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  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <DIV align="center" style="font-size: 10pt; margin-top: 12pt">As filed with the Securities and Exchange Commission on June&nbsp;30, 2008</DIV>
  
  
  <DIV align="right" style="font-size: 10pt; margin-top: 0pt">Registration No.
  </DIV>
  
  
  <DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
  <DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
  
  
  
  
  <DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
  SECURITIES AND EXCHANGE COMMISSION</B>
  </DIV>
  
  <DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B></div>
  <DIV align="center" style="font-size: 12pt; margin-top: 3pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
  </DIV>
  
  <DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
  </DIV>
  
  
  <DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><I>REGISTRATION STATEMENT<BR>
  Under<BR>
  The Securities Act of 1933</I></B>
  </DIV>
  
  
  <DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
  </DIV>
  
  <DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CPEX Pharmaceuticals, Inc.</B>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt"><B>(Exact Name of Registrant as Specified in Its Charter)</B></DIV>
  
  
  <DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
  
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="47%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="47%">&nbsp;</TD>
  </TR>
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD align="center" valign="top"><B>Delaware</B>
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top"><B>261172076</B></TD>
  </TR>
  <TR style="font-size: 1px">
      <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top"><B>(State or Other Jurisdiction of</B>
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top"><B>(I.R.S. Employer</B></TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top"><B>Incorporation or Organization)</B>
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top"><B>Identification No.)</B></TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>2 Holland Way<BR>
  Exeter, NH 03833<BR>
  (Address, Including Zip Code, of Registrant&#146;s Principal Executive Offices)</B></DIV>
  
  <DIV align="center"><DIV style="font-size: 3pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>CPEX Pharmaceuticals, Inc. 2008 Equity and Incentive Plan<BR>
  (Full Title of the Plan)</B><BR>
  <DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Robert Hebert<BR>
  Chief Financial Officer<BR>
  and Vice President<BR>
  CPEX Pharmaceuticals, Inc.<BR>
  2 Holland Way<BR>
  Exeter, NH 03833<BR>
  (603)&nbsp;658-6100<BR>
  (Name, Address and Telephone Number, Including Area Code, of Agent For Service)</B></DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: pt"><I>Copies to:</I><BR>
  <B>Eileen Nugent<BR>
  Marie Gibson<BR>
  Regina Olshan<BR>
  Skadden, Arps, Slate, Meagher &#038; Flom LLP<BR>
  Four Times Square<BR>
  New York, New York 10036<BR>
  (212)&nbsp;735-3000</B></DIV>
  
  <DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
  a non-accelerated filer, or a smaller reporting company.
  See the definitions of &#147;large
  accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check one):</DIV>
  
  
  
  <DIV align="center">
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
  <TR style="font-size: 6pt">
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
  </TR>
  <TR valign="top">
      <TD nowrap align="left" valign="top">Large accelerated filer
  <FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left" valign="top">Accelerated filer <FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD nowrap align="center">Non-accelerated filer &nbsp;
  <FONT face="Wingdings">&#254;</FONT><BR>
  (Do not check if a smaller reporting company)</TD>
      <TD align="center">&nbsp;</TD>
      <TD nowrap align="right" valign="top">Smaller reporting company <FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
  </TR>
  </TABLE>
  </DIV>
  
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
  </DIV>
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom" style="font-size: 1pt">
      <TD width="1%">&nbsp;</TD>
      <TD width="65%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD><!-- VRule -->
      <TD width="2%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD><!-- VRule -->
      <TD width="2%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD><!-- VRule -->
      <TD width="2%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD><!-- VRule -->
      <TD width="2%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
  
      <TD width="1%">&nbsp;</TD>
  </TR><TR style="font-size: 1px" valign="bottom">
      <TD nowrap align="left" colspan="17" style="border-bottom: 3px double #000000">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>
  
      <TD>&nbsp;</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Proposed Maximum</B></TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Proposed Maximum</B></TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>
  
      <TD nowrap align="center"><B>Title of Securities</B></TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Amount To Be</B></TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Offering Price</B></TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Aggregate Offering</B></TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Amount Of</B></TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>
  
      <TD nowrap align="center"><B>To Be Registered</B></TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Registered (1)</B></TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Per Share (2)</B></TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Price (2)</B></TD>
      <TD style="border-right: 2px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Registration Fee</B></TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                      <TD valign="top" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">common stock, par value $0.01 per share (3)
  </DIV></TD>
      <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
      <TD style="border-top: 2px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
      <TD align="right" valign="bottom" style="border-top: 2px solid #000000">754,601</TD>
      <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
      <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
      <TD style="border-top: 2px solid #000000">&nbsp;</TD>
  
  <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$14.30
  </TD>
      <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
      <TD style="border-top: 2px solid #000000">&nbsp;</TD>
  
  <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$10,790,794
  </TD>
      <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
      <TD style="border-top: 2px solid #000000">&nbsp;</TD>
  
  <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$424.08</TD>
      <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
  </TR>
  <TR style="font-size: 1px" valign="bottom">
      <TD nowrap align="left" colspan="17" style="border-top: 3px double #000000">&nbsp;</TD>
  </TR>
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  <div style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  <TR style="font-size: 10pt">
      <TD width="3%"></TD>
      <TD width="1%"></TD>
      <TD width="96"></TD>
  </TR>
  
