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  <TITLE>ACUSPHERE, INC. Form S-8</TITLE>
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  <P align="center"><FONT size="2"><B>As filed with the Securities and
  Exchange Commission on October&nbsp;7, 2003</B></FONT>
  <DIV align="right"><FONT size="2"><B>Registration No.&nbsp;333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT>
  </DIV>
  
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  <P align="center"><FONT size="2"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
  WASHINGTON, D.C. 20549</B>
  </FONT>
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  <P align="center"><FONT size="4"><B>FORM S-8</B>
  </FONT>
  <P align="center"><FONT size="2"><B>REGISTRATION STATEMENT UNDER<BR>
  THE SECURITIES ACT OF 1933</B>
  </FONT>
  
  <P><HR noshade size="1" width="30%" align="center">
  
  
  <P align="center"><FONT size="5"><B>ACUSPHERE, INC.</B></FONT><BR>
  <FONT size="2">(Exact Name of Registrant as Specified in Its Charter)
  </FONT>
  
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      <TD align="center" valign="top"><FONT size="2"><B>DELAWARE</B><BR>
  (State or Other Jurisdiction of<BR>
  Incorporation or Organization)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="center" valign="top"><FONT size="2">
  <B>04-3208947</B><BR>
  (I.R.S. Employer Identification No.)</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P align="center"><FONT size="2"><B>Acusphere, Inc.<BR>
  500 Arsenal Street<BR>
  Watertown, Massachusetts 02472<BR>
  (617)&nbsp;648-8800</B><BR>
  (Address of Principal Executive Offices) (Zip Code)<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT>
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  <P align="center"><FONT size="2"><B>1994 Stock Plan<BR>
  2003 Stock Option and Incentive Plan<BR>
  2003 Employee Stock Purchase Plan</B><BR>
  (Full Title of the Plan)
  </FONT>
  
  <P><HR noshade size="1" width="30%" align="center">
  
  <P align="center"><FONT size="2"><B>Sherri C. Oberg<BR>
  President and Chief Executive Officer<BR>
  Acusphere, Inc.<BR>
  500 Arsenal Street<BR>
  Watertown, Massachusetts 02472</B><BR>
  (Name and Address of Agent For Service)
  </FONT>
  <P align="center"><FONT size="2"><B>(617)&nbsp;648-8800</B><BR>
  (Telephone Number, Including Area Code, of Agent For Service)
  </FONT>
  <P><HR noshade size="1" width="30%" align="center">
  
  <P align="center"><FONT size="2"><B>Copy to:<BR>
  Lawrence S. Wittenberg, Esq.<BR>
  Testa, Hurwitz &#038; Thibeault, LLP<BR>
  125 High Street<BR>
  Boston, Massachusetts 02110<BR>
  Tel: (617)&nbsp;248-7000<BR>
  Fax: (617)&nbsp;248-7100</B>
  </FONT>
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  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  <P align="center"><FONT size="2"><B>Calculation Of Registration Fee</B>
  </FONT>
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      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1">&nbsp;</FONT></TD>
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      <TD><FONT size="1">&nbsp;</FONT></TD>
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      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Maximum</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Maximum</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount to be</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center" colspan="2"><FONT size="1"><B>Title of Securities to be Registered</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registered (1)</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Per Share</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
  
