<SEC-DOCUMENT>0001299933-14-001715.txt : 20141106
<SEC-HEADER>0001299933-14-001715.hdr.sgml : 20141106
<ACCEPTANCE-DATETIME>20141106162425
ACCESSION NUMBER:		0001299933-14-001715
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20141106
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141106
DATE AS OF CHANGE:		20141106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HERON THERAPEUTICS, 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:		141201026

	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:	AP PHARMA INC /DE/
		DATE OF NAME CHANGE:	20010511

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVANCED POLYMER SYSTEMS INC /DE/
		DATE OF NAME CHANGE:	19920703
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<TYPE>8-K
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<DESCRIPTION>LIVE FILING
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<TITLE> Heron Therapeutics, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	November 6, 2014
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	Heron Therapeutics, Inc.
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	(Exact name of registrant as specified in its charter)
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	Delaware
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	001-33221
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	94-2875566
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_____________________<BR>
	(State or other jurisdiction
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	(Commission
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	of incorporation)
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	File Number)
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	Identification No.)
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	123 Saginaw Drive, Redwood City, California
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	94063
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_________________________________<BR>
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___________<BR>
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	Registrant&#146;s telephone number, including area code:
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	650-366-2626
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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	Item 2.02 Results of Operations and Financial Condition.
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On November 6, 2014, Heron Therapeutics, Inc. (the "Company") issued a press release announcing its financial results for the three and nine months ended September 30, 2014 (the "Earnings Press Release"). A copy of the Earnings Press Release is furnished as Exhibit 99.1. <br><br>This Item 2.02 and the Earnings Press Release attached hereto as Exhibit 99.1, insofar as they disclose information regarding the Company's results of operations or financial condition for the quarter and nine months ended September 30, 2014, are being furnished to the Securities and Exchange Commission.
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	Item 8.01 Other Events.
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On November 6, 2014, the Company issued a press release announcing its product development program for HTX-019 which is used in the prevention of both acute- and delayed-onset chemotherapy induced nausea and vomiting. A copy of the press release is filed as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference in its entirety.
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	Item 9.01 Financial Statements and Exhibits.
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(d) Exhibits.  <br><br> <br><br>   <br><br>Exhibit No./Document<br> <br>  <br>99.1    Earnings Press Release dated November 6, 2014 <br>99.2    Press Release dated November 6, 2014
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	SIGNATURES
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	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.
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	Heron Therapeutics, Inc.
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	November 6, 2014
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	By:
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<I>
	/s/ Esme C. Smith
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	Name: Esme C. Smith
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	Title: VP, General Counsel & Secretary
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	Exhibit&nbsp;Index
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	99.1
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Earnings Press Release dated November 6, 2014
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	99.2
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Press Release dated November 6, 2014
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>EXHIBIT 99.1</B>
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<P align="center" style="font-size: 12pt"><FONT style="font-size: 14pt">Heron Therapeutics Announces Third Quarter and Year-to-Date 2014 Financial Results and<BR>
Corporate Highlights</FONT>



<P align="left" style="font-size: 14pt"><FONT style="font-size: 12pt">REDWOOD CITY, Calif. &#150; November&nbsp;6, 2014 &#150; Heron Therapeutics, Inc. (NASDAQ: HRTX), a
biotechnology company, today reported third quarter and year-to-date 2014 financial results and
highlighted recent corporate progress.
</FONT>

<P align="left" style="font-size: 12pt"><B>Third Quarter Highlights and Progress:</B>


<P>
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    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Due to a slower rate of enrollment than projected over the last quarter for Heron&#146;s ongoing
Phase 3 study of SUSTOL<sup>&#174;</sup> (granisetron injection, extended release) for the
prevention of delayed-onset chemotherapy induced nausea and vomiting (CINV)&nbsp;in patients
receiving highly emetogenic chemotherapy (HEC)&nbsp;agents, the Company now anticipates completing
enrollment in the first quarter of 2015, with the resubmission of the new drug application
(NDA)&nbsp;to the U.S. Food and Drug Administration (FDA)&nbsp;shortly thereafter.</TD>
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    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company expects to initiate a Phase 1 study of HTX-011 in the coming weeks. HTX-011 is
the Company&#146;s lead candidate in its pain management program, and is a combination of local
anesthetic bupivacaine and the anti-inflammatory meloxicam in a novel formulation utilizing
the Company&#146;s proprietary Biochronomer<sup>&#174;</sup> polymer-based drug delivery platform.</TD>
</TR>

