<SEC-DOCUMENT>0001193125-12-428244.txt : 20121019
<SEC-HEADER>0001193125-12-428244.hdr.sgml : 20121019
<ACCEPTANCE-DATETIME>20121019115055
ACCESSION NUMBER:		0001193125-12-428244
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20121018
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121019
DATE AS OF CHANGE:		20121019

FILER:

	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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33221
		FILM NUMBER:		121151835

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d426995d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM&nbsp;8-K
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Securities Exchange Act
of 1934 </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Date of Report (Date of earliest event reported): </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>October&nbsp;18, 2012 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>A.P. PHARMA,
INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact Name of Registrant as Specified in Charter) </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Delaware</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>001-33221</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>94-2875566</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or Other Jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of Incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>File Number)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>123 Saginaw Drive</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Redwood City, CA</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>94063</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Registrant&#146;s telephone number, including area code:&nbsp;(650)&nbsp;366-2626 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see</I> General
Instruction A.2. below): </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;8.01 Other Events. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On October&nbsp;18, 2012, A.P. Pharma, Inc. (the &#147;Company&#148;) announced the appointment of Robert Rosen, as Senior Vice President and Chief Commercial Officer. Mr.&nbsp;Rosen will also continue
serving as a director of the Company. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01&nbsp;Financial Statements and Exhibits. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Exhibits. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:23pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Exhibit<BR>No.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:72pt"><FONT STYLE="font-family:Times New Roman" SIZE="1">Document Description</FONT></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release issued on October 18, 2012</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="42%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">A.P. PHARMA, INC.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: October&nbsp;19, 2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ John B. Whelan</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">John B. Whelan</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">President and Chief Executive Officer</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d426995dex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML><HEAD>
<TITLE>Press Release</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px">


<IMG SRC="g426995logo.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>For Immediate Release </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A.P. Pharma Appoints Robert Rosen as Senior Vice President and Chief Commercial Officer </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">REDWOOD
CITY, Calif. &#150; October&nbsp;18, 2012 &#150; A.P. Pharma, Inc. (OTCBB: APPA.OB), a specialty pharmaceutical company, today announced the appointment of Robert Rosen as senior vice president and chief commercial officer. Mr.&nbsp;Rosen will
oversee all of A.P. Pharma&#146;s commercial activities, including the commercial launch of APF530, the Company&#146;s lead product candidate for the prevention of chemotherapy-induced nausea and vomiting, if approved. Mr.&nbsp;Rosen also will
continue to serve as a director of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;We are delighted to bring Robert on to the A.P. Pharma management team,&#148; stated
John Whelan, president and chief executive officer. &#147;Robert&#146;s deep and extensive experience commercializing oncology drugs will be instrumental as we enter the commercialization phase of the Company.&#148; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">From 2005 to 2011, Mr.&nbsp;Rosen served as global head of oncology at Bayer HealthCare, where he was responsible for the development of the global
oncology business unit for regions that included the Americas, Europe, Japan, and Asia Pacific. During his tenure at Bayer Healthcare, he led the launch of Nexavar for the treatment of renal cell carcinoma and hepatocellular carcinoma.
Nexavar&#146;s worldwide sales in 2011 were $1.0 billion. He also led premarket activities for regorafenib for gastrointestinal stromal tumors and colon cancer and alpharadin for prostate cancer. From 2002 to 2005, Mr.&nbsp;Rosen was vice president
of the oncology business unit at Sanofi-Synth&egrave;labo, where he was responsible for the development of Sanofi&#146;s U.S. oncology business and the launch of Eloxatin for colon cancer. Eloxatin U.S. sales in 2005, its third full year on the
market, were $1.1 billion, ranking it among the industry&#146;s most successful oncology drug launches. Mr.&nbsp;Rosen received a Bachelor of Science degree in Pharmacy from Northeastern University. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Unfortunately, chemotherapy-induced nausea and vomiting, or CINV, remains a debilitating side effect that can limit the effectiveness of cancer
treatment,&#148; stated Mr.&nbsp;Rosen. &#147;I look forward to working with the A.P. Pharma team to help bring APF530, a promising therapeutic option for both acute- and delayed-onset CINV, to physicians and patients worldwide.&#148; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>- more
-</I> </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="20%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>A.P. Pharma Appoints Robert Rosen as Senior Vice President and Chief Commercial Officer</I></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 2
</FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>About APF530 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A.P. Pharma&#146;s lead product, APF530, is being developed for the prevention of both acute- and delayed-onset chemotherapy-induced nausea and vomiting (CINV). One of the most debilitating side effects
of cancer chemotherapy, CINV is a leading cause of premature discontinuation of treatment. There is only one injectable 5-HT3 antagonist approved for the prevention of delayed-onset CINV, so this indication represents an area of particular unmet
medical need. APF530 contains the 5-HT3 antagonist granisetron formulated in the Company&#146;s proprietary Biochronomer&#153; drug delivery system, which allows therapeutic drug levels to be maintained for five days with a single subcutaneous
injection. This five-day range is designed to cover the delayed phase of CINV, whereas currently available intravenous and oral formulations of granisetron are approved only for the prevention of acute-onset CINV. Granisetron was selected for APF530
because it is widely prescribed by physicians based on a well-established record of safety and efficacy. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>About A.P. Pharma </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">A.P. Pharma is a specialty pharmaceutical company developing products using its proprietary Biochronomer&#153; polymer-based drug delivery platform. This
drug delivery platform is designed to improve the therapeutic profile of injectable pharmaceuticals by converting them from products that must be injected once or twice per day to products that need to be injected only once every one or two weeks.
