<SEC-DOCUMENT>0001299933-15-000736.txt : 20150508
<SEC-HEADER>0001299933-15-000736.hdr.sgml : 20150508
<ACCEPTANCE-DATETIME>20150508134244
ACCESSION NUMBER:		0001299933-15-000736
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150508
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150508
DATE AS OF CHANGE:		20150508

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:		15845683

	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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<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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	May 8, 2015
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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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	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>
	(Address of principal executive offices)
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___________<BR>
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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 May 8, 2015, Heron Therapeutics, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2015 (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 ended March 31, 2015 are being furnished to the Securities and Exchange Commission.
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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 May 8, 2015<br>
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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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	May 8, 2015
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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 May 8, 2015
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 14pt">Heron Therapeutics Announces First Quarter 2015 Financial Results and Corporate Progress</FONT>



<P align="left" style="font-size: 14pt"><FONT style="font-size: 12pt">REDWOOD CITY, Calif. &#150; May&nbsp;8, 2015 &#150; Heron Therapeutics, Inc. (NASDAQ: HRTX), today reported
first quarter 2015 financial results and highlighted recent corporate progress.
</FONT>

<P align="left" style="font-size: 12pt"><B>First Quarter and Recent Corporate Progress:</B>


<P align="left" style="font-size: 12pt">In April&nbsp;2015, the Company completed enrollment in MAGIC, its Phase 3 study evaluating the efficacy
of SUSTOL<sup>&#174;</sup> (granisetron injection, extended release) for the prevention of delayed-onset
chemotherapy induced nausea and vomiting (CINV)&nbsp;following administration of highly emetogenic
chemotherapy (HEC)&nbsp;agents. The study enrolled over 900 patients undergoing treatment for various
tumor types at approximately 200 U.S. sites.


<P align="left" style="font-size: 12pt">In March&nbsp;2015, the Company disclosed positive results from its completed Phase 1 study of HTX-011,
the Company&#146;s lead product candidate for the prevention of post-operative pain. HTX-011 is a
long-acting formulation of the local anesthetic bupivacaine in combination with the
anti-inflammatory meloxicam, utilizing the Company&#146;s proprietary Biochronomer<sup>&#174;</sup> drug
delivery technology. In the Phase 1 study, HTX-011 achieved the desired pharmacokinetic profile for
both bupivacaine and meloxicam, with therapeutically relevant plasma bupivacaine levels sustained
for 2-3&nbsp;days in the absence of the large initial peak observed with commercially available
formulations of bupivacaine. The anesthetic effects of HTX-011 persisted through 96 hours, which
closely correlated with plasma bupivacaine concentrations, and HTX-011 was well-tolerated with no
serious adverse events.


<P align="left" style="font-size: 12pt">&#147;With the completion of enrollment in our MAGIC Phase 3 study of SUSTOL and the positive results
achieved in our Phase 1 study of HTX-011, we are proud to have achieved two critical milestones
since our last quarterly update,&#148; commented Barry Quart, Pharm.D., Chief Executive Officer of Heron
Therapeutics. &#147;Our most important near-term goals are to report topline data from the MAGIC study,
which we expect late this month, followed by the resubmission of the SUSTOL NDA to the U.S. Food
and Drug Administration (FDA)&nbsp;around the middle of this year. Additionally, based on the highly
positive Phase 1 data for HTX-011 reported in March, we look forward to initiating a Phase 2
program evaluating the efficacy of HTX-011 in several surgical models beginning in June&nbsp;2015.&#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 March&nbsp;31, 2015, the Company had approximately $55.6&nbsp;million in cash, compared to $72.7
million as of December&nbsp;31, 2014. The net decrease in cash was primarily due to the use of cash to
fund the Company&#146;s continued development of SUSTOL, HTX-011 and other product candidates and for
other general corporate purposes.


<P align="left" style="font-size: 12pt">The Company&#146;s net loss for the three months ended March&nbsp;31, 2015 was $20.6&nbsp;million, or $0.70 per
share, compared to a net loss of $17.5&nbsp;million, or $0.74 per share, for the same period in 2014.
The increase in net loss was primarily due to costs associated with the Company&#146;s recently
completed Phase 1 clinical study for HTX-011 and costs for the ongoing Phase 3 HEC study for
SUSTOL.


<P align="left" style="font-size: 12pt">The decrease in net loss per share for the three months ended March&nbsp;31, 2015 compared to the same
period in 2014 was mainly due to the increase in shares outstanding as a result of the Company&#146;s
June&nbsp;2014 common stock offering, partially offset by the increase in net loss.