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    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has disclosed a new development program as part of its growing CINV franchise.
HTX-019 is an intravenous (IV), polysorbate 80-free formulation of aprepitant, which is a
substance P/neurokinin-1 (NK<sub>1</sub>) receptor antagonist. NK<sub>1</sub> receptor
antagonists, such as HTX-019, are used in combination with 5-HT<sub>3</sub> receptor
antagonists in treatment of CINV, and are complimentary to the Company&#146;s SUSTOL program.
Registration of HTX-019 is expected to use the 505(b)(2) regulatory approval pathway for new
drug applications filed with the FDA, with potential commercial launch in 2016.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt">&#147;While we are disappointed that the HEC study will be a few months late in completing, we
continue to make significant progress with SUSTOL and our internal pipeline programs,&#148; commented
Barry D. Quart, Pharm.D., Chief Executive Officer of Heron Therapeutics. &#147;The addition of an IV
administrable NK<sub>1</sub> antagonist to our growing CINV franchise will help us to build a
potentially dominant position in this segment of the oncology supportive care market which is
estimated to be greater than $500&nbsp;million per year in the U.S. and potentially over $1&nbsp;billion
worldwide. Further, with the impending initiation of a Phase 1 study of HTX-011, our development
program in pain management continues to move forward.&#148;


<P align="center" style="font-size: 10pt; display: none">1
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<P align="left" style="font-size: 12pt"><B>Results of Operations</B>


<P align="left" style="font-size: 12pt">As of September&nbsp;30, 2014, we had approximately $86.2&nbsp;million in cash, compared to $72.3&nbsp;million as
of December&nbsp;31, 2013. The net increase in cash was primarily due to the net proceeds received of
$58.9&nbsp;million from the June&nbsp;2014 public offering, partially offset by net cash used in operating
activities of $47.4&nbsp;million for the nine months ended September&nbsp;30,&nbsp;2014.


<P align="left" style="font-size: 12pt">Heron Therapeutics&#146; net loss for the three and nine months ended September&nbsp;30,&nbsp;2014 was $19.2
million and $55.7&nbsp;million, or $0.66 per share and $2.17 per share, respectively, compared to a net
loss of $12.9&nbsp;million and $41.2&nbsp;million, or $0.84 per share and $2.69 per share, respectively, for
the same periods in 2013.


<P align="left" style="font-size: 12pt">The increase in net loss was primarily due to the initiation of the Phase 3 HEC study of SUSTOL in
2014 and expenses related to new product development, including our program targeting the relief of
post-surgical pain, which was initiated in November&nbsp;2013.


<P align="left" style="font-size: 12pt">The decrease in net loss per share for the three and nine months ended September&nbsp;30,&nbsp;2014 compared
to the same periods in 2013 was mainly due to the increase in shares outstanding in 2014 as a
result of our November&nbsp;2013 and June&nbsp;2014 common stock offerings, partially offset by the increase
in net loss.


<P align="left" style="font-size: 12pt"><B>About SUSTOL</B><sup><B>&#174;</B></sup>


<P align="left" style="font-size: 12pt">Heron&#146;s lead investigational product candidate, SUSTOL<sup>&#174; </sup>(granisetron injection, extended
release), 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-HT<sub>3</sub> receptor antagonist approved for the prevention of delayed-onset CINV
in patients receiving moderately emetogenic chemotherapy (MEC); none are approved for delayed-onset
CINV in patients receiving highly emetogenic chemotherapy (HEC). SUSTOL contains the
5-HT<sub>3</sub> receptor antagonist granisetron formulated in the Company&#146;s proprietary
Biochronomer<sup>&#174;</sup> polymer-based drug delivery platform, which has been shown in clinical
studies to maintain therapeutic drug levels of SUSTOL for up to five days with a single
subcutaneous injection. Currently available intravenous and oral formulations of granisetron are
approved only for the prevention of acute-onset CINV. Granisetron was selected for SUSTOL because
it is widely prescribed by physicians based on a well-established record of safety and efficacy.