The Company&#146;s lead product, APF530, is being developed for the prevention of both acute- and delayed-onset chemotherapy-induced nausea and vomiting. A.P. Pharma resubmitted its New Drug Application (NDA) for APF530 to the U.S. Food and Drug
Administration in September 2012 and has been assigned a Prescription Drug User Fee Act (PDUFA) action date of March&nbsp;27, 2013. For further information, please visit the Company&#146;s web site at <U>www.appharma.com</U>. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Forward-looking Statements </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This news
release contains &#147;forward-looking statements&#148; as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including uncertainties associated with the potential
approval of APF530 and the potential timing for such approval, if approved at all, as well as risks relating to capital resources and liquidity, satisfactory completion of clinical studies, progress in research and development programs, launch and
acceptance of new products and other risks and uncertainties identified in the Company&#146;s filings with the Securities and Exchange Commission. We caution investors that forward-looking statements reflect our analysis only on their stated date.
We do not intend to update them except as required by law. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>- more
-</I> </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="20%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>A.P. Pharma Appoints Robert Rosen as Senior Vice President and Chief Commercial Officer</I></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 3
</FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Contacts </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Investor Relations Contact: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael Rice </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Office Phone: 646-597-6979 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Email:
<U>mrice@lifesciadvisors.com</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Corporate Contact: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">A.P. Pharma, Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">John B. Whelan, President and Chief Executive Officer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Office Phone: 650-366-2626 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>### </I></FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g426995logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g426995logo.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`-@"J`P$1``(1`0,1`?_$`+T```("`@(#`0``````
M```````)"`H&!P$%`@,+!`$!``("`P$!``````````````<(!08"!`D#`1``
M``8"`0,#`@$'!@\!`````0(#!`4&!P@`$1()(1,4,14*42(R(S,T%E)4-547
M&4%A<:%B)&0V5F8W&"@X6#D1``(!`P0!`P($`@<#"0D```$"`Q$$!@`2!0<A
M,1,(02)183(4<2.!0E)B,Q47@E,6D:%RDF,D-%4FX:)STV0U-D8W_]H`#`,!
M``(1`Q$`/P"_QQIHXTT<::3[N/YK-1M4W4I3Z]*.,_Y8CC*M7%,QF_8JP$'(
M)=2F:V[(*OR8&)614`2JMV99)^B<.U1N3EB^L/C%V5V5''R0A7B\<?R+FZ#+
MO7\881_,D_(D(A^CZ@/L3Y%X#@3/8Q2GDN=6H]FW8%4;SXEF\HOD4(4.X/JH
M]=5R,]>>;?#+KAZTHMAJFOU87$Y$(S'$"UE+&#<1'L!Y=;@A,OS.P*/JJP;Q
MH"/T('+PX?\`#7JG'XUDR#]US-\/4RN8HJ_W8H2II]0'=_SKJG.5_*KLSGI&
M3B'AXJR)\+"@:2GX-+)O:OXE/;]!0#2[YS<[;RRR*\O.[09]D9%QT]YTIEF[
MHB8`$1*4J36:;MTR%Z^A2D*`!Z`'3DT6_2W4EK$(8<<X@1C_`.G0_P#*34D_
MF34ZB&Z[.[$O)3-<\WR;2'ZFYE_YON\#\AXULG$WDFWJPK+-Y2D[.93731=%
M=+0=UL+C(=9D#>@*)/H*[??&ADUB?FF,E[*H!^B<H@`AA,A^._3626AM;O@;
M.!B*"2V!MY5_`AHR*T^@8,OXC6;Q_N[M'&YQ+8\Q>.@8$I,YGC/FI&R7>HK]
M2`#^!KJW[XKO*E7]]X&8H=ZAHJB;%46(1E[!`1*ZPUJ]5L%T6*USIB3U19\R
M(R?.$DI&-65749J+I'(LJDK^K\T^_P#X_P#)=-\E%?64KWF&WCE89F%'B<>?
M8GI]N_:"R.M%<`^%*D:]".D.\+#M6R>POD2URRV3=)$I.R5*@&6*M2`"0'0D
ME25(8@G:X/E<M3[HXTT<::.--'&FCC31QIHXTT<::.--'&FCC31QIHXTT<::
MP/)N3J!AFB67)N4;7#TFAU"-5E;#99UR#5A'M$NA2A]#K.GCI8Y4F[=$BCAR
MN<B21#J'*4<GPW#<KD/)P\+PEO+=<K<2!(XHQN9F/H`/P^I)H%%22`"=8WE^
M7XS@.-FYCF)DM^-MT+R2.:!0/^<D^BJ`68D*H)(&J4_D<\U.7-JGD]BS`;R>
MPYKP*Z[!=PS<*Q.2LI,B"=$7-IE&*P.*S6GZ8]2PK17N53-T>K+=?82]1^C?
MBAC^$PP9)GT<7(Y<0&6%J/;6I-"`%/B:5?J[513^A?&X^;_<?R4YS,I9N!Q!
