 par value 2008-10-10 4 M 0 13700 10.572 A 109290 D Common Stock, $0.01 par value 2008-10-10 4 M 0 6667 10.7426 A 115957 D Common Stock, $0.01 par value 1211 I By IRA Right to Purchase 5.2748 2008-10-10 4 M 0 7500 5.2748 D 2008-10-22 Common Stock, $0.01 par value 7500 0 D Right to Purchase 5.2748 2008-10-10 4 M 0 1740 5.2748 D 2008-10-22 Common Stock, $0.01 par value 1740 0 D Right to Purchase 5.387 2008-10-10 4 M 0 5760 5.387 D 2008-10-22 Common Stock, $0.01 par value 5760 0 D Right to Purchase 8.7898 2008-10-10 4 M 0 10000 8.7898 D 2008-10-22 Common Stock, $0.01 par value 10000 0 D Right to Purchase 7.2276 2008-10-10 4 M 0 5000 7.2276 D 2008-10-22 Common Stock, $0.01 par value 5000 0 D Right to Purchase 9.0142 2008-10-10 4 M 0 5000 9.0142 D 2008-10-22 Common Stock, $0.01 par value 5000 0 D Right to Purchase 6.7337 2008-10-10 4 M 0 15000 6.7337 D 2008-10-22 Common Stock, $0.01 par value 15000 0 D Right to Purchase 10.572 2008-10-10 4 M 0 13700 10.572 D 2008-10-22 Common Stock, $0.01 par value 13700 0 D Right to Purchase 10.7426 2008-10-10 4 M 0 6667 10.7426 D 2008-10-22 Common Stock, $0.01 par value 6667 3333 D On June 30,2008, CPEX Pharmaceuticals,Inc. became an independent public company when it was spun off from Bentley Pharmaceuticals, Inc. through a distribution of CPEX common stock to the stockholders of Bentley. In accordance with the Employee Agreement between Bentley and CPEX, outstanding Bentley option awards held by the reporting person were converted into new CPEX options and adjusted Bentley options. The reporting person received an option to purchase one share of CPEX common stock for every tem common shares underlying his outstanding Bentley options immediately before the spin off. The per share exercise price of the CPEX options was equal to the product of (1)the exercise price per share of his Bentley option multiplied by (2) the closing price per share trading price of CPEX common stock on a when issued basis on June 30, 2008 divided by the closing stock price of Bentley on that same day. All other terms of the awards remained consistent with the original award terms. In accordance with the Employee Matters Agreement between CPEX and Bentley, these options were fully vested on the date of grant, as they reflect terms consistent with the terms of the awards as originally granted to the reporting person by Bentley. Reporting person transferred his shares from his 401(k) account to an IRA. James R. Murphy 2008-10-15