  <TR valign="top">
      <TD nowrap align="left">(1)</TD>
      <TD>&nbsp;</TD>
      <TD>This Registration Statement shall also cover any additional shares of common stock which may
  become issuable under the CPEX Pharmaceuticals, Inc. 2008 Equity and Incentive Plan being
  registered pursuant to this Registration Statement by reason of any stock dividend, stock split,
  recapitalization or any other similar transaction effected without the receipt of consideration
  which results in an increase in the number of the Registrant&#146;s outstanding shares of common stock.</TD>
  </TR>
  
  <TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD nowrap align="left">(2)</TD>
      <TD>&nbsp;</TD>
      <TD>Estimated solely for the purpose of calculating the registration fee in accordance with Rule
  457(h) under the Securities Act of 1933 with respect to shares of common stock issuable pursuant to
  the CPEX Pharmaceuticals, Inc. 2008 Equity and Incentive Plan based upon the average of the high
  and low prices of a share of common stock as reported on the NASDAQ Capital Market on June&nbsp;27,
  2008.</TD>
  </TR>
  
  <TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD nowrap align="left">(3)</TD>
      <TD>&nbsp;</TD>
      <TD>Includes preferred stock purchase rights which initially attach to and trade with the shares of
  common stock being registered hereby. Value attributable to such rights, if any, is reflected in
  the market price of the common stock.</TD>
  </TR>
  
  </TABLE>
  </div>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, pursuant to Rule 416(c) under the Securities Act, this registration statement also
  covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit
  plans described herein.
  </DIV>
  
  
  <DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
  <DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
  
  
  
  
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
  </DIV>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  
  
  
  
  
  <!-- TOC -->
  <A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>
  
  <P><CENTER>
  <TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
  <TR>
  	<TD width="3%"></TD>
  	<TD width="3%"></TD>
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  	<TD width="3%"></TD>
  	<TD width="3%"></TD>
  	<TD width="76%"></TD>
  </TR>
  <TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1. Plan Information. and Item&nbsp;2. Registrant Information and Employee Plan Annual Information</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#002">PART II</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;4. Description of Securities</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;7. Exemption From Registration Claimed</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;8. Exhibits</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;9. Undertakings</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#010">SIGNATURES</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#011">EXHIBIT INDEX</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b70772cpexv5w1.htm">Ex-5.1 Opinion of Skadden, Arps, Slate, Meagher & Flom LLP</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b70772cpexv23w1.htm">Ex-23.1 Consent of Deloitte & Touche LLP</A></TD></TR>
  </TABLE>
  </CENTER>
  <!-- /TOC -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement registers 754,601 shares of common stock, par value $0.01 per
  share (the &#147;Common Stock&#148;), of CPEX Pharmaceuticals, Inc. (the &#147;Company&#148; or the &#147;Registrant&#148;) that
  were issued and sold or may be issued and sold under the CPEX Pharmaceuticals, Inc. 2008 Equity and
  Incentive Plan (the &#147;Plan&#148;).
  </DIV>
  
  
  
  <!-- link1 "PART I" -->
  <DIV align="left"><A NAME="000"></A></DIV>
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
  </DIV>
  
  
  <DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
  
  </DIV>
  
  
  
  
  
  
  <!-- link2 "Item&nbsp;1. Plan Information. and Item&nbsp;2. Registrant Information and Employee Plan Annual Information" -->
  <DIV align="left"><A NAME="001"></A></DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1. Plan Information. and Item&nbsp;2. Registrant Information and Employee Plan Annual Information.</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in Part&nbsp;I will be sent or given to
  employees, officers, directors or others as specified by Rule&nbsp;428(b)(1) under the U.S. Securities
  Act of 1933 (the &#147;Securities Act&#148;). In accordance with the rules and regulations of the Securities
  and Exchange Commission (the &#147;Commission&#148;) and the instructions to Form S-8, such documents are not
  being filed with the Commission either as part of this Registration Statement or as prospectuses or
  prospectus supplements pursuant to Rule&nbsp;424 under the Securities Act. These documents and the
  documents incorporated by reference in this Registration Statement pursuant to Item&nbsp;3 of Part&nbsp;II of
  this registration statement, taken together, constitute a prospectus that meets the requirements of
  Section 10(a) of the Securities Act.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant will, without charge, upon written or oral request, of the documents
  incorporated by reference in Item&nbsp;3 of Part&nbsp;II of this Registration Statement or other documents
  required to be delivered to employees pursuant to Rule 428(b) under the Securities Act, deliver
  such documents to participants. Participants should address written requests to CPEX
  Pharmaceuticals, Inc., 2 Holland Way, Exeter, NH 03833 or direct oral requests to Robert Hebert,
  the Company&#146;s Corporate Secretary at (603)&nbsp;658-6100.
  </DIV>
  
  <!-- link1 "PART II" -->
  <DIV align="left"><A NAME="002"></A></DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
  </DIV>
  