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


<P align="left" style="font-size: 12pt">Heron Therapeutics&#146; 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)&nbsp;following the administration of
moderately emetogenic chemotherapy (MEC)&nbsp;or highly emetogenic chemotherapy (HEC)&nbsp;agents. Affecting
70-80% of patients undergoing chemotherapy, CINV is one of the most debilitating side effects of
such treatments, often attributed as a leading cause of premature discontinuation of cancer
treatment. Injectable 5-hydroxytryptamine type 3 (5-HT<sub>3</sub>) receptor antagonists have been
shown to be among the most effective and preferred treatments for CINV, however, an unmet medical
need exists for patients suffering from CINV during the delayed-onset phase, which typically occurs
1-5&nbsp;days following administration of chemotherapy agents. For delayed-onset CINV, only one
injectable 5-HT<sub>3</sub> receptor antagonist is approved for use following the administration of
MEC agents, and none are approved for use following administration of HEC agents. SUSTOL contains
the 5-HT<sub>3</sub> receptor antagonist granisetron, selected due to its broad use by physicians
based on a well-established record of safety and efficacy. SUSTOL is formulated with the Company&#146;s
proprietary Biochronomer<sup>&#174;</sup> drug delivery technology and in clinical trials has been shown
to maintain therapeutic drug levels of granisetron for up to five days with a single subcutaneous
injection.


<P align="left" style="font-size: 12pt"><B>About HTX-019 for Chemotherapy Induced Nausea and Vomiting</B>


<P align="left" style="font-size: 12pt">HTX-019 is a proprietary injectable formulation of aprepitant, a neurokinin-1 (NK<sub>1</sub>)
receptor antagonist for the prevention of CINV. NK<sub>1</sub> receptor antagonists are typically
used in combination with 5-HT<sub>3</sub> receptor antagonists. At present, the only injectable
NK<sub>1</sub> receptor antagonist approved in the U.S. contains polysorbate 80, a surfactant,
which may cause hypersensitivity reactions or other adverse reactions in some patients. Heron
Therapeutics&#146; formulation for HTX-019 does not contain polysorbate 80 and may have a lower
incidence of infusion-site reactions than reported with other commercially available injectable
NK<sub>1</sub> receptor antagonists.


<P align="left" style="font-size: 12pt"><B>About HTX-011 for Post-Operative Pain</B>


<P align="left" style="font-size: 12pt">HTX-011, which utilizes Heron&#146;s proprietary Biochronomer drug delivery technology, is a long-acting
formulation of the local anesthetic bupivacaine in combination with the anti-inflammatory meloxicam
for the prevention of post-operative pain. The effective management of pain with a reduction in the
use of opioids remains an important area of unmet medical need, and HTX-011 could potentially
provide a differentiated therapeutic profile with advantages compared to currently available pain
management options. In a Phase 1 clinical trial, HTX-011 achieved the desired pharmacokinetic
profile for both bupivacaine and meloxicam. Therapeutically relevant plasma bupivacaine levels were
sustained for 2-3&nbsp;days in the absence of the large initial peak that can be observed with
commercially available formulations. The anesthetic effects of HTX-011 persisted through 96 hours,
which closely correlated with plasma bupivacaine concentrations, and HTX-011 was well-tolerated
with no serious adverse events.


<P align="left" style="font-size: 12pt"><B>About HTX-003 for Chronic Pain and Addiction</B>


<P align="left" style="font-size: 12pt">HTX-003, which utilizes Heron&#146;s proprietary Biochronomer drug delivery technology, is a long-acting
formulation of buprenorphine for the management of chronic pain and opioid addiction. HTX-003 is
designed to maintain therapeutic drug levels of buprenorphine for 30&nbsp;days following a single
subcutaneous injection with a low potential for patient abuse.


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


<P align="left" style="font-size: 12pt">Heron Therapeutics, 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
drug delivery technology is designed to improve the therapeutic profile of injectable
pharmaceuticals. The Company&#146;s product development efforts focus on identifying current therapies
with the potential to be reformulated to expand or extend therapeutic effect or duration of action,
minimize drawbacks or to apply new delivery methods. In addition, we continually evaluate potential
development programs, technologies and product candidates that may be complementary to or
synergistic with our existing programs and product development goals.


<P align="center" style="font-size: 10pt; display: none">2
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<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 Therapeutics 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 new drug application resubmission for
SUSTOL, potential regulatory approval of SUSTOL and the timing for such approval, if approved at
all; the progress in research and development of HTX-019, HTX-011, HTX-003 and our other product
candidate programs, including the timing of planned toxicology and clinical studies; safety and
efficacy data from our clinical studies that may not warrant further development of our product
candidates; the launch and acceptance of new products generally; our financial position and our
ability to raise additional capital to fund operations if necessary or to pursue additional
business opportunities; 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
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<P align="center" style="font-size: 12pt"><B>HERON THERAPEUTICS, INC.</B>



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


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="74%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">Three Months Ended</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">March 31,</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">(Unaudited)</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">2015</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <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>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Research and development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">11,628</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,694</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>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,322</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>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <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">(20,360</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17,322</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest expense, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(210</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(216</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>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(20,570</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(17,538</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>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <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">$</TD>
    <TD align="right">(0.70</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.74</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>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <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">29,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,686</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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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



<P align="center" style="font-size: 12pt">Condensed Consolidated 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">March 31,</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">2015</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</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">$</TD>
    <TD align="right">55,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">72,675</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">59,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,682</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">$</TD>
    <TD align="right">48,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">63,062</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<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


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