<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->

<P align="left" style="font-size: 12pt"><B>About Heron&#146;s HTX-011 and HTX-019 Development Programs</B>


<P align="left" style="font-size: 12pt">The Company has initiated development of HTX-011 for pain management. HTX-011 is a combination of
local anesthetic bupivacaine and the anti-inflammatory meloxicam in a novel formulation utilizing
the proprietary Biochronomer polymer-based drug delivery platform.


<P align="left" style="font-size: 12pt">HTX-019 is a proprietary intravenous formulation of aprepitant, an NK<sub>1</sub> receptor
antagonist. HTX-019 does not contain polysorbate 80, which may cause hypersensitivity reactions in
some patients. At present, there is only one intravenous NK<sub>1</sub> receptor antagonist
approved in the U.S. for the prevention of CINV. NK<sub>1</sub> receptor antagonists are always
used in combination with a 5-HT<sub>3</sub> receptor antagonist for the prevention of CINV.


<P align="left" style="font-size: 12pt"><B>About Heron Therapeutics, Inc.</B>


<P align="left" style="font-size: 12pt">Heron Therapeutics, Inc. (formerly A.P. Pharma, Inc.) is a biotechnology company using its
proprietary technology and innovative efforts to develop products to address unmet medical needs.
The Company&#146;s proprietary Biochronomer polymer-based drug delivery platform is designed to improve
the therapeutic profile of injectable pharmaceuticals by extending the duration of action of known
active ingredients. The Company&#146;s product development program also focuses on identifying new
delivery methods and formulations utilizing known compounds that may expand or extend the
therapeutic effort, or eliminate the drawbacks of current therapies.


<P align="left" style="font-size: 12pt"><B>Forward Looking Statements</B>


<P align="left" style="font-size: 12pt">This news release contains &#147;forward-looking statements&#148; as defined by the Private Securities
Litigation Reform Act of 1995. Heron cautions readers that forward-looking statements are subject
to certain risks and uncertainties that could cause actual results to differ materially.</FONT><FONT style="font-size: 9pt">
</FONT><FONT style="font-size: 12pt">These risks and uncertainties include those associated with the timing of completion of the
HEC study, and the results thereof, and the NDA resubmission for SUSTOL, potential regulatory
approval of SUSTOL and the timing for such approval, if approved at all; risks relating to progress
in research and development of HTX-019, HTX-011 and our other product candidate programs, including
the timing of planned toxicology and clinical studies; the risk that safety and efficacy data from
our clinical studies may not warrant further development of our product candidates, risks related
to the launch and acceptance of new products generally; risks related to our financial position and
our ability to raise additional capital to fund operations if necessary or to pursue additional
business opportunities; risks related to strategic business alliances we may pursue or the
potential acquisition of other products or technologies 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 align="center" style="font-size: 10pt; display: none">3
<!-- PAGEBREAK -->

<P align="center" style="font-size: 12pt"><B>HERON THERAPEUTICS, INC.</B>



<P align="center" style="font-size: 12pt">Condensed Statements of Operations<BR>
(in thousands, except per share amounts)


<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">Three Months Ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">Nine Months Ended</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">September 30,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">September 30,</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2013</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2013</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Research and development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">40,929</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24,162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,464</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,626</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Loss from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(18,953</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12,664</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(55,066</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(40,626</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest and other expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(241</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(209</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(677</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(614</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(19,194</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(12,873</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(55,743</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(41,240</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Basic and diluted net loss per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.66</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.84</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2.17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2.69</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Shares used in computing basic and
diluted net loss per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,305</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 11pt"><FONT style="font-size: 12pt"><B>HERON THERAPEUTICS, INC.</B></FONT>