  <!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
  <DIV align="left"><A NAME="003"></A></DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  following documents previously filed with the Commission are incorporated by reference in
  this registration statement:
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left">(a)</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>The Company&#146;s registration statement on Form&nbsp;10 filed with the Commission on June&nbsp;17,
  2008 (the &#147;Form&nbsp;10&#148;), as amended, including the description of the Common Stock contained
  therein, and any amendment or report filed for the purpose of updating such description; and</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left">(b)</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>The current report on Form 8-K, filed by the Company with the Commission on June&nbsp;18,
  2008.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, any and all documents subsequently filed by the Company with the Commission
  pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 (the
  &#147;Exchange Act&#148;), prior to the filing of a post-effective amendment to this Registration Statement
  which indicates that all securities offered hereby have been sold or which deregisters all such
  securities then remaining unsold, shall be deemed
  </DIV>
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">to be incorporated by reference in this
  Registration Statement and to be part hereof from the date of filing of such documents.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated or deemed to be incorporated by reference
  herein shall be deemed to be modified, superseded or replaced by a statement or information
  contained in any other subsequently filed document incorporated herein by reference. Any such
  statement so modified, superseded or replaced shall not be deemed, except as so modified,
  superseded or replaced, to constitute a part of this Registration Statement.
  </DIV>
  <!-- link2 "Item&nbsp;4. Description of Securities" -->
  <DIV align="left"><A NAME="004"></A></DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  </DIV>
  <!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
  <DIV align="left"><A NAME="005"></A></DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  </DIV>
  <!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
  <DIV align="left"><A NAME="006"></A></DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As authorized by section 145 of the Delaware General Corporation Law, each director and
  officer of a corporation may be indemnified by the corporation against expenses, including
  attorneys&#146; fees, judgments, fines and amounts paid in settlement, actually and reasonably incurred
  regarding the defense or settlement of threatened, pending or completed legal proceedings. Each
  director or officer will have the right of indemnification if he or she:
  </DIV>
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>is involved in the legal proceeding because he or she is or was a director or officer of
  the corporation;</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>acted in good faith and in a manner that he or she reasonably believed was in the best
  interests of the corporation; and</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>in a criminal action or proceeding, had no reasonable cause to believe that his or her
  conduct was unlawful.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, if the legal proceeding is by or in the right of the corporation, the director or
  officer may not be indemnified for claims, issues or matters as to which the director or officer is
  adjudged to be liable for negligence or misconduct in the performance of his or her duty to the
  corporation unless a court determines otherwise.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;SEVENTH of our amended and restated certificate of incorporation contains provisions
  that authorize the indemnification of our directors and officers, their heirs, executors, personal
  and legal representatives and former directors and officers, to the fullest extent permitted by
  law. With the exception of proceedings to enforce rights to indemnification, the Company is not
  obligated to indemnify any director or officer initiated by such person unless such proceeding
  was authorized by the Board of Directors. The right to indemnification includes the right to be
  paid the expenses incurred in defending or participating in any proceeding in advance of its final
  disposition by the Company. The Company may, to the extent authorized by the Board of Directors,
  provide rights to indemnification and the advancement of expenses to employees and agents of the
  </DIV>
  
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Corporation similar to those rights conferred to directors and officers of the Corporation.
  Finally, article SEVENTH provides that a repeal or modification of article SEVENTH by the
  stockholders must not adversely affect the rights to indemnification of directors and officers
  regarding any acts or omissions that occurred before the repeal or modification.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below are material provisions of article EIGHTH of our amended and restated by-laws
  that authorize the indemnification of directors and officers:
  </DIV>
  
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Section&nbsp;2 of article EIGHTH states that if a director or officer is adjudged to be
  liable to us by a court of law there would be no right of indemnification unless the court
  determines upon application that, despite the adjudication of liability but in view of all
  the circumstances of the case, the director or officer is fairly and reasonably entitled to
  indemnity.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Section&nbsp;3 of article EIGHTH states that authorization as to whether a director or
  officer should be indemnified is made (a)&nbsp;by a majority vote of either the directors or a
  committee of directors, in each case, who are not parties to the action, suit or
  proceeding, (b)&nbsp;by independent legal counsel in a written opinion if there are no directors
  who are not parties to the action, suit or proceeding, or (c)&nbsp;by the stockholders. However,
  if a director or officer has been successful on the merits or defense of the action, suit
  or proceeding, then that person will be indemnified without authorization.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Section&nbsp;5 of article EIGHTH states that directors or officers may apply to the Court of
  Chancery in the State of Delaware for indemnification.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Section&nbsp;6 of article EIGHTH states that the directors and officers have the right to be
  reimbursed for the expenses incurred in defending or participating in a legal proceeding in
  advance of the proceeding&#146;s final disposition.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Section&nbsp;8 of article EIGHTH states that the Company may purchase and maintain insurance
  on behalf of persons who are or were directors or officers whether or not we would have the
  power or the obligation to indemnify those persons.</TD>
  </TR>
  
  <TR>
      <TD style="font-size: 6pt">&nbsp;</TD>
  </TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="2%" style="background: transparent">&nbsp;</TD>
      <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Section&nbsp;11 of article EIGHTH states that, except for proceedings to enforce rights to
  indemnification, the Corporation is not obligated to indemnify any director or officer or
  advance expenses for proceedings brought by such director or officer unless such proceeding
  was authorized by the Board of Directors.</TD>
  </TR>
  