MY+'%:E2ZG;/<CR*NP\I&P](U/D?K9Z@*C,``H`4H`4H>@`4```_R`'H'+CB@
M%!Z#55R234^3KGG[IHXTT<::8/XI[Q.4'R':IR<"Z5;*SN3V%%E"$4,0CV!O
MC%]5I=FX*`]%4?CR8+`4W4/=1(;ZE`0@CY,<39\MTASRWBU_;VRW"&@JLD4B
M,I%?2OE32AVDCT)!F/H'E;KB>V^&EMB1[UT(&%:`I.#$P/XT#[@#]0#ZC7T6
M.>*FO7?1QIJ'&_VS$EJ#J1E_/T`S@I.U4R+AF]0BK*F\6A).T62R0]:B&L@W
MCGT:^<-2+2PK*$2<(G,FD;H8.2)U/A"=C=A\7AL[R16M[.1(Z4WI&B-(Y6H8
M!MJD*2"-Q%1K0>T,QDP'!;_*H%C>ZMHU]M7!*M))(D:A@K*Q`+5(#`T!\C6,
M>-S8C+NUVI5#S]FB%IU>LV09:XN8F+H\?,1L*C586S2-;AUQ0G)N??'>/3PZ
MRYCBX[#$4)VE#IZ]_N?#L?Z_[%O\.QN:XN./L/;0R3,C.TAC5Y/\-$4!2VR@
M'@J?)UT>HLLYW.<$M<JR&*&"]NWE*I$K*@C61HU\.\C&NPM4MY!'@:G=R+-2
M9HXTT<::.--'&FCC31QIHXTT<::.--=-8[%!5"OSEKM$LP@*U6HF0GI^<E'*
M;.-AX:):*OI*3?NEA*DW9LF:!U%#F$`*0HCS[VMK<7MS'9V:-+=RNJ(B@EF=
MB%55`\DL2``/4ZZ]W=6UC:R7MXZQ6D*,[NQHJHH+,S$^@`!)/X:I);7^0G&'
MD?V^IN/<XY/O&#?'[4;*^3BE*M#+/YNPN&"+I-ED"XL"H/5F#RS*_J&AS,9`
M:\P6Z@U,NHY5YZC=?=*93TGUE<9+B?'6_*]TW42_;(R[;9'/W105*AV1?,@W
MK[KU&[:JJ?-_.>W^$[<[`M^"R.]N..ZI@G(K&A+RD`@2R@;B"[>%^Q_:C/\`
MAEMY:7VE]/\`#AN]E>RZMXLTJR;&H1-(L-@B<X66ZV<DS*M8%[%1B\J^687M
MX^KDB_4EDUF9%TCHF,'MJ-TA'V^1;V9RGR>ZKX.VSG)<JMO?N+M%-C%[3>VS
M*SA?;]D(Z+M*R!20II]S5KJ2.N^+^/79',3X7P6/7:K#;.XNI9)06565=YI,
M=K,6JE5I]"H_3JN1L)CB+P[GK-6)8275GX;&65;]0XF:<`F#J3C:I:).$8O'
M8(E(C\Q5LS+[W8`$%7N[0`O3E]>O,BN\NP7B,HOXA#>W_'PS2(/`#N@+;0?(
M4GROY$>3ZZI9FO!V^-9=R6/VDGO6UG>S0H_BK+'(R@FGBM!YIXKJ9/B5UGIF
MUN[N/<;9+KA+7C**KUWO-]@%G$BT;2<1`0*S.*:.G44Z8OD$%;9,QW=V+)B8
MH"41$!$!B[Y.9[RW7O5-QRF/W#6O/7%U!;PRJ`64LQ>0J2"`WM(]#0_E^.I%
M^/V%<;G79-MQ7,P^_P`-%%+-,FYEW*B$+4J0U/=:,&A!H?734WEB\(V)MUK'
MK6.I=LO:\_E-CB6>O4W(NY+&&-;@:0:TQ6!IE;?VHDVO7V-A#I(RHIJNP=G6
M40.J@1,`K#'8_*_G^JXNP'R+]OQ=O9-=QQ!]EU/`O\WW9&2*C,5%8T9Z;``0
MM36P#7/QGX'L6;#CPT\]S+>BWDF=G:W@E#>V4C4RA_;5P0[D%JU*EDVZ6YYA
MM,<?:5[6MJEB1)W'8QR308S)-7KCU^[E5:BLXF9JO3E<;24@JXD'D6C(PGR6
M@N%%5DT70)&.?VP,-BOBUVIS?:.`S39,_O<_QMW[$DVT+[R,BR1NP4!=]"5:
M@%=H;U)U"7R+ZWXGKK-TM^`4Q\+>VRSQQEBWMMN9'0%JL5W)N7<2:-3^K4_I
M\)^%9',7D+P^^2;+*0.'49[,5F=II=Z31*M1RD96BJGZE*F9W<YR/*7U$1*4
MP@`@`].'RVRN+&^FKVR#`7O*RQVD8\5(9O<E\'S01(PJ/0E?2NN?QEQJ7(.U
M[*XVUM./5[F0^?&P4C\^E?>:/P?45TU[83:3?W-OERNVKFE^<1I4)2F;*!^T
M60D:XQK"GK]$8/<@V^PQRD%*O)1S%3EA.F@@!%O>>MVY!().X.5FQ#`NGL8^
M-]MV%V?QCW7(7UR_MF%F2Y<&9EAA1BX1598F9GI41LU/NIJP65YOVGD7?4^#
M]><@MM:6J*I$FUH%VPJ9I'7:^XJ[,`"I)=5!\:TOEK+ODB\6^Y6!&.;=L+!L
MCCO+LI$OY>,DY"2>5F?K;BT1U;NT,G6)\BW\'V*"3E$G+!Q&J$1'O1Z_F>\W
M#9,:Q?I7OKJSFY\4QV/@<GXB%BC*Y8AO;>6)FE%#*DGMLCK(M10T/HVM=R#(
MNW>E>Q>,CR3FY.7X3D75G5BQ1DWA)46-ZB)U%"ICH/*GS]RZFW^)"RD:NZOX
M:Q(U5,5WE',!IUXBD815<06-Z\\<K(BD4>JA#6"SQIPZ@(=Z8?X>1W\(N`%[
MV3?9'*/^[\7QC^?%`\[!%K]?\-9?34@_+_FVL\&L>"B(]V^O]Q'U*0H:C_KR
M1G^C\=04V2P!Y,]3-$,<9DM.XH8AJN(X3&-*JVNF%']CIPP\;./644Q7FK;!