  <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration Fee (4)</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD colspan="2"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="3"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="3"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
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      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="3"><HR size="1" noshade></TD>
  </TR>
  <TR valign="bottom" bgcolor="#eeeeee">
      <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>1994 Stock Plan</B></FONT></DIV></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,161,828</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">5.19</FONT></TD>
      <TD nowrap><FONT size="2">(2)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">6,029,887</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">487.82</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock (par value $0.01 per
  share)</FONT></DIV></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">89,252</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">14.00</FONT></TD>
      <TD nowrap><FONT size="2">(3)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,249,528</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">101.09</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom" bgcolor="#eeeeee">
      <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>2003 Stock Option and Incentive Plan</B></FONT></DIV></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2,500,000</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">14.00</FONT></TD>
      <TD nowrap><FONT size="2">(3)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">35,000,000</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">2,831.50</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock (par value $0.01 per
  share)</FONT></DIV></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom" bgcolor="#eeeeee">
      <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>2003 Employee Stock Purchase Plan</B></FONT></DIV></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">233,334</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">14.00</FONT></TD>
      <TD nowrap><FONT size="2">(3)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">3,266,676</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">264.27</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock (par value $0.01 per
  share)</FONT></DIV></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom" bgcolor="#eeeeee">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>TOTAL:</B></FONT></DIV></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">45,546,091</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">3,684.68</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  </TABLE>
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  <P>
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  <TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
      <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="96%"><FONT size="2">In addition, pursuant to Rule&nbsp;416(a), this Registration Statement also
  covers such indeterminate number of additional shares of Common Stock as
  is necessary to eliminate any dilutive effect of any future stock split,
  stock dividend or similar transaction.</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
      <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="96%"><FONT size="2">Such shares are issuable upon exercise of outstanding options with fixed
  exercise prices. Pursuant to Rule&nbsp;457(h), the aggregate offering price
  and the fee have been computed upon the basis of the price at which the
  options may be exercised. The offering price per share set forth for such
  shares is the weighted average exercise price at which such options are
  exercisable.</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
      <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="96%"><FONT size="2">The price of $14.00 per share, which is the average of the high and low
  proposed initial public offering price of the Common Stock, is set forth
  solely for the purposes of calculating the filing fee pursuant to Rule
  457(h) and has been used only for those shares without a fixed exercise
  price. None of such shares have been issued or are subject to outstanding
  options.</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
      <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="96%"><FONT size="2">Calculated pursuant to Section&nbsp;6(b) of the Securities Act of 1933, as
  amended (the &#147;Securities Act&#148;).</FONT></TD>
  </TR>
  </TABLE>
  <P align="center"><FONT size="2">&nbsp;</FONT>
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  <!-- 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>
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  	<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.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2. Registrant Information and Employee Plan Annual Information.</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#003">PART II</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4. Description of Securities.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5. Interest of Named Experts and Counsel.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7. Exemption from Registration Claimed.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8. Exhibits.</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Undertakings.</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#011">SIGNATURES</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#012">Exhibit&nbsp;Index</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b47964aiexv5w1.txt">EX-5.1 OPINION OF TESTA, HURWITZ & THIBEAULT LLP</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b47964aiexv23w2.txt">EX-23.2 CONSENT OF DELOITTE & TOUCHE LLP</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b47964aiexv23w3.txt">EX-23.3 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>
  
  
  <!-- link1 "PART I" -->
  <DIV align="left"><A NAME="000"></A></DIV>
  <P align="center"><FONT size="2"><B>PART I</B>
  </FONT>
  
  <P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
  </FONT>
  
  <!-- link2 "Item&nbsp;1. Plan Information." -->
  <DIV align="left"><A NAME="001"></A></DIV>
  <P align="left"><FONT size="2"><B>Item&nbsp;1. &nbsp;Plan Information.</B>
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in this Item&nbsp;1 will be
  sent or given to employees, directors or others as specified by Rule&nbsp;428(b)(1).
  In accordance with the rules and regulations of the Securities and Exchange
  Commission (the &#147;Commission&#148;) and the instructions to Form&nbsp;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.
  </FONT>
  <!-- link2 "Item&nbsp;2. Registrant Information and Employee Plan Annual Information." -->
  <DIV align="left"><A NAME="002"></A></DIV>
  <P align="left"><FONT size="2"><B>Item&nbsp;2. &nbsp;Registrant Information and Employee Plan Annual Information.</B>
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The document containing the information specified in this Item&nbsp;2 will be
  sent or given to employees, directors or others as specified by Rule&nbsp;428(b). In
  accordance with the rules and regulations of the Commission and the
  instructions to Form&nbsp;S-8, such document is not being filed with the Commission
  either as part of this Registration Statement or as prospectuses or prospectus
  supplements pursuant to Rule&nbsp;424.
  </FONT>
  <!-- link1 "PART II" -->
  <DIV align="left"><A NAME="003"></A></DIV>
  <P align="center"><FONT size="2"><B>PART II</B>
  </FONT>
  