  </TABLE>
  </DIV>
  <!-- link2 "Item&nbsp;7. Exemption From Registration Claimed" -->
  <DIV align="left"><A NAME="007"></A></DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption From Registration Claimed</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  </DIV>
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  <!-- link2 "Item&nbsp;8. Exhibits" -->
  <DIV align="left"><A NAME="008"></A></DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed as part of this Registration Statement or, where so
  indicated, have been previously filed and are incorporated herein by reference.
  </DIV>
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="9%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="89%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Amended and Restated Certificate of Incorporation of CPEX Pharmaceuticals,
  Inc. (incorporated herein by reference to Exhibit&nbsp;3.1 of the Form&nbsp;10 filed
  with the Commission on June&nbsp;17, 2008).</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.2
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Amended and Restated By-laws of CPEX Pharmaceuticals, Inc. (incorporated
  herein by reference to Exhibit&nbsp;3.2 of the Form&nbsp;10 filed with the Commission
  on June&nbsp;17, 2008).</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Rights Agreement between CPEX Pharmaceuticals, Inc. and Rights Agent
  (incorporated herein by reference to Exhibit&nbsp;4.1 of the Form&nbsp;10 filed with
  the Commission on June&nbsp;17, 2008).</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Certificate of Designation of Series&nbsp;A Preferred Stock (incorporated herein
  by reference to Exhibit&nbsp;4.2 of the Form&nbsp;10 filed with the Commission on June
  17, 2008).</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Opinion of Skadden, Arps, Slate, Meagher &#038; Flom LLP.</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">CPEX Pharmaceuticals, Inc. 2008 Equity and Incentive Plan (incorporated
  herein by reference to Exhibit&nbsp;10.8 of the Form&nbsp;10 filed with the Commission
  on June&nbsp;17, 2008).</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP.</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consent of Skadden, Arps, Slate, Meagher &#038; Flom LLP (included in Exhibit&nbsp;5.1).</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Power of Attorney (included on signature page of this Registration Statement).</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  <!-- link2 "Item&nbsp;9. Undertakings" -->
  <DIV align="left"><A NAME="009"></A></DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings</B>
  </DIV>
  
  
  <DIV style="margin-top: 6pt">
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" nowrap align="left">(a)</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>The undersigned Registrant hereby undertakes:</TD>
  </TR>
  
  </TABLE>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a
  post-effective amendment to this Registration Statement:
  </DIV>
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act
  of 1933;
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the
  effective date of this Registration Statement (or the most recent post-effective
  amendment thereof) which, individually or in the aggregate, represent a fundamental
  change in the information set forth in the registration statement. Notwithstanding
  the foregoing, any increase or decrease in volume of securities offered (if the total
  dollar value of securities offered would not exceed that which was registered) and
  any deviation from the low or high end of the estimated maximum offering range may be
  reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
  if, in the aggregate, the changes in volume and price represent no more than a 20%
  change in the maximum aggregate offering price set forth in the &#147;Calculation of
  Registration Fee&#148; table in the effective registration statement.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of
  distribution not previously disclosed in this Registration Statement or any material
  change to such information in the registration statement;
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provided, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if this Registration
  Statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included in a
  post-effective amendment by those paragraphs is contained in periodic reports filed with or
  furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section 15(d) of the
  Exchange Act that are incorporated by reference herein.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That for the purpose of determining any liability under the Securities Act of 1933,
  each such post-effective amendment shall be deemed to be a new registration statement
  relating to the securities offered therein, and the offering of such securities at that time
  shall be deemed to be the initial bona fide offering thereof.
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
  securities being registered which remain unsold at the termination of the offering.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
  liability under the Securities Act of 1933, each filing of the Registrant&#146;s annual report pursuant
  to section 13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing of an
  employee benefit plan&#146;s annual report pursuant to section 15(d) of the Exchange Act) that is
  incorporated by reference in this Registration Statement shall be deemed to be a new registration
  statement relating to the securities offered therein, and the offering of such securities at that
  time shall be deemed to be the initial bona fide offering thereof.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
  permitted to directors, officers and controlling persons of the Registrant pursuant to the
  foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
  Securities and Exchange Commission such indemnification is against public policy as expressed in
  the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
  such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
  director, officer or controlling person of the Registrant in the successful defense of any action,
  suit or proceeding) is asserted by such director, officer or controlling person in connection with
  the securities being registered, the Registrant will, unless in the opinion of its counsel the
  matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
  question whether such indemnification by it is against public policy as expressed in the Act and
  will be governed by the final adjudication of such issue.
  </DIV>
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  <!-- link1 "SIGNATURES" -->
  <DIV align="left"><A NAME="010"></A></DIV>
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
  </DIV>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
  has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
  has duly caused this Registration Statement on Form S-8 to be signed on its behalf by the
  undersigned, thereunto duly authorized, in the City of Exeter, State of New Hampshire on June&nbsp;30,
  2008.
  </DIV>
  
  <TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
  <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="35%">&nbsp;</TD>
      <TD width="15%">&nbsp;</TD>
  </TR>
  <TR>
      <TD valign="top" align="left">&nbsp;</TD>
      <TD colspan="3" align="left"><B>CPEX PHARMACEUTICALS, INC.</B><BR>
  &nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR><TR>
      <TD align="left">&nbsp;</TD>
      <TD valign="top">By:&nbsp;&nbsp;</TD>
  
  <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
  Robert Hebert</TD>
      <TD>&nbsp;</TD>
  </TR><TR>
      <TD align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2" align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR><TR>
      <TD align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2" align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  <TR>
      <TD colspan="5">&nbsp;</TD>
  </TR>
  </TABLE>
  