<P align="center" style="font-size: 12pt">Condensed Balance Sheet Data<BR>
(in thousands)


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">September 30,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">December 31,</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2013</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">86,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">72,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,937</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">81,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">68,945</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">4
<!-- PAGEBREAK -->


<P align="left" style="font-size: 12pt"><B>Contacts</B>
<BR>
<B>Investor Relations Contact:</B>
<BR>
Jennifer Capuzelo, Sr. Manager, Investor Relations
<BR>
858-703-6063
<BR>
<U>jcapuzelo@herontx.com</U>


<P align="left" style="font-size: 12pt"><B>Corporate Contact:</B>
<BR>
Barry D. Quart, Pharm D., Chief Executive Officer
<BR>
650-366-2626


<P align="center" style="font-size: 12pt"><I>###</I>




<P align="center" style="font-size: 10pt; display: none">5




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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit2.htm
<DESCRIPTION>EX-99.2
<TEXT>
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>EXHIBIT 99.2</B>
</FONT>

<P align="center" style="font-size: 12pt"><FONT style="font-size: 14pt">Heron Therapeutics Discloses New Proprietary Intravenous Formulation of NK<sub>1</sub><BR>
Receptor Antagonist for Prevention of CINV</FONT>



<P align="left" style="font-size: 14pt"><FONT style="font-size: 12pt">REDWOOD CITY, Calif. &#150; November&nbsp;6, 2014 &#150; Heron Therapeutics, Inc. (NASDAQ: HRTX), a
biotechnology company, today disclosed a development program for a P/neurokinin-1 (NK<sub>1</sub>)
receptor antagonist, which is used in the prevention of both acute- and delayed-onset chemotherapy
induced nausea and vomiting (CINV). NK<sub>1</sub> receptor antagonists are administered in
combination with a 5-HT<sub>3</sub> receptor antagonist for the prevention of CINV. Heron
Therapeutics&#146; lead investigational product candidate, SUSTOL<sup>&#174;</sup> (granisetron injection,
extended release), is an extended release 5-HT<sub>3</sub> receptor antagonist being developed for
the prevention of both acute- and delayed-onset CINV.
</FONT>

<P align="left" style="font-size: 12pt">Heron Therapeutics&#146; new investigational product candidate HTX-019 is a proprietary intravenous (IV)
formulation of aprepitant, an NK<sub>1</sub> receptor antagonist. The HTX-019 formulation is
distinguishable from the only IV NK<sub>1</sub> receptor antagonist presently approved for the
prevention of CINV in the U.S. in that it does not contain polysorbate 80, which may cause
hypersensitivity reactions in some patients. Registration of HTX-019 is expected to use the
505(b)(2) regulatory approval pathway for new drug applications filed with the U.S. Food and Drug
Administration (FDA), with potential commercial launch in 2016.


<P align="left" style="font-size: 12pt">&#147;The addition of a differentiated IV administrable NK<sub>1</sub> receptor antagonist to our
growing CINV franchise will help us to build a potentially dominant position in this segment of the
oncology supportive care market, which is estimated to be greater than $500&nbsp;million per year in the
U.S. and potentially over $1&nbsp;billion worldwide,&#148; commented Barry D. Quart, Pharm.D., Chief
Executive Officer of Heron Therapeutics.


<P align="left" style="font-size: 12pt">Dr.&nbsp;Quart continued, &#147;In addition, we are close to completing our ongoing Phase 3 clinical study of
SUSTOL in combination with EMEND<sup>&#174;</sup>, designed to expand the potential indications for
SUSTOL to include the treatment of delayed-onset CINV after HEC. No presently approved
5-HT<sub>3</sub> antagonist is indicated for delayed-onset CINV in HEC. We anticipate completing
enrollment in first quarter of 2015, with the resubmission of the new drug application (NDA)&nbsp;for
SUSTOL quickly thereafter.&#148;


<P align="left" style="font-size: 12pt"><B>About HTX-019</B>


<P align="left" style="font-size: 12pt">HTX-019 is a proprietary intravenous formulation of aprepitant, an NK<sub>1</sub> receptor
antagonist. HTX-019 does not contain polysorbate 80, which may cause hypersensitivity reactions in
some patients. At present, there is only one intravenous NK<sub>1</sub> receptor antagonist
approved in the U.S. for the prevention of CINV. NK<sub>1</sub> receptor antagonists are always
used in combination with a 5-HT<sub>3</sub> receptor antagonist for the prevention of CINV.


