<DOCUMENT>
<TYPE>EX-99.25
<SEQUENCE>2
<FILENAME>appadelistreason.txt
<TEXT>
Delisting Determination,The Nasdaq Stock Market, LLC,
June 3, 2011, A.P. Pharma, Inc. The Nasdaq Stock
Market, Inc. (the Exchange) has determined to remove
from listing the common stock of A.P. Pharma, Inc.
(the Company), effective at the opening of the trading
session on June 13, 2011. Based on review of information
provided by the Company, Nasdaq Staff determined that the
Company no longer qualified for listing on the Exchange
pursuant to Listing Rule 5550(a)(2). The Company was
notified of the Staffs determination on November 17, 2010.
The Company appealed the determination to a Hearing Panel.
Upon review of the information provided by the Company,
the Panel issed a decision dated February 28, 2011, granting
the Company continued listing pursuant to an exception
through May 16, 2011, by which date the Company was
required to regain compliance with Listing Rule
5550(a)(2). However, the Company notified the Panel
before that date that it would not regain compliance.
On March 30, 2011, the Panel issued a final delisting
determination and notified the Company that trading in
the Companys securities would be suspended on April 1, 2011.
The Company did not request a review of the Panels decision
by the Nasdaq Listing and Hearing Review Council. The
Listing Council did not call the matter for review.
The Panels Determination to delist the Company became
final on May 16, 2011.
</TEXT>
</DOCUMENT>