  <P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
  </FONT>
  
  <!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
  <DIV align="left"><A NAME="004"></A></DIV>
  <P align="left"><FONT size="2"><B>Item&nbsp;3. &nbsp;Incorporation of Documents by Reference.</B>
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by Acusphere, Inc. (the &#147;Registrant&#148; or
  the &#147;Company&#148;) with the Commission pursuant to the Securities Act or the
  Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) are
  incorporated by reference in this Registration Statement:
  </FONT>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="2%"></TD>
      <TD width="98%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">(a)&nbsp;The Registrant&#146;s Prospectus
  dated October&nbsp;8, 2003, to be filed with the
  Commission pursuant to Rule&nbsp;424(b)(1) under the Securities Act on
  October&nbsp;8, 2003 contained in the Registrant&#146;s Registration Statement
  on Form&nbsp;S-1 (File No.&nbsp;333-106725), as amended (the &#147;Form&nbsp;S-1&#148;);</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">(b)&nbsp;The section entitled &#147;Description of Registrant&#146;s Securities&#148;
  contained in the Registrant&#146;s Registration Statement on Form&nbsp;8-A filed
  pursuant to Section&nbsp;12(g) of the Exchange Act on September&nbsp;30, 2003,
  and incorporating by reference the information contained in the Form
  S-1; and</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">(c)&nbsp;All other reports filed pursuant to Section&nbsp;13(a) or 15(d) of
  Exchange Act since the end of the fiscal year covered by the registrant
  document referred to in (a)&nbsp;above.</FONT></TD>
  </TR>
  
  </TABLE>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed with the Commission by the Registrant
  pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
  the filing of a post-effective amendment which indicates that all securities
  offered herein have been sold or which deregisters all securities then
  remaining unsold, shall be deemed to be incorporated by reference in this
  Registration Statement and to be a part hereof from the date of filing of such
  documents.
  </FONT>
  <P align="center"><FONT size="2">&nbsp;</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  <!-- link2 "Item&nbsp;4. Description of Securities." -->
  <DIV align="left"><A NAME="005"></A></DIV>
  <P align="left"><FONT size="2"><B>Item&nbsp;4. &nbsp;Description of Securities.</B>
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  </FONT>
  <!-- link2 "Item&nbsp;5. Interest of Named Experts and Counsel." -->
  <DIV align="left"><A NAME="006"></A></DIV>
  <P align="left"><FONT size="2"><B>Item&nbsp;5. &nbsp;Interest of Named Experts and Counsel.</B>
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  </FONT>
  <!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
  <DIV align="left"><A NAME="007"></A></DIV>
  <P align="left"><FONT size="2"><B>Item&nbsp;6. &nbsp;Indemnification of Directors and Officers.</B>
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Delaware General Corporation law and the Company&#146;s certificate of
  incorporation provide for indemnification of the Registrant&#146;s directors and
  officers for liabilities and expenses that they may incur in such capacities.
  In general, directors and officers are indemnified with respect to actions
  taken in good faith in a manner reasonably believed to be in, or not opposed
  to, the best interests of the Company and, with respect to any criminal action
  or proceeding, actions that the indemnitee had no reasonable cause to believe
  were unlawful. Reference is made to the Company&#146;s certificates of
  incorporation filed as Exhibits 3.1 and 3.2 hereto, respectively.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has entered into indemnification agreements with its directors
  and officers, under which the Company shall indemnify any person who was or is
  a party or is threatened to be made a party to any threatened, pending or
  completed action, suit or proceeding, whether civil, criminal, administrative
  or investigative by reason of the fact that such person is or was a director,
  officer, employee or agent of the Company, or any subsidiary of the Company, or
  is or was serving at the request of the Company as a director, officer,
  employee or agent of another corporation, partnership, joint venture, trust or
  other enterprise, against expenses (including attorneys&#146; fees, judgments, fines
  and amounts paid in settlement by such person in connection with such action,
  suit or proceeding. The Company shall only provide indemnification if such
  person acted in good faith and in a manner such person reasonably believed to
  be in or not opposed to the best interests of the Company, and, with respect to
  any criminal action or proceedings, if such person had no reasonable cause to
  believe his conduct was unlawful.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  underwriting agreement, dated October&nbsp;7, 2003, by and between the
  Company and the underwriters listed therein provides that the underwriters are
  obligated, under certain circumstances, to indemnify directors, officers and
  controlling persons of the Company against certain liabilities, including
  liabilities under the Securities Act. Reference is made to the form of
  underwriting agreement filed as Exhibit&nbsp;1.01 to the Company&#146;s Registration
  Statement of Form&nbsp;S-1 (File No.&nbsp;333-106725).
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Company maintains directors and officers liability
  insurance for the benefit of its directors and certain of its officers.
  </FONT>
  <!-- link2 "Item&nbsp;7. Exemption from Registration Claimed." -->
  <DIV align="left"><A NAME="008"></A></DIV>
  <P align="left"><FONT size="2"><B>Item&nbsp;7. &nbsp;Exemption from Registration Claimed.</B>
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  </FONT>
  <P align="center"><FONT size="2">-4-</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  <!-- link2 "Item&nbsp;8. Exhibits." -->
  <DIV align="left"><A NAME="009"></A></DIV>
  <P align="left"><FONT size="2"><B>Item&nbsp;8. &nbsp;Exhibits.</B>
  </FONT>
  
