<SEC-DOCUMENT>0001144204-11-039183.txt : 20110705
<SEC-HEADER>0001144204-11-039183.hdr.sgml : 20110704
<ACCEPTANCE-DATETIME>20110705183439
ACCESSION NUMBER:		0001144204-11-039183
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110630
FILED AS OF DATE:		20110705
DATE AS OF CHANGE:		20110705

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:		11951165

	MAIL ADDRESS:	
		STREET 1:		BAKER BROTHERS ADVISORS
		STREET 2:		667 MADISON AVENUE, 21ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065

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:		11951164

	MAIL ADDRESS:	
		STREET 1:		BAKER BROTHERS ADVISORS
		STREET 2:		667 MADISON AVENUE, 21ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Baker Bros. Capital (GP), LLC
		CENTRAL INDEX KEY:			0001244390
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33221
		FILM NUMBER:		11951166

	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:	BAKER BROS CAPITAL GP LLC
		DATE OF NAME CHANGE:	20030619
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
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    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2011-06-30</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001244390</rptOwnerCik>
            <rptOwnerName>Baker Bros. Capital (GP), LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>667 MADISON AVENUE 21ST FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>US 10065</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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    <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>
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    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001087940</rptOwnerCik>
            <rptOwnerName>BAKER FELIX</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>667 MADISON AVENUE, 21ST FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>US 10065</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
            </securityTitle>
            <transactionDate>
                <value>2011-06-30</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1786</value>
                    <footnoteId id="F10"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
                    <value>0</value>
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            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Through Partnership</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <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>2011-06-30</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>300</value>
                    <footnoteId id="F10"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7500</value>
                    <footnoteId id="F7"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Through Partnership</value>
                    <footnoteId id="F4"/>
                </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>2011-06-30</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>600</value>
                    <footnoteId id="F10"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F5"/>
            </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>600</value>
                    <footnoteId id="F9"/>
                    <footnoteId id="F7"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Through Partnership</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">In addition to Baker Bros. 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 Baker Bros. 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 or any other person or persons, in fact constitutes 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 persons and each of them disclaim beneficial ownership of securities reported herein except to the extent of their pecuniary interest, if any, therein.</footnote>
        <footnote id="F3">The date that is 10 years following the closing date of the purchase of the Senior Secured Convertible Notes due 2021.</footnote>
        <footnote id="F4">The securities of the Issuer are owned directly by Baker Bros. Investments II, L.P. a limited partnership the sole general partner of which is Baker Bros. Capital, L.P., a limited partnership the sole general partner of which is Baker Bros. Capital (GP), LLC. Julian C. Baker and Felix J. Baker are controlling members of Baker Bros. Capital (GP), LLC.</footnote>
        <footnote id="F5">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">Baker Bros. Investments II, 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, Baker Bros. Investments II, 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 Senior Secured Convertible Notes due 2021 represented by the Rights is $1,000 for each $1,000 principal amount of Senior Secured Convertible Notes due 2021 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 15,000 shares of Common Stock of the Issuer.</footnote>
        <footnote id="F10">On June 30, 2011, Baker Bros. Investments II, L.P.  transferred these shares to Baker Brothers Life Sciences,  LP.  The general partner of Baker Bros. Investments II, L.P. is Baker Bros Capital, L.P and its general partner is Baker Bros Capital, GP, LLC. The general partner of Baker Brothers Life Sciences, L.P. is Baker Brothers Life Sciences Capital, L.P. and its general partner is Baker Brothers Life Sciences Capital (GP), LLC.  Julian and Felix Baker are the managing members of both Baker Bros. Capital (GP), LLC and Baker Brothers Life Sciences Capital (GP), LLC, and their respective pecuniary interests (if any) remain unchanged as a result of this transfer.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Julian C. Baker, as Managing Member of Baker Bros. Capital (GP), LLC</signatureName>
        <signatureDate>2011-07-05</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Julian C. Baker</signatureName>
        <signatureDate>2011-07-05</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Felix J. Baker</signatureName>
        <signatureDate>2011-07-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