M.XU*UWP'D@+R5!R1X@8_O^ROV%*0TE8!EO1/8?<%UC%MBS\G=<O<W4K\E?,L
MS,P#R$K`5I!!1=L95E=1LW"I-(TS+&>YL%ZKM,BO.?-A:\?%;QI8VADBVJY"
MCW)$*^Y+5MTH;>/U4<@`:L'>/3+&<LZ>/#"N4;;*0\MG*TXVLOP;#;FCA*&G
M9R'G;-7Z78K:U@2,W9VLRSBF+J1,T!-58%%#I]ICATI_W#CV,XGV]R^/<.'&
M,6O(!0J$%D0JCRQQLU16-F>--U:;0&K0ZMCU5SV1Y/U9QO-\D8SD<]H_W2`A
M7=7D2)Y`H4T<*C/M\FI*^NDC;+X&W^K6',G[%[:>4U#"^::Q!62Y4[7/&][<
MUFOR!H0CIS%5:!3K-QIP&E;*@U(FP(UB)-4IEDOD+*G%7MLQ@V8=0764\=AF
M`]?KRN-7,\-O/?WD9FN/YA`>4UCE1%B)+."Z@JIH%\:KAFV-=H6F.7V79QFI
MXW(;>*2:&QMIC&AV5*1J(Y8JO(**FV.2A8%V)K1F/A]VHREEWQ\RV8=B+4_M
M\KC&V90B5;M->T$W.TFC0L58DW\X_*1(DE(1WSG3,SLX>XJ1J453'5`YS0Y\
MDL`Q[$NXWQ?"HEAL[F&V98%)*Q33U4QK4DA317`KXWT'@`:EWH#..<R#JI\B
MR^5YIK.>X'O-^N2&*-)-S&@W%2SIN-20@W$FITA;3N]^7??D<Y5W!&<KW#U2
MWV%B[NF6K]D:SQ\!C5B=S.S##'E!E&Z4S)U]U*$G4SNTH!G\WX3-LFHJW;#T
M6MCV;CWQNZ9'"W.5<3%<<U!:'98V\2,US)2-3<W99E5U5D*H)&V,S2$(Q'VU
M@ZYY7OCM";EK3&^1N(N,N)U,UQ-/*$@`9S[-NU7:,N'^Y8$KM1`2J>&F#Y/,
MJ;2U':;0W1G67-=[A[]`8MQK"RSB/OUIA8R\Y`L4\U@(N4R2_;//FV"+3:44
MSYX9\#@PM7JXF*;W#@:,^@\8Z\O^N\Q[2["XN";@OW,HC7V$=X(U4R,+0D4C
M?=.D:;=H4JOD`:D/NGGLYX[-L7ZVPCDKF/F([.%6<3.BS2R.(]UQY(<4B#L7
M#T#MX-36*WD4HF]6AF5-=<C3F_.4,PYQRX]L,PK$PDE:ZW7JW-5R6K*24/$U
MH]D<UJ:I,VYLA6:;,\6P;F(B=,6H)G`I9"Z0O.H.W.#Y[ACAEAQN,\7;K2<[
M9IVC=9"2\Q02"X41M('5V]:5%/.C=O679_5W.\1R\F4W=_D-^SL8P9(XT:(Q
MC:J;S&T+%PNTQQJVTUCH:#87E,PAO9@K"]$VCV*WNMLUE6YY*C*N&%L6OK51
M,>4,9*!GK&!:,]@+'%-GAZP6"!)PL>+146%0IQ75.`'4P_QYR#J+,\QFZ^QO
M#K08]!8R2_O;S9<7<NQT3=<!T(59-_A$:B'Q2E:9CO#@>T,5QFUS3),HN&YV
MXNUB-I;&2*"+>CR4A*.H)CV4+&-2:C[B15K'.!'^R61/'CB.5C[K$0VSMQUL
MILI&7V^PHV&-1O<S3V#V-L%JB6JC?Y[AT"Z:KHW:H4'"@J'16`#(GI1E$.)<
M3VKR%L]O+)AEMS4Z&&)Q&YMTG93'&Y#!:*"JG\`/(]1;G%)LLY7JSC[@7$29
M?<<1$PFE4NONO$I5Y%]2Q!!?P1O).UA]IK2;C:[SF'<&VS,^<?+/.WO=N()$
M2HX6IF7#/&GW5Y.QS)[48"/B;8PLD<>#8O%'`.T(Z-9I`V,!694^A^7<ZQS'
MB<LS*UQ7%.M[.+J^9S&UU-:,TJQ["1/-.\;1$FE"A=F8$#W":#5..Q\2N<<Q
MR;(LCSMKCL6(*XM8Y]U'9U5HX@)1(@523N$:**?I`\ZAK_>0;Z?_`$WEC_U:
M^S_TP?\`=O\`BC]C_OK_`,P_TM_M')3_`-">H?\`R:T__+MOU_1_N/7_``?^
MQ_1^6M#_`-9^T?\`S6Y_^Q;/4^G^]]?\?_M_\7^]IROXAW=)_5*O4=+:'+&:
MR&08YM?LTN&2QB."4AM(J)4ZF*G2/U(E9YN,6?/4QZ&,U8($'JDY.!JZ_"WJ
MN'F^;N.S.8C#67&O[-H&%0URRU>7S_N4("GR-[U_4FIY^6_9$W%<;!U[Q;E;
MF\037+*:$0AB(XO'TD=2[>0:(@\JYU"#QU:5X1K&D^7/)-L/B:0V,)2#6(N)