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
  <TR valign="bottom">
      <TD width="8%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="87%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><HR size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">3.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Amended and Restated Certificate of Incorporation of the Registrant
  (filed as Exhibit&nbsp;3.01 to the Registrant&#146;s Registration Statement
  on Form&nbsp;S-1 (File No.&nbsp;333-106725) and incorporated herein by
  reference)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">3.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Form of Amended and Restated Certificate of Incorporation of the
  Registrant to be filed after the closing of the Registrant&#146;s
  initial public offering (filed as Exhibit&nbsp;3.02 to the Registrant&#146;s
  Registration Statement on Form&nbsp;S-1 (File No.&nbsp;333-106725) and
  incorporated herein by reference)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">3.3</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Amended and Restated By-Laws of the Registrant (filed as Exhibit
  3.02 to the Registrant&#146;s Registration Statement on Form&nbsp;S-1 (File
  No.&nbsp;333-106725) and incorporated herein by reference)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">4.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Specimen Certificate for shares of common stock of Registrant
  (filed as Exhibit&nbsp;4.01 to the Registrant&#146;s Registration Statement
  on Form&nbsp;S-1 (File No.&nbsp;333-106725) and incorporated herein by
  reference)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">5.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Opinion of Testa, Hurwitz &#038; Thibeault, LLP</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">10.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  1994 Stock Plan (filed as Exhibit&nbsp;10.01 to the Registrant&#146;s
  Registration Statement on Form&nbsp;S-1 (File No.&nbsp;333-43140) and
  incorporated herein by reference)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">10.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  2003 Stock Option and Incentive Plan (filed as Exhibit&nbsp;10.02 to the
  Registrant&#146;s Registration Statement on Form&nbsp;S-1 (File No.
  333-106725) and incorporated herein by reference)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">10.3</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  2003 Employee Stock Purchase Plan (filed as Exhibit&nbsp;10.03 to the
  Registrant&#146;s Registration Statement on Form&nbsp;S-1 (File No.
  333-106725) and incorporated herein by reference)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">23.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Consent of Testa, Hurwitz &#038; Thibeault, LLP (included in Exhibit&nbsp;5.1)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">23.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Consent of Deloitte &#038; Touche LLP</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">23.3</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">Consent of Deloitte
  &#038; Touche LLP</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">24.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Power of Attorney (included as part of the signature page of this
  Registration Statement)</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P align="center"><FONT size="2">-5-</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <!-- link2 "Item&nbsp;9. Undertakings." -->
  <DIV align="left"><A NAME="010"></A></DIV>
  <P align="left"><FONT size="2"><B>Item&nbsp;9. &nbsp;Undertakings.</B>
  </FONT>
  
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
      <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="97%"><FONT size="2">The undersigned Registrant hereby undertakes:</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
      <TD width="2%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
      <TD width="97%"><FONT size="2">(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a
  post-effective amendment to this Registration Statement:</FONT></TD>
  </TR>
  </TABLE>
  
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR valign="top">
      <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="1%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
      <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="88%"><FONT size="2">To include any prospectus required by
  Section&nbsp;10(a)(3) of the Securities Act of 1933;</FONT></TD>
  </TR>
  
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap><FONT size="2">(ii)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">To reflect in the prospectus any
  facts or events arising after the effective date of the
  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&nbsp;424(b) if, in the aggregate,
  the changes in volume and price represent no more than
  20&nbsp;percent change in the maximum aggregate offering
  price set forth in the &#147;Calculation of Registration Fee&#148;
  table in the effective Registration Statement; and</FONT></TD>
  </TR>
  
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap><FONT size="2">(iii)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">To include any material information
  with respect to the plan of distribution not previously
  disclosed in the Registration Statement or any material
  change to such information in the Registration
  Statement.</FONT></TD>
  </TR>
  </TABLE>
  
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR valign="top">
      <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="97%"><FONT size="2">(2) &nbsp;&nbsp;&nbsp;&nbsp;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;</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="97%"><FONT size="2">(3) &nbsp;&nbsp;&nbsp;&nbsp;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;</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="97%"><FONT size="2">provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if
  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 15(d) of the
  Exchange Act that are incorporated by reference in the registration
  statement.</FONT></TD>
  </TR>
  </TABLE>
  