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears immediately below
  constitutes and appoints Robert Hebert, his or her true and lawful attorney-in-fact and agent, with
  full power of substitution and resubstitution, for him or her and in his or her name, place and
  stead, in any and all capacities, to sign any and all amendments (including post-effective
  amendments) to this registration statement, and to file the same with all exhibits thereto and
  other documents in connection therewith with the Securities and Exchange Commission, granting unto
  said attorney-in-fact and agent full power and authority to do and perform each and every act and
  thing requisite and necessary to be done, as fully to all intents and purposes as he or she might
  or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or
  her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
  </DIV>
  
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
  been signed by the following persons in the capacities and on the date indicated.
  </DIV>
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="35%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="35%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="13%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  
  <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John Sedor
  <DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">President and Chief Executive Officer&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">June&nbsp;30, 2008</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Sedor</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  
  <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert Hebert
  <DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">Vice President and Chief Financial Officer&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">June&nbsp;30, 2008</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert Hebert</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  
  <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ James Murphy
  <DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">Chairman and Director&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">June&nbsp;30, 2008</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">James Murphy</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  
  <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John W. Spiegel
  <DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">Director&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">June&nbsp;30, 2008</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">John W. Spiegel</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  
  <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael McGovern
  <DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">Director&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">June&nbsp;30, 2008</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael McGovern</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="35%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="35%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="13%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
  Miguel Fernandez<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">Director&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">June&nbsp;30, 2008</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Miguel Fernandez</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  <DIV align="left">
  <DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
  </DIV>
  <TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
  <TR style="font-size: 3pt">
      <TD width="0%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="35%">&nbsp;</TD>
      <TD width="63%">&nbsp;</TD>
  </TR>
  <TR>
      <TD align="left">&nbsp;</TD>
      <TD valign="top">*By:&nbsp;&nbsp;</TD>
      <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
  Robert Hebert&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR><TR>
      <TD align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD valign="top">Name:&nbsp;&nbsp;</TD>
      <TD align="left">Robert Hebert&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR><TR>
      <TD align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2" align="left">Attorney-in-Fact&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  </TABLE>
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CPEX PHARMACEUTICALS, INC</B>
  </DIV>
  
  <!-- link1 "EXHIBIT INDEX" -->
  <DIV align="left"><A NAME="011"></A></DIV>
  <DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>EXHIBIT INDEX</B>
  </DIV>
  
  
  <DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>JUNE 30, 2008</B>
  </DIV>
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="9%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="89%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Amended and Restated Certificate of Incorporation of CPEX Pharmaceuticals,
  Inc. (incorporated herein by reference to Exhibit&nbsp;3.1 of the Form&nbsp;10 filed
  with the Commission on June&nbsp;17, 2008).</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.2
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Amended and Restated By-laws of CPEX Pharmaceuticals, Inc. (incorporated
  herein by reference to Exhibit&nbsp;3.2 of the Form&nbsp;10 filed with the Commission
  on June&nbsp;17, 2008).</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Rights Agreement between CPEX Pharmaceuticals, Inc. and Rights Agent
  (incorporated herein by reference to Exhibit&nbsp;4.1 of the Form&nbsp;10 filed with
  the Commission on June&nbsp;17, 2008).</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Certificate of Designation of Series&nbsp;A Preferred Stock (incorporated herein
  by reference to Exhibit&nbsp;4.2 of the Form&nbsp;10 filed with the Commission on June
  17, 2008).</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Opinion of Skadden, Arps, Slate, Meagher &#038; Flom LLP.</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">CPEX Pharmaceuticals, Inc. 2008 Equity and Incentive Plan (incorporated
  herein by reference to Exhibit&nbsp;10.8 of the Form&nbsp;10 filed with the Commission
  on June&nbsp;17, 2008).</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP.</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consent of Skadden, Arps, Slate, Meagher &#038; Flom LLP (included in Exhibit&nbsp;5.1).</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Power of Attorney (included on signature page of this Registration Statement).</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  
  <P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
  </DIV>
  
  
  