M<$(`X6@)8M4E&M=>6"S1S9!W]Y!S:'"B9B.47+*.C6*SH[=P<Y`2D[OOMG+>
M1[4LND<0Y)>"M93$MY?,0C5G3W*"0D%(TB(/VLCR2-MW*!YCGIGK/&;+K>][
M<RFP/+RQ;_VUGY*'VV$9=U%=U9"58,&5$1F*N2`KDO&9LQLID#&>P>?,[X`H
M&M&NU#I3>:P]2J3C!QC=G,L(*.LU@N4Z@O++!*S$3&QD4S;INB-6C%954XHD
M$4S`6K7=^$8+P7/<7B^%\W<Y#EES*5O9Y)EF599'1844K4!F+.S@R2,/MJWG
M5B^GLPS#E.$Y3)\IXFTX;%;:#?:Q0P&#<D:R/,U"26555:,`$8L=H^TZJB8G
MTQVOW3KV9-C\9TJ-L53K]KMD]DFS35TJE83CIEXS6R#81*C896/=2(,HV4!=
M4Z!%`#O`!_.'IST<R'MWKSIV7B.O^>EN5Y,V-ND,<4+2G8*0)N*^A+(0!]0*
M_AJA?#=:YUV7!R>9\3!')90W$KSNTL:`/M,TE`[`FBFIH/J/QTY3\-MC=P:R
M;69[2C%)-:M4JI8WK;=+L(O(OIYS)W.;CVAUQ21365)6XHG4QR@'O!W"`#UY
M6;YTY`D@QW$E<*CM-=2&I^T?;%&60?DTA!I7PP&K$_#G@Y8YN<R8Q[I(H8[>
M,?5BQ:1U#>@\Q1C_`&@=0OT0\?\`M1L%OI7+?E[#.2<>5*FYG4S)F6S9"J<[
M5(\CV'MRUS4J\<[FF;-.=G++8T2-2ILS+@1NHHX,/M$ZFD;MONCKG%>D6QO%
M>3LK_E+OBDL;:.VD5RJM"(FE<*28U1-QH]"6(2GDZCSJ_JC-LK[97ELCL+JT
ML+7D3=74DT;(I9)/=]L%U`=I'HI"_P!5B_A174C]\\.YN\MVYF;+?JBRJ%KQ
M3JM!U3"3VY3MUB*W!2$DS4M5FL4E"NW8JDEH\L^Y?H`NAW(F;M45N[L6((Z3
MTQF6(_&_K?C[3L(7<.19'))?K%%`9'2`!(H1)Y4J64;PI&X%F!'C6X]K8MDW
M??85_>8.(IN"X2*.T,K2HD;.#([E-S?<-Y<;EJI55:OW#3>?"QI"KISK/+Y7
MRFP3ALNYP;,[A:DGI2E<4G'$*V=NJ?6')CD!1J[,S=KRLB3J42+NR(*!W-0'
ME<_D]VVG:F=K8<&[/B_&`PV_J!+*Q'O3;?[S`(G]U*C]1U/GQRZT/7>$MRW,
MQ^WD'(@2S5]8H5!,49_`T)D<?BP5O*#2B/#SLM@%/?3<'9+/^7*1C6=R4QN,
MC0W.09IK76$HVOF2W%NLGPYV54;Q*+V)BH2.2(W47(NLDL;VBG!,_;8KY*8+
MF,/3V(X7BW&WEYQ]@D?[C]NAFV21VZQH&5`7-6DE(<+M^A-2-0'\?\RQ/_5+
M(LPR>_M;.YNQ*86N'$8837'NR!7<A`5"J-I.X@_;X#:V)G&XQ?EU\L^"Z=@W
MY%JU\UK1@I&WY!;MG1(&0@8"V(7"\6!LLX0(*4?:)5I'UV*$Y0%ZJF+A,#(=
M3A@\7XVZ^.OQUYKD<K_[IF^2;HK:V)'NH&B,4>Y?-#&KR32>FT%4-'\:S627
M\7?/>O&6&,UGQ+A=C37"@[&5)/<F8$@4$AVP)X^X@.*J:C+/+*/_`'+^7#23
M5EN87</5O[.?XD:=HJ)H&NUY5M]R$Y"]1Z!CVGM%#=?H4>OTYCOC\3A'QQS/
ML!MJ75RLD$+$&IV1>TE&_`S3D>/1E\_AKO=YUS#OG&<*4%K>#V6D\UI[LV^7
MQ^4*(WYC^&MW?B2LFKQN!]?,)19_<D<D94E;>X8(&ZN'##'M>&+9("B4.XR;
MF=O;82?E41#I]/3`?"'A$ESGELLN`?VW&<61NK0!IW_^7%)_#6P?,'FO9Q;B
ML;C;^=>WS2%1ZLD";:?]:<'\Z?EKKO*9LEE;QY:2:=ZJ8,F7F/K=<<<LZA9,
M@18';3=?KV,*I3HVR-:Z_3344B)RS6&QD.J]1#Y39NDK[(E54*H3Y_'O`^$[
MJ[/R+.LMC_>\99S/="V)'\^:YEE:)7`H&15C8%?"LY0-]M0>'=V9\WU'UQC^
M$XW(;7D+FU6%YU_5&EM'"LFQO57D>2I>E0H:E&.X*NW4Q7XRL&ZQMH_&6;E]
ML]VLA_P=)RV42WJ=MT;6VBKYI,7.<.2*<I5B)%\R3.P:LY560F0!?W%.ABF.