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
      <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="97%"><FONT size="2">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&nbsp;13(a) or Section&nbsp;15(d)
  of the Securities Exchange Act of 1934 (and, where applicable, each filing
  of an employee benefit plan&#146;s annual report pursuant to Section&nbsp;15(d) of
  the Securities Exchange Act of 1934) that is incorporated by reference in
  the 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 <I>bona fide</I>
  offering thereof.</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
      <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="97%"><FONT size="2">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,</FONT></TD>
  </TR>
  </TABLE>
  <P align="center"><FONT size="2">-6-</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
      <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="96%"><FONT size="2">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.</FONT></TD>
  </TR>
  </TABLE>
  <P align="center"><FONT size="2">-7-</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  <!-- link1 "SIGNATURES" -->
  <DIV align="left"><A NAME="011"></A></DIV>
  <P align="center"><FONT size="2"><B>SIGNATURES</B>
  </FONT>
  
  <P align="left"><FONT size="2">&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&nbsp;S-8 and has duly caused this Registration
  Statement to be signed on its behalf by the undersigned, thereunto duly
  authorized, in Cambridge, Massachusetts on this 7th day of October, 2003.
  </FONT>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR valign="top">
      <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="50%"><FONT size="2">ACUSPHERE, INC.</FONT></TD>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="50%"><FONT size="2">By: /s/ Sherri C. Oberg</FONT>
  <div style="Margin-left: 20px">
  <HR noshade size="1" width="70%" align="left">
  <FONT size="2">Sherri C. Oberg<BR>
  President and Chief Executive Officer</FONT></div></TD>
  </TR>
  </TABLE>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned officers and directors of Acusphere, Inc., hereby
  severally constitute and appoint Sherri C. Oberg and John F. Thero and each of
  them singly, our true and lawful attorneys, with full power to them and each of
  them to sign for us in our names and in the capacities indicated below, all
  amendments (including post-effective amendments) to this registration statement
  on Form&nbsp;S-8 of Acusphere, Inc. and to file the same, with all exhibits thereto
  and other documents in connection therewith, with the Securities and Exchange
  Commission, granting unto said attorneys-in-fact and agents, and each of them,
  full power and authority to do and perform each and every act and thing
  requisite and necessary fully to all intents and purposes as they might or
  could do in person thereby ratifying and confirming all that said
  attorneys-in-fact and agents or any of them, or their substitute, may lawfully
  do or cause to be done by virtue hereof.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
  Registration Statement has been signed below by the following persons in the
  capacities and on the dates indicated.
  </FONT>
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
  <TR valign="bottom">
      <TD width="30%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="47%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="13%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Title(s)</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><HR size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top" align="center"><FONT size="2">/s/ Sherri C. Oberg<BR>
  </FONT><HR size="1" noshade><FONT size="2">
  Sherri C. Oberg</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  President and Chief Executive Officer and<BR>
  Director (Principal Executive Officer)
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">October 7, 2003</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top" align="center"><FONT size="2">/s/ John F. Thero<BR>
  </FONT><HR size="1" noshade><FONT size="2">
  John F. Thero</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Senior Vice President and Chief Financial Officer<BR>
  (Principal Financial and Accounting Officer)
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top" nowrap><FONT size="2">October 7, 2003</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top" align="center"><FONT size="2">/s/ Terrance McGuire<BR>
  </FONT><HR size="1" noshade><FONT size="2">
  Terrance McGuire</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top" nowrap><FONT size="2">October 7, 2003</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top" align="center"><FONT size="2">/s/ Derek Lemke-von Ammon<BR>
  </FONT><HR size="1" noshade><FONT size="2">
  Derek Lemke-von Ammon</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top" nowrap><FONT size="2">October 3, 2003</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top" align="center"><FONT size="2">/s/ Kate Mitchell<BR>
  </FONT><HR size="1" noshade><FONT size="2">
  Kate Mitchell</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top" nowrap><FONT size="2">October 1, 2003</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top" align="center"><FONT size="2">/s/ Frank Baldino<BR>
  </FONT><HR size="1" noshade><FONT size="2">
  Frank Baldino</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top" nowrap><FONT size="2">October 7, 2003</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top" align="center"><FONT size="2">/s/ Martyn Greenacre<BR>
  </FONT><HR size="1" noshade><FONT size="2">
  Martyn Greenacre</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top" nowrap><FONT size="2">October 7, 2003</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P align="center"><FONT size="2">-8-</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <!-- link1 "Exhibit&nbsp;Index" -->
  <DIV align="left"><A NAME="012"></A></DIV>
  <P align="center"><FONT size="2"><B>Exhibit&nbsp;Index</B>
  </FONT>
  