  </BODY>
  </HTML>
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text: sv8
  Table of Contents
  As filed with the Securities and Exchange Commission on June 30, 2008
  Registration No.
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT
  Under
  The Securities Act of 1933
  CPEX Pharmaceuticals, Inc.
  (Exact Name of Registrant as Specified in Its Charter)
  Delaware
  261172076
  (State or Other Jurisdiction of
  (I.R.S. Employer
  Incorporation or Organization)
  Identification No.)
  2 Holland Way
  Exeter, NH 03833
  (Address, Including Zip Code, of Registrant's Principal Executive Offices)
  CPEX Pharmaceuticals, Inc. 2008 Equity and Incentive Plan
  (Full Title of the Plan)
  Robert Hebert
  Chief Financial Officer
  and Vice President
  CPEX Pharmaceuticals, Inc.
  2 Holland Way
  Exeter, NH 03833
  (603) 658-6100
  (Name, Address and Telephone Number, Including Area Code, of Agent For Service)
  Copies to:
  Eileen Nugent
  Marie Gibson
  Regina Olshan
  Skadden, Arps, Slate, Meagher & Flom LLP
  Four Times Square
  New York, New York 10036
  (212) 735-3000
  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
  a non-accelerated filer, or a smaller reporting company.
  See the definitions of "large
  accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
  Large accelerated filer
  o
  Accelerated filer
  o
  Non-accelerated filer
  þ
  (Do not check if a smaller reporting company)
  Smaller reporting company
  o
  CALCULATION OF REGISTRATION FEE
  Proposed Maximum
  Proposed Maximum
  Title of Securities
  Amount To Be
  Offering Price
  Aggregate Offering
  Amount Of
  To Be Registered
  Registered (1)
  Per Share (2)
  Price (2)
  Registration Fee
  common stock, par value $0.01 per share (3)
  754,601
  $14.30
  $10,790,794
  $424.08
  (1)
  This Registration Statement shall also cover any additional shares of common stock which may
  become issuable under the CPEX Pharmaceuticals, Inc. 2008 Equity and Incentive Plan being
  registered pursuant to this Registration Statement by reason of any stock dividend, stock split,
  recapitalization or any other similar transaction effected without the receipt of consideration
  which results in an increase in the number of the Registrant's outstanding shares of common stock.
  (2)
  Estimated solely for the purpose of calculating the registration fee in accordance with Rule
  457(h) under the Securities Act of 1933 with respect to shares of common stock issuable pursuant to
  the CPEX Pharmaceuticals, Inc. 2008 Equity and Incentive Plan based upon the average of the high
  and low prices of a share of common stock as reported on the NASDAQ Capital Market on June 27,
  2008.
  (3)
  Includes preferred stock purchase rights which initially attach to and trade with the shares of
  common stock being registered hereby. Value attributable to such rights, if any, is reflected in
  the market price of the common stock.
  In addition, pursuant to Rule 416(c) under the Securities Act, this registration statement also
  covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit
  plans described herein.
  TABLE OF CONTENTS
  PART I
  Item 1. Plan Information. and Item 2. Registrant Information and Employee Plan Annual Information
  PART II
  Item 3. Incorporation of Documents by Reference
  Item 4. Description of Securities
  Item 5. Interests of Named Experts and Counsel
  Item 6. Indemnification of Directors and Officers
  Item 7. Exemption From Registration Claimed
  Item 8. Exhibits
  Item 9. Undertakings
  SIGNATURES
  EXHIBIT INDEX
  Ex-5.1 Opinion of Skadden, Arps, Slate, Meagher & Flom LLP
  Ex-23.1 Consent of Deloitte & Touche LLP
  Table of Contents
  EXPLANATORY NOTE
  This Registration Statement registers 754,601 shares of common stock, par value $0.01 per
  share (the "Common Stock"), of CPEX Pharmaceuticals, Inc. (the "Company" or the "Registrant") that
  were issued and sold or may be issued and sold under the CPEX Pharmaceuticals, Inc. 2008 Equity and
  Incentive Plan (the "Plan").
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  Item 1. Plan Information. and Item 2. Registrant Information and Employee Plan Annual Information.
  The documents containing the information specified in Part I will be sent or given to
  employees, officers, directors or others as specified by Rule 428(b)(1) under the U.S. Securities
  Act of 1933 (the "Securities Act"). In accordance with the rules and regulations of the Securities
  and Exchange Commission (the "Commission") and the instructions to Form S-8, such documents are not
  being filed with the Commission either as part of this Registration Statement or as prospectuses or
  prospectus supplements pursuant to Rule 424 under the Securities Act. These documents and the
  documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of
  this registration statement, taken together, constitute a prospectus that meets the requirements of
  Section 10(a) of the Securities Act.
  The Registrant will, without charge, upon written or oral request, of the documents
  incorporated by reference in Item 3 of Part II of this Registration Statement or other documents
  required to be delivered to employees pursuant to Rule 428(b) under the Securities Act, deliver
  such documents to participants. Participants should address written requests to CPEX
  Pharmaceuticals, Inc., 2 Holland Way, Exeter, NH 03833 or direct oral requests to Robert Hebert,
  the Company's Corporate Secretary at (603) 658-6100.
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents by Reference
  The
  following documents previously filed with the Commission are incorporated by reference in
  this registration statement:
  (a)
  The Company's registration statement on Form 10 filed with the Commission on June 17,
  2008 (the "Form 10"), as amended, including the description of the Common Stock contained
  therein, and any amendment or report filed for the purpose of updating such description; and
  (b)
  The current report on Form 8-K, filed by the Company with the Commission on June 18,
  2008.
  In addition, any and all documents subsequently filed by the Company with the Commission
  pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 (the
  "Exchange Act"), prior to the filing of a post-effective amendment to this Registration Statement
  which indicates that all securities offered hereby have been sold or which deregisters all such
  securities then remaining unsold, shall be deemed
  Table of Contents
  to be incorporated by reference in this
  Registration Statement and to be part hereof from the date of filing of such documents.
  Any statement contained in a document incorporated or deemed to be incorporated by reference
  herein shall be deemed to be modified, superseded or replaced by a statement or information
  contained in any other subsequently filed document incorporated herein by reference. Any such