M%@.G,@[XR[L-9>5XHXYU99F4&T6UCME8JK1PQ`NGNR$,0SM&5C.PTH"`8/[+
MXCIG'\$V<+R;<[V%=M&6N!.\BJ20\K$(5C6M-BK+OE^ZI]"0WDX#J'^'F`H@
M,19<BX,*'00%-VXG-F[1W#U[>AP<-:S=Q]>O4J;;\@<K<H;L_P"8M&K+9Q\Z
M?4!@(N.7T(]-A-O3_:KJ?JI@/Q0!_1/=<7X\T);D)/I7SN6*:OY!?'@:DUX%
M\6#CKQXT>?7;$;O\O7B_9+<&[`*LJR/,!2X,Z@]H&$BD+34%4P]0[5>H?7FH
M?+7(ER#NWD8XC6'CXH;0>OK&F]_7\))'6OBM-;C\8.#/#=2VEQ("LU_<37#5
M_-A"O]!6$-_M:7#@OOVE_$.Y;O:A0DJWKW_'`-#D-W-6I<7U",PO&"0P")/6
MZ6!=V7I^DH`F_+R8LJ_]!?"_BN(%$ON>NDD:A(9EED>ZJ1_\*.-&'I0CU.HB
MQG_UK\LN0Y-B7M.(67;XJH]B);2E1X_Q6]P5\DU_HYWT_P#*#SKZHX&(4K^!
MQ#_98,ZS((G3#[4XE\\V[WN@G(4SFNM6"!_0/0H`/'4Y_P"!?B3E&8?:E[RL
MLL,3&H-&"6:@'Q6CO*R_2M=<NSC_`,:?)O@<74EK7CA;LZCR*H6O)*_ANBVJ
M?X>==K^(2FY#*^=](-28$YE)&T2SN<<M4NISF?Y+MT!C.JJF3*(CW-PCY00Z
ME]"G$?IUY\_AY#%C>*9CV3=`"*RL?;5F7P/;CDG<;OS/M!E!\U&OM\J[J;G,
MGQK`K4_S;B;>0#YW3RI#$:?2A1Z'\SK)/.ELK>\22VM&E%#O,QA;#MTJ<1)9
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M3X?'K7&.N!^]YUIT>>\9I7/MJC*5W.53<[,K'VHP@"D$@T&G%?W6D=_4`?\`
MX_\`]E'[$/\`KS_6?U_??\_*F?ZZS_[R/_\`H7^9^I_\+^'_`$-6&_T7/]C_
M`/0?VGHO_C?[?_2_/5=3R794?9DWQVANCQVJ[;H94G:7">[W!\>NXZ%*BPK=
M-,0#VB`TKX*"4`_:*&'U$1$?0'X[<!;X[TQP%I``&FLQ<R&E*R7!,K5_&FX*
M#^"C5->\.=ER#M3FKV0DHEX\*>:@)!_)2GX`J@/CQ4G62:J>4+<'3:@2V+\+
MW6O)T62E'LXT@;C4F%J0KLS)%2"2D*XLX5:N6'SSHE45;G.LT,MW*`D"AU#&
MZ79/QSZV[1YQ,DR&*ZBY@(J.]O+[?O*GA!("K`E1]H9=K[0`6HHIW,"[TS_K
MKB7X3@9HFXQG+JDL8D$;-3<4)H1NH"5J5K4[:EB>WL/ELW[M]/RU0[=G):T5
MG-4=-0UU8353JCCV(.P0AZ_)0=1%");$I<2I&*G`J,<5``6.=8>JIC''HVGQ
M=Z:X_E./Y?C^/E@N^->-X]L\FUWCD]Q7F#;C*VX`'<?*@+2@U];[Y`]J\E87
MW&7W)O)9\@CI*ICA\(ZE&6/^76)=I(I$4\^3]Q)UJ#$^^.S^#\#7O6G&%]CZ
MSB')06T+E!I4ZIO):5&\036LV0Q;2^B7%B9'>0;)-N047!!0(7]7VB(CS:\H
MZ1Z\S+,K;/.?M9I<CM3"8W$\J(/V[;XJQJP0[6\GQ]W]:HUKW`]L9QC6+7.&
M\-=B'@+L2B6/VH6+>\@CD^]HS(-R`#PXIZBA\Z>9K'.2NG_@)S'F2`F'M0R+
MG*XV%W39R*>GC+`T=V.X5_$$`^B7C95-VV=1T/6'D@V4((&('4X>GKRG/8EG
M;]H_,6RQ6^3]QPU@(8ID<#88X8'NIE]/*LS[?/J33\!JU6"WTO7?Q;OLDM7,
M/+\A/(T3J:2!GE2U4@@@@J(W<4\@>?STI7*7ES\@F7L;*XKN.P$DA57D6,//
MN:M6ZK3;+9XPS<S5RUL%IKD1'S"J+UL82.2MU6I7)1,"H'`Q@&SV/?%[IG&^
M?_X@LN+,MTLF^*.>5YH8F'D%8W)#4/E?<W[2!3TU7SF_D/VQD'#?Y%><D5MG
MCV2-%''')*I%"&=$5ON!HP4J&'Z@:FKV/P_NM6U-#HTWE6Z65_CC7.]NU;'4
M<2KU>N$GLKSCJ(:PB&09R7DX5:TP=)CXMF0(ML@Y;_<UO]9[2M@`7=/OF-G/
