<SEC-DOCUMENT>0001144204-11-024144.txt : 20110426
<SEC-HEADER>0001144204-11-024144.hdr.sgml : 20110426
<ACCEPTANCE-DATETIME>20110426201655
ACCESSION NUMBER:		0001144204-11-024144
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110424
FILED AS OF DATE:		20110426
DATE AS OF CHANGE:		20110426

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AP PHARMA INC /DE/
		CENTRAL INDEX KEY:			0000818033
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				942875566
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		123 SAGINAW DRIVE
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94063
		BUSINESS PHONE:		6503662626

	MAIL ADDRESS:	
		STREET 1:		123 SAGINAW DRIVE
		STREET 2:		123 SAGINAW DRIVE
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94063

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVANCED POLYMER SYSTEMS INC /DE/
		DATE OF NAME CHANGE:	19920703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BAKER JULIAN
		CENTRAL INDEX KEY:			0001087939

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33221
		FILM NUMBER:		11781420

	MAIL ADDRESS:	
		STREET 1:		BAKER BROTHERS ADVISORS
		STREET 2:		667 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10021

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BAKER FELIX
		CENTRAL INDEX KEY:			0001087940

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33221
		FILM NUMBER:		11781419

	MAIL ADDRESS:	
		STREET 1:		BAKER BROTHERS ADVISORS
		STREET 2:		667 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10021

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			14159 capital (GP), LLC
		CENTRAL INDEX KEY:			0001317493
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33221
		FILM NUMBER:		11781421

	BUSINESS ADDRESS:	
		STREET 1:		667 MADISON AVE
		STREET 2:		21ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065
		BUSINESS PHONE:		212-339-5600

	MAIL ADDRESS:	
		STREET 1:		667 MADISON AVE
		STREET 2:		21ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065

	FORMER NAME:	
		FORMER CONFORMED NAME:	14159 Capital (GP, LLC
		DATE OF NAME CHANGE:	20050211
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form440616_042611201644-.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2011-04-24</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000818033</issuerCik>
        <issuerName>AP PHARMA INC /DE/</issuerName>
        <issuerTradingSymbol>APPA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001317493</rptOwnerCik>
            <rptOwnerName>14159 capital (GP), LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>667 MADISON AVENUE, 17TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>US 10021</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001087939</rptOwnerCik>
            <rptOwnerName>BAKER JULIAN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>667 MADISON AVENUE, 17TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>US 10021</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001087940</rptOwnerCik>
            <rptOwnerName>BAKER FELIX</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>667 MADISON AVENUE, 17TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>US 10021</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Senior Secured Convertible Notes due 2021</value>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.04</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2011-04-24</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5400</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>5400</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F5"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>135000</value>
                    <footnoteId id="F7"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5400</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Through Partnership</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Rights to Purchase Senior Secured Convertible Notes due 2021</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1000</value>
                <footnoteId id="F8"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2011-04-24</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>10800</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F6"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Senior Secured Convertible Notes due 2021</value>
                    <footnoteId id="F9"/>
                    <footnoteId id="F7"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10800</value>
                    <footnoteId id="F9"/>
                    <footnoteId id="F7"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10800</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Through Partnership</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">In addition to 14159 Capital (GP), LLC, this Form 4 is being filed jointly by Julian C. Baker and Felix J. Baker, each of whom has the same business address as 14159 Capital (GP), LLC and may be deemed to have a pecuniary interest in securities owned by it. Because of certain relationships with other security holders of the Issuer, the Reporting Persons are filing solely for informational purposes as if they were a member of a group of such shareholders. (Continued in footnote 2).</footnote>
        <footnote id="F2">However, the Reporting Persons disclaim that they and any other person or persons, in fact constitute a &quot;group&quot; for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, or Rule 13d-5 thereunder or that they are the beneficial owners of securities owned by any such other persons, and each of them disclaims beneficial ownership of securities reported herein except to the extent of their pecuniary interest, if any, therein.</footnote>
        <footnote id="F3">Represents securities owned directly by 14159, L.P., the sole general partner of which is 14159 Capital, L.P., a limited partnership the sole general partner of which is 14159 Capital (GP),LLC. Julian C. Baker and Felix J. Baker are controlling members of 14159 Capital (GP), LLC.</footnote>
        <footnote id="F4">The closing date of the purchase of the Senior Secured Convertible Notes due 2021.</footnote>
        <footnote id="F5">The date that is 10 years following the closing date of the purchase of the Senior Secured Convertible Notes due 2021.</footnote>
        <footnote id="F6">The date that is 2 years following the closing date of the purchase of the Senior Secured Convertible Notes due 2021.</footnote>
        <footnote id="F7">14159, L.P. does not have the right to convert any portion of any Senior Secured Convertible Notes due 2021, to the extent that after giving effect to such conversion, 14159, L.P. (together with its affiliates) would beneficially own in excess of 9.99% (subject to change as described in the note) of the number of shares of common stock outstanding immediately after giving effect to such conversion.</footnote>
        <footnote id="F8">The exercise price to purchase the Senior Secured Convertible Notes due 2021 represented by the Rights is $1,000 for each $1,000 principal amount of the Senior Secured Convertible Notes due 2011 purchased upon exercise.</footnote>
        <footnote id="F9">The Senior Secured Convertible Notes due 2021 underlying the Rights are convertible, at a conversion price of $0.04 per share, into an aggregate of 270,000 shares of Common Stock of the Issuer.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Julian C. Baker, as Managing Member of 14159 Capital (GP), LLC</signatureName>
        <signatureDate>2011-04-26</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Julian C. Baker</signatureName>
        <signatureDate>2011-04-26</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Felix J. Baker</signatureName>
        <signatureDate>2011-04-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