  statement so modified, superseded or replaced shall not be deemed, except as so modified,
  superseded or replaced, to constitute a part of this Registration Statement.
  Item 4. Description of Securities
  Not applicable.
  Item 5. Interests of Named Experts and Counsel
  Not applicable.
  Item 6. Indemnification of Directors and Officers
  As authorized by section 145 of the Delaware General Corporation Law, each director and
  officer of a corporation may be indemnified by the corporation against expenses, including
  attorneys' fees, judgments, fines and amounts paid in settlement, actually and reasonably incurred
  regarding the defense or settlement of threatened, pending or completed legal proceedings. Each
  director or officer will have the right of indemnification if he or she:
  •
  is involved in the legal proceeding because he or she is or was a director or officer of
  the corporation;
  •
  acted in good faith and in a manner that he or she reasonably believed was in the best
  interests of the corporation; and
  •
  in a criminal action or proceeding, had no reasonable cause to believe that his or her
  conduct was unlawful.
  However, if the legal proceeding is by or in the right of the corporation, the director or
  officer may not be indemnified for claims, issues or matters as to which the director or officer is
  adjudged to be liable for negligence or misconduct in the performance of his or her duty to the
  corporation unless a court determines otherwise.
  Article SEVENTH of our amended and restated certificate of incorporation contains provisions
  that authorize the indemnification of our directors and officers, their heirs, executors, personal
  and legal representatives and former directors and officers, to the fullest extent permitted by
  law. With the exception of proceedings to enforce rights to indemnification, the Company is not
  obligated to indemnify any director or officer initiated by such person unless such proceeding
  was authorized by the Board of Directors. The right to indemnification includes the right to be
  paid the expenses incurred in defending or participating in any proceeding in advance of its final
  disposition by the Company. The Company may, to the extent authorized by the Board of Directors,
  provide rights to indemnification and the advancement of expenses to employees and agents of the
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  Corporation similar to those rights conferred to directors and officers of the Corporation.
  Finally, article SEVENTH provides that a repeal or modification of article SEVENTH by the
  stockholders must not adversely affect the rights to indemnification of directors and officers
  regarding any acts or omissions that occurred before the repeal or modification.
  Set forth below are material provisions of article EIGHTH of our amended and restated by-laws
  that authorize the indemnification of directors and officers:
  •
  Section 2 of article EIGHTH states that if a director or officer is adjudged to be
  liable to us by a court of law there would be no right of indemnification unless the court
  determines upon application that, despite the adjudication of liability but in view of all
  the circumstances of the case, the director or officer is fairly and reasonably entitled to
  indemnity.
  •
  Section 3 of article EIGHTH states that authorization as to whether a director or
  officer should be indemnified is made (a) by a majority vote of either the directors or a
  committee of directors, in each case, who are not parties to the action, suit or
  proceeding, (b) by independent legal counsel in a written opinion if there are no directors
  who are not parties to the action, suit or proceeding, or (c) by the stockholders. However,
  if a director or officer has been successful on the merits or defense of the action, suit
  or proceeding, then that person will be indemnified without authorization.
  •
  Section 5 of article EIGHTH states that directors or officers may apply to the Court of
  Chancery in the State of Delaware for indemnification.
  •
  Section 6 of article EIGHTH states that the directors and officers have the right to be
  reimbursed for the expenses incurred in defending or participating in a legal proceeding in
  advance of the proceeding's final disposition.
  •
  Section 8 of article EIGHTH states that the Company may purchase and maintain insurance
  on behalf of persons who are or were directors or officers whether or not we would have the
  power or the obligation to indemnify those persons.
  •
  Section 11 of article EIGHTH states that, except for proceedings to enforce rights to
  indemnification, the Corporation is not obligated to indemnify any director or officer or
  advance expenses for proceedings brought by such director or officer unless such proceeding
  was authorized by the Board of Directors.
  Item 7. Exemption From Registration Claimed
  Not applicable.
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  Item 8. Exhibits
  The following exhibits are filed as part of this Registration Statement or, where so
  indicated, have been previously filed and are incorporated herein by reference.
  Exhibit No.
  Description
  3.1
  Amended and Restated Certificate of Incorporation of CPEX Pharmaceuticals,
  Inc. (incorporated herein by reference to Exhibit 3.1 of the Form 10 filed
  with the Commission on June 17, 2008).
  3.2
  Amended and Restated By-laws of CPEX Pharmaceuticals, Inc. (incorporated
  herein by reference to Exhibit 3.2 of the Form 10 filed with the Commission
  on June 17, 2008).
  4.1
  Rights Agreement between CPEX Pharmaceuticals, Inc. and Rights Agent
  (incorporated herein by reference to Exhibit 4.1 of the Form 10 filed with
  the Commission on June 17, 2008).
  4.2
  Certificate of Designation of Series A Preferred Stock (incorporated herein
  by reference to Exhibit 4.2 of the Form 10 filed with the Commission on June
  17, 2008).
  5.1
  Opinion of Skadden, Arps, Slate, Meagher & Flom LLP.
  10.1
  CPEX Pharmaceuticals, Inc. 2008 Equity and Incentive Plan (incorporated
  herein by reference to Exhibit 10.8 of the Form 10 filed with the Commission
  on June 17, 2008).
  23.1
  Consent of Deloitte & Touche LLP.
  23.2
  Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1).
  24.1
  Power of Attorney (included on signature page of this Registration Statement).
  Item 9. Undertakings
  (a)
  The undersigned Registrant hereby undertakes:
  (1) To file, during any period in which offers or sales are being made, a
  post-effective amendment to this Registration Statement:
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  (i) To include any prospectus required by section 10(a)(3) of the Securities Act
  of 1933;
  (ii) To reflect in the prospectus any facts or events arising after the