M7?/Y#'PW!0B]RVT013WHFD,,"(Q;]M#&K>T\FYB99*$)^@5>NRT/Q1P_.N)X
MN;F.6EDM,5N6]R*V:-`]R[*![[.R^ZL2J![8#`2$[A]HK(X[R.9/<8?T8VAO
M+`RI95OB2RUV#%`JAW`3UY0)2(0[<B)3*F61D[$D<O:'4.WK]`Z\K+U'P<>2
M=F\'P\Y46TG)0M(6IM$<;"63=6@IL1JU^FK#]M<RW`]:\UR2';,+"2-"/4/,
M/90C\PT@(TDGQ(^,+6C8S0B,L^RF)$[).W#+UYL=4GP?6"HVZ(K,(2'H[>-;
M34$^B)4\*\DJN\7%JL91L<RONE)W]#\M3\C.]\YQ#N:YM<!Y5[6RM>/M[=D0
M))"S$-,6,<@>,L/=`$BJ&V@+6@U6SH?I7#,NZN3D,QL!-=W5_-*DFYXY5C7;
M%M#QE'V%T<[&+*2=P'G5@_7G5S`6J=/6HV`,9U_',`]<I/9<8PKIY,V&012]
MA*0LECEG,A/S[M)(1*F9VY5]DIA*F!"CTY3S+\XRS/>4/,Y??3WU_2@,A^U%
M/G;&B@)&O]U%4$^3YU;#%,,QC".//%XM9Q6EF35@M2SL!0,[L6=R!X!9C0>!
M0:QH^EVLJNQI=ME\61SG88G;[.2'4W:7#YN)*L%)3%M#K3AZV@9*K]6A!*R`
M2D,)@Z'$3<[`[#S-<0_X!3D)EP\L6-J-HC),GNDFB[C_`#`&\MZ@?3QKKG`<
M0;*?^-FL8CE(]+@ERX_E^SX&[8/Y7V?I]/S\Z]N<-,]9=DKA1K[G#$\/D.UX
MV`H4B4EY6S-BP(%EFDYT0CHF;CHMT"DHP15/\A!;W/;*4W4@=O/GCN?9CB5A
M=\9C?(3V=C?+MG2/:/=7:5HQ*EB-K$4K05)'GSKED&"8EE5];<ED-E'=7MH?
MY+,SC9Y#>%5@I\@5W`U]#X\:[78W5#7O;6KQ5/V$QG#9%A8&24EX#YSF5BI6
M!DET/BN74-/0$A%3<<+QN`$7(DX*DN4I04*;M+TXX=G>78!R3<MA]]-8WSIL
M9DH0ZUKM=6#(PKY&Y30^E-<LMPC%LZX\<9E5G'=VBMN6I960_4HZ,KK7ZT8`
MT%0:#6BV'BS\?$;1BXY0U4Q<I5@F6]@62>L9.0FWDNU9O&#=U(6Q])N+7($0
M:R"Q2(K/3MR"H(@0!Z"&S3]W]N7/*_YU+D/*?YE[1C#"9E`1B&*JBT102`31
M0?`\ZUN+I?JV'C4XI.$LC:1N'%58R;@I4$REC*W@GPSD>:TKJ0^2-9L#9?Q7
M`X0R5C*NV_$]8"ME@:-)@^"$C2U!@,96B()M7C=<20[`?;1`RA@`.@CU$`'F
MH<+F&3X[SC9+P=]<6O/.7+3QMMD/N&LE6_OG]7XZVSEL2QOG>&CQ[EK2*?A8
M@FR%JA%$:[4`H0:*O@>?36QZ%0J=BZF5K'F/J[&U.DTZ(:0-8K<0D*$;#1#$
MGMM6+-(QCG*DD7^48QA$1$1$1$>8KE.3Y#FN1FY;E9GGY*XD:261S5G=C5F8
M_4DZRO&\;8</81<7QD2P\?`@2-%_2JCT`_\`;Y_'6J\5:IZYX/NEQR-B;#],
MHE[R$+X;K:X*/.C-V7[E,GL+\)1\LLLJN#N;4%RH'4`,KT$?H'3-\YG.7Y-Q
MUKP_/\C=7?%60`@BD<M'"%0(!&GHM$`7P/36'X;#<7QZ_GY3A;&"WY&Z+&61
M5^^3<V]MS$D^6^XCTJ!^`U[(O5C7:$S5)[&Q>'Z0SSI,@Y"2RDG%%-;W7S(A
M&`==9-4YSI"XA$"-3=@%ZH%[/T?3B?.,ON<:CPZ?DKML5B(*6ID;V%(8N"(_
MTU#DM_$UTBPW%H<@;*HK&W&1M6MQM_FFJ>V?N_-/M_AXU[;=J]KS?LK5C.5T
MP]1;/EZEC"C4\AS,(W>V>OC7'SJ3@ABY%7N4:?:9%ZJNAV_LU5#&#\X>O.-A
MFN6\7P,^+\;R-W!CUT6,UNDC+%)O4*V]!X;<H`-?4`#3D,,Q7E>;@R3D;"VF
MYVVV>U.R`R)L8NFT_P!QB67\":CSKQSKJYKSLU'PL9GO$-)RDVKCAPZKY[3$
MD<OH55X5(KT(N40.WDV*+X$$_?236*FM[9.\INTO3]Q;-\OPFXDNL2Y&[X^:
M90KF&1D#@&H#`>&H:TJ#2IIZG7[DF&XME\,<&36-O>I$24]Q:LE:5VL*,H-!
