| FORM 4 | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | ||||||||||||||||
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
CPEX Pharmaceuticals, Inc. [ CPEX ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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| 3. Date of Earliest Transaction
(Month/Day/Year)
07/31/2008 |
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| 4. If Amendment, Date of Original Filed
(Month/Day/Year)
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6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
| Common Stock, $0.01 par value | 07/31/2008 | M | 2,500 | A | $8.0805 | 260,022 | D | |||
| Common Stock, $0.01 par value | 07/31/2008 | M | 2,500 | A | $7.6316 | 262,522 | D | |||
| Common Stock, $0.01 par value | 07/31/2008 | M | 2,500 | A | $9.6517 | 265,022 | D | |||
| Common Stock, $0.01 par value | 07/31/2008 | M | 6,920 | A | $5.387 | 271,942 | D | |||
| Common Stock, $0.01 par value | 07/31/2008 | M | 2,500 | A | $5.1176 | 274,442 | D | |||
| Common Stock, $0.01 par value | 07/31/2008 | M | 2,500 | A | $6.3746 | 276,942 | D | |||
| Common Stock, $0.01 par value | 07/31/2008 | M | 5,000 | A | $8.7988 | 281,942 | D | |||
| Common Stock, $0.01 par value | 07/31/2008 | M | 3,000 | A | $10.5181 | 284,942 | D | |||
| Common Stock, $0.01 par value | 07/31/2008 | M | 5,000 | A | $9.9929 | 289,942 | D | |||
| Common Stock, $0.01 par value | 07/31/2008 | M | 4,000 | A | $8.2152 | 293,942 | D | |||
| Common Stock, $0.01 par value | 07/31/2008 | M | 7,000 | A | $9.0142 | 300,942 | D | |||
| Common Stock, $0.01 par value | 07/31/2008 | M | 2,500 | A | $12.0983 | 303,442 | D | |||
| Common Stock, $0.01 par value | 07/31/2008 | M | 2,000 | A | $11.2229 | 305,442 | D | |||
| Common Stock, $0.01 par value | 07/31/2008 | M | 6,000 | A | $7.9054 | 311,442 | D | |||
| Common Stock, $0.01 par value | 07/31/2008 | M | 8,000 | A | $9.6831 | 319,442 | D | |||
| Common Stock, $0.01 par value | 10,000 ( 3 ) | I | By spouse | |||||||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities) |
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| 1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Right to purchase ( 1 ) | $8.0805 | 07/31/2008 | M | 2,500 | ( 2 ) | 04/01/2010 | Common Stock, $0.01 par value | 2,500 | $8.0805 | 0 | D | ||||
| Right to purchase ( 1 ) | $7.6316 | 07/31/2008 | M | 2,500 | ( 2 ) | 07/01/2010 | Common Stock, $0.01 par value | 2,500 | $7.6316 | 0 | D | ||||
| Right to purchase ( 1 ) | $9.6517 | 07/31/2008 | M | 2,500 | ( 2 ) | 10/01/2010 | Common Stock, $0.01 par value | 2,500 | $9.6517 | 0 | D | ||||
| Right to purchase ( 1 ) | $5.387 | 07/31/2008 | M | 6,920 | ( 2 ) | 05/09/2011 | Common Stock, 40.01 par value | 6,920 | $5.387 | 0 | D | ||||
| Right to purchase ( 1 ) | $5.1176 | 07/31/2008 | M | 2,500 | ( 2 ) | 07/01/2011 | Common Stock, $0.01 par value | 2,500 | $5.1176 | 0 | D | ||||
| Right to purchase ( 1 ) | $6.3746 | 07/31/2008 | M | 2,500 | ( 2 ) | 08/30/2011 | Common Stock, $0.01 par value | 2,500 | $6.3746 | 0 | D | ||||
| Right to purchase ( 1 ) | $8.7988 | 07/31/2008 | M | 5,000 | ( 2 ) | 02/12/2012 | Common Stock, $0.01 par value | 5,000 | $8.7988 | 0 | D | ||||
| Right to purchase ( 1 ) | $10.5181 | 07/31/2008 | M | 3,000 | ( 2 ) | 05/22/2010 | Common Stock, $0.01 par value | 3,000 | $10.5181 | 0 | D | ||||
| Right to purchase ( 1 ) | $9.9929 | 07/31/2008 | M | 5,000 | ( 2 ) | 06/21/2012 | Common Stock, $0.01 par value | 5,000 | $9.9929 | 0 | D | ||||
| Right to purchase ( 1 ) | $8.2152 | 07/31/2008 | M | 4,000 | ( 2 ) | 03/21/2013 | Common Stock, $0.01 par value | 4,000 | $8.2152 | 0 | D | ||||
| Right to purchase ( 1 ) | $9.0142 | 07/31/2008 | M | 7,000 | ( 2 ) | 05/21/2013 | Common Stock, $0.01 par value | 7,000 | $9.0142 | 0 | D | ||||
| Right to purchase ( 1 ) | $12.0983 | 07/31/2008 | M | 2,500 | ( 2 ) | 12/31/2013 | Common Stock, $0.01 par value | 2,500 | $12.0983 | 0 | D | ||||
| Right to purchase ( 1 ) | $11.2229 | 07/31/2008 | M | 2,000 | ( 2 ) | 06/07/2014 | Common Stock, $0.01 par value | 2,000 | $11.2229 | 0 | D | ||||
| Right to purchase ( 1 ) | $7.9054 | 07/31/2008 | M | 6,000 | ( 2 ) | 11/10/2014 | Common Stock, $0.01 par value | 6,000 | $7.9054 | 0 | D | ||||
| Right to purchase ( 1 ) | $9.6831 | 07/31/2008 | M | 8,000 | ( 2 ) | 05/24/2015 | Common Stock, $0.01 par value | 8,000 | $9.6831 | 0 | D | ||||
| Explanation of Responses: |
| 1. 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 Matters 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 ten 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 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. |
| 2. 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. |
| 3. Represents shares owned by the spouse of the reporting person. |
| Michael McGovern | 08/04/2008 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
| ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||