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AcelRx Pharmaceuticals Completes Private Placement Of $10.0 Million

REDWOOD CITY, Calif., June 4, 2012 /PRNewswire/ -- AcelRx Pharmaceuticals, Inc. (Nasdaq: ACRX), a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of acute and breakthrough pain, announced today that it completed its previously announced private placement of common stock and warrants to purchase common stock on June 1, 2012.  Gross proceeds from the offering were approximately $10.0 million.  Proceeds from the private placement are expected to be used for general corporate and working capital purposes, including the development of the ARX-01 Sufentanil NanoTab PCA System, AcelRx's lead product candidate for the treatment of post-operative pain.

AcelRx issued an aggregate of 2,922,337 newly-issued shares of common stock and warrants to purchase up to 2,630,103 additional shares of common stock.  The financing included certain affiliated investors, and several new investors.  Cowen and Company, LLC served as lead placement agent and JMP Securities served as co-placement agent for the transaction.  In connection with the private placement, AcelRx has agreed, subject to certain terms and conditions, to file a registration statement under the Securities Act covering the resale of shares of common stock, including shares of common stock underlying the warrants, within 30 days after the closing.  The securities offered have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act.

This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities.  For additional information, please refer to AcelRx's current report on Form 8-K to be filed with the Securities and Exchange Commission with respect to the private placement.

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