<P align="left" style="font-size: 12pt"><B>About SUSTOL</B><sup><B>&#174;</B></sup>


<P align="left" style="font-size: 12pt">Heron&#146;s lead investigational product candidate, SUSTOL<sup>&#174; </sup>(granisetron injection, extended
release), 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-HT<sub>3</sub> receptor antagonist approved for the prevention of delayed-onset CINV
in patients receiving moderately emetogenic chemotherapy (MEC); none are approved for delayed-onset
CINV in patients receiving highly emetogenic chemotherapy (HEC). SUSTOL contains the
5-HT<sub>3</sub> receptor antagonist granisetron formulated in the Company&#146;s proprietary
Biochronomer<sup>&#174;</sup> polymer-based drug delivery platform, which has been shown in clinical
studies to maintain therapeutic drug levels of SUSTOL for up to five days with a single
subcutaneous injection. Currently available intravenous and oral formulations of granisetron are
approved only for the prevention of acute-onset CINV. Granisetron was selected for SUSTOL because
it is widely prescribed by physicians based on a well-established record of safety and efficacy.


<P align="left" style="font-size: 12pt"><B>About Heron Therapeutics, Inc.</B>


<P align="left" style="font-size: 12pt">Heron Therapeutics, Inc. (formerly A.P. Pharma, Inc.) is a biotechnology company using its
proprietary technology and innovative efforts to develop products to address unmet medical needs.
The Company&#146;s proprietary Biochronomer polymer-based drug delivery platform is designed to improve
the therapeutic profile of injectable pharmaceuticals by extending the duration of action of known
active ingredients. The Company&#146;s product development program also focuses on identifying new
delivery methods and formulations utilizing known compounds that may expand or extend the
therapeutic effort, or eliminate the drawbacks of current therapies.


<P align="left" style="font-size: 12pt"><B>Forward Looking Statements</B>


<P align="left" style="font-size: 12pt">This news release contains &#147;forward-looking statements&#148; as defined by the Private Securities
Litigation Reform Act of 1995. Heron cautions readers that forward-looking statements are subject
to certain risks and uncertainties that could cause actual results to differ materially.</FONT><FONT style="font-size: 9pt">
</FONT><FONT style="font-size: 12pt">These risks and uncertainties include those associated with the timing of completion of the
HEC study, and the results thereof, and the NDA resubmission for SUSTOL, potential regulatory
approval of SUSTOL and the timing for such approval, if approved at all; risks relating to progress
in research and development of HTX-019, HTX-011 and our other product candidate programs, including
the timing of planned toxicology and clinical studies; the risk that safety and efficacy data from
our clinical studies may not warrant further development of our product candidates, risks related
to the launch and acceptance of new products generally; risks related to our financial position and
our ability to raise additional capital to fund operations if necessary or to pursue additional
business opportunities; risks related to strategic business alliances we may pursue or the
potential acquisition of other products or technologies 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 align="left" style="font-size: 12pt"><B>Contacts</B>


<P align="left" style="font-size: 12pt"><B>Investor Relations Contact:</B>
<BR>
Jennifer Capuzelo, Sr. Manager, Investor Relations
<BR>
858-703-6063
<BR>
<U>jcapuzelo@herontx.com</U>


<P align="left" style="font-size: 12pt"><B>Corporate Contact:</B>
<BR>
Barry D. Quart, Pharm D., Chief Executive Officer
<BR>
650-366-2626


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