  effective date of this Registration Statement (or the most recent post-effective
  amendment thereof) which, individually or in the aggregate, represent a fundamental
  change in the information set forth in the registration statement. Notwithstanding
  the foregoing, any increase or decrease in volume of securities offered (if the total
  dollar value of securities offered would not exceed that which was registered) and
  any deviation from the low or high end of the estimated maximum offering range may be
  reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
  if, in the aggregate, the changes in volume and price represent no more than a 20%
  change in the maximum aggregate offering price set forth in the "Calculation of
  Registration Fee" table in the effective registration statement.
  (iii) To include any material information with respect to the plan of
  distribution not previously disclosed in this Registration Statement or any material
  change to such information in the registration statement;
  Provided, however
  , that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if this Registration
  Statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included in a
  post-effective amendment by those paragraphs is contained in periodic reports filed with or
  furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the
  Exchange Act that are incorporated by reference herein.
  (2) That for the purpose of determining any liability under the Securities Act of 1933,
  each such post-effective amendment shall be deemed to be a new registration statement
  relating to the securities offered therein, and the offering of such securities at that time
  shall be deemed to be the initial bona fide offering thereof.
  (3) To remove from registration by means of a post-effective amendment any of the
  securities being registered which remain unsold at the termination of the offering.
  (b) The undersigned Registrant hereby undertakes that, for purposes of determining any
  liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant
  to section 13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing of an
  employee benefit plan's annual report pursuant to section 15(d) of the Exchange Act) that is
  incorporated by reference in this Registration Statement shall be deemed to be a new registration
  statement relating to the securities offered therein, and the offering of such securities at that
  time shall be deemed to be the initial bona fide offering thereof.
  (c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
  permitted to directors, officers and controlling persons of the Registrant pursuant to the
  foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
  Securities and Exchange Commission such indemnification is against public policy as expressed in
  the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
  such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
  director, officer or controlling person of the Registrant in the successful defense of any action,
  suit or proceeding) is asserted by such director, officer or controlling person in connection with
  the securities being registered, the Registrant will, unless in the opinion of its counsel the
  matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
  question whether such indemnification by it is against public policy as expressed in the Act and
  will be governed by the final adjudication of such issue.
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  SIGNATURES
  Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
  has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
  has duly caused this Registration Statement on Form S-8 to be signed on its behalf by the
  undersigned, thereunto duly authorized, in the City of Exeter, State of New Hampshire on June 30,
  2008.
  CPEX PHARMACEUTICALS, INC.
  By:
  /s/
  Robert Hebert
  KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears immediately below
  constitutes and appoints Robert Hebert, his or her true and lawful attorney-in-fact and agent, with
  full power of substitution and resubstitution, for him or her and in his or her name, place and
  stead, in any and all capacities, to sign any and all amendments (including post-effective
  amendments) to this registration statement, and to file the same with all exhibits thereto and
  other documents in connection therewith with the Securities and Exchange Commission, granting unto
  said attorney-in-fact and agent full power and authority to do and perform each and every act and
  thing requisite and necessary to be done, as fully to all intents and purposes as he or she might
  or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or
  her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
  Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
  been signed by the following persons in the capacities and on the date indicated.
  Signature
  Title
  Date
  /s/ John Sedor
  President and Chief Executive Officer
  June 30, 2008
  John Sedor
  /s/ Robert Hebert
  Vice President and Chief Financial Officer
  June 30, 2008
  Robert Hebert
  /s/ James Murphy
  Chairman and Director
  June 30, 2008
  James Murphy
  /s/ John W. Spiegel
  Director
  June 30, 2008
  John W. Spiegel
  /s/ Michael McGovern
  Director
  June 30, 2008
  Michael McGovern
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  Signature
  Title
  Date
  /s/
  Miguel Fernandez
  Director
  June 30, 2008
  Miguel Fernandez
  *By:
  /s/
  Robert Hebert
  Name:
  Robert Hebert
  Attorney-in-Fact
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  CPEX PHARMACEUTICALS, INC
  EXHIBIT INDEX
  JUNE 30, 2008
  Exhibit No.
  Description
  3.1
  Amended and Restated Certificate of Incorporation of CPEX Pharmaceuticals,
  Inc. (incorporated herein by reference to Exhibit 3.1 of the Form 10 filed
  with the Commission on June 17, 2008).
  3.2
  Amended and Restated By-laws of CPEX Pharmaceuticals, Inc. (incorporated
  herein by reference to Exhibit 3.2 of the Form 10 filed with the Commission
  on June 17, 2008).
  4.1
  Rights Agreement between CPEX Pharmaceuticals, Inc. and Rights Agent
  (incorporated herein by reference to Exhibit 4.1 of the Form 10 filed with
  the Commission on June 17, 2008).
  4.2
  Certificate of Designation of Series A Preferred Stock (incorporated herein
  by reference to Exhibit 4.2 of the Form 10 filed with the Commission on June
  17, 2008).
  5.1
  Opinion of Skadden, Arps, Slate, Meagher & Flom LLP.
  10.1
  CPEX Pharmaceuticals, Inc. 2008 Equity and Incentive Plan (incorporated
  herein by reference to Exhibit 10.8 of the Form 10 filed with the Commission
  on June 17, 2008).
  23.1
  Consent of Deloitte & Touche LLP.
  23.2
  Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1).
  24.1
  Power of Attorney (included on signature page of this Registration Statement).