M4`@&@J#36%*Z):8KU6M4=?5W!JU3I[UY)UN"5QQ65&47)R!&J3^32*:/%1:3
M?)L42K.%3'65*D0#&$"ASO\`^IG8?[^?E/\`.^4_S&Z0)+)^YEW2(*T1CN\J
M*FB_I%30>==#_3G`?V<7'_Y-QO[*%BR)^WBHK&E6'V_J-!5C4F@J?&I3?":?
MS=']U^%^@7]T_F_T_8_Z/TYI%3K<?;C_``'Z:?T?A_#7SE_)GAF<P5O5LC39
MADZ:M)?(\YD2JN7`&$LM4,C/%K9#2#9<0`KE-,TDLT5,7T*Z:JD'H)!`/;+X
MYY/993TWPES:,#+:VHM9E'JDMO\`8P(^FX;74?V6!UY!=XXS=8MV?RUE<*PB
MFNGN(B?1HIR9%(/UVAMA/]I6'J-02Y-^HET<::.--9E3:KD')UB@\=4&"MM\
ML\Z[39UZE5EI*S\G(NNH]A(^$8@X,((@83'4`@)I$ZF.8I0$>8/F^7QW%[&3
MG^?GM;*QC%7GE*(!^6X^23Z`"I/I366XGBN9Y^[CXCAH)[J\D:BQQJSL3_!0
M3^9_`>3JUQXV_`]'T=[7\W;N,HBR6EH9O+5;`""S>7JU?>)G!5H_R=((&5C[
M9*-S%*<L2W,I%HG`/D*._5)/SC[S^7E[D<,^*=8&6TX5ZI+?&J7$R^A6%?6"
M-O0N?YK#T]OZWTZ;^+EMPTD.2]BA)^2`#1V0(:*,_0SL*B1A](U)C']9G!*B
MSDDDFBFFBBF1)%(A$DDDB%33333*!2)ID*`%(0A0```````.46))-3Y)U<\`
M*`JBBC0=,BA1(H0BA!$!$IR@8HB`]0$2F`0Z@(<`D>1ZZ$!A1A4:Y*0I"@0A
M2D(7T*4H`4H!_B*```<_"2?)]=``!0>!KRXU^Z.--'&FCC31QIHXTT<::.--
M'&FCC31QIHXTT<::1AYG*1XY<@0%$K^W&:6^!,W'BI9SA[(->IUNOMN:0B+D
M/N#*TU6DUZ?=RN/74F<>PCXS$`>%4%DY35!P4]J/C'R?=W$<K=WG5O&GEN#&
MP7EO++%!;L3^@K+-+$JW`'H4+-M_6C+2E:/D1QW4'*6%O:]@\BO&<_L)M9TB
MDFF"U/AXX8Y&:`M6@;9]P;8X.\&FEDG&U"ITXNPI6PN,<NP@''X<_6JQFZKJ
M*HCU[#/H:_8IKB[%QT_2326=D*/T4,'KSU&X#),CY*V5^;QWD>-N]OW*UQQT
MZ[OJ%>&\8D?4%E7^&O.;FN#X&PN6CXKFK.^M:_:R0WL9IX_4LUK'0_D"P\>N
ML-AZO#RCY)H\R-1ZZ@H8I3R<TUR,LQ0*(]!.H2NX]GY(P$#U$"-SC^0!YE;S
MF.0MH3+;\5?W$G]A'LE8_P!,EXB_^]K&6W'6,\PCFO[:%#_7=+DJ/XA(';\O
M"D_E33&\!ZU>,[Y3&6V>\CC8&*8IJO:5A+`.Q1G#@H"!CMCWZY8;)[`"'YIO
M9@C&_DJ!Z#R#,RSGY$RHUM@.$+"QJ!/>\AQKD>H!$$5X%KZ'[I6%?!4C4R8G
MAO1RNL^:9?N'BL5I8W_GR"09I;,4'T_P?SW#5MSQOM_&<TI3UKH"_P`:2AVZ
M!4;9(M22R>9'R:9DB_*NY,@,X[*!&"ZX`9('2"+`#C^H(4/0/-;N9NZ7YP-W
M`O(+>$DQB6G[8?E;^T3;>!Z^T2?[1)U?SJ->G$X]DZL:R<!:2,N[]R14>9/>
M`N-I/I4!*_I`TS?D,:F/1QIHXTT<::.--'&FCC31QIHXTT<::.--'&FCC31Q
+IHXTT<::.--?_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