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
  <TR valign="bottom">
      <TD width="8%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="87%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><HR size="1" noshade></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">3.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Amended and Restated Certificate of Incorporation of the Registrant
  (filed as Exhibit&nbsp;3.01 to the Registrant&#146;s Registration Statement
  on Form&nbsp;S-1 (File No.&nbsp;333-106725) and incorporated herein by
  reference)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">3.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Form of Amended and Restated Certificate of Incorporation of the
  Registrant to be filed after the closing of the Registrant&#146;s
  initial public offering (filed as Exhibit&nbsp;3.02 to the Registrant&#146;s
  Registration Statement on Form&nbsp;S-1 (File No.&nbsp;333-106725) and
  incorporated herein by reference)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">3.3</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Amended and Restated By-Laws of the Registrant (filed as Exhibit
  3.03 to the Registrant&#146;s Registration Statement on Form&nbsp;S-1 (File
  No.&nbsp;333-106725) and incorporated herein by reference)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">4.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Specimen Certificate for shares of common stock of Registrant
  (filed as Exhibit&nbsp;4.01 to the Registrant&#146;s Registration Statement
  on Form&nbsp;S-1 (File No.&nbsp;333-106725) and incorporated herein by
  reference)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">5.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Opinion of Testa, Hurwitz &#038; Thibeault, LLP</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">10.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  1994 Stock Plan (filed as Exhibit&nbsp;10.01 to the Registrant&#146;s
  Registration Statement on Form&nbsp;S-1 (File No.&nbsp;333-43140) and
  incorporated herein by reference)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">10.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  2003 Stock Option and Incentive Plan (filed as Exhibit&nbsp;10.02 to the
  Registrant&#146;s Registration Statement on Form&nbsp;S-1 (File No.
  333-106725) and incorporated herein by reference)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">10.3</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  2003 Employee Stock Purchase Plan (filed as Exhibit&nbsp;10.03 to the
  Registrant&#146;s Registration Statement on Form&nbsp;S-1 (File No.
  333-106725) and incorporated herein by reference)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">23.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Consent of Testa, Hurwitz &#038; Thibeault, LLP (included in Exhibit&nbsp;5.1)</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">23.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Consent of Deloitte &#038; Touche LLP</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">23.3</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Consent of Deloitte &#038; Touche LLP</FONT></TD>
  </TR>
  
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">24.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Power of Attorney (included as part of the signature page of this
  Registration Statement)</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  
  <P align="center"><FONT size="2">-9-</FONT>
  
  
  
  
  </BODY>
  </HTML>
metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "b47964aisv8.htm", "description": "ACUSPHERE, INC.", "secsgml_size_bytes": 51774}]
metadata_filer: {"company-data": {"conformed-name": "ACUSPHERE INC", "cik": "0001115143", "assigned-sic": "2834", "irs-number": "043208947", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-109531", "film-number": "03931600"}, "business-address": {"street1": "38 SIDNEY STREET", "city": "CAMBRIDGE", "state": "MA", "zip": "02139", "phone": "6175778800"}, "mail-address": {"street1": "38 SIDNEY STREET", "city": "CAMBRIDGE", "state": "MA", "zip": "02139"}}
text: ACUSPHERE, INC. Form S-8
  Table of Contents
  As filed with the Securities and
  Exchange Commission on October 7, 2003
  Registration No. 333-
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT UNDER
  THE SECURITIES ACT OF 1933
  ACUSPHERE, INC.
  (Exact Name of Registrant as Specified in Its Charter)
  DELAWARE
  (State or Other Jurisdiction of
  Incorporation or Organization)
  04-3208947
  (I.R.S. Employer Identification No.)
  Acusphere, Inc.
  500 Arsenal Street
  Watertown, Massachusetts 02472
  (617) 648-8800
  (Address of Principal Executive Offices) (Zip Code)
  1994 Stock Plan
  2003 Stock Option and Incentive Plan
  2003 Employee Stock Purchase Plan
  (Full Title of the Plan)
  Sherri C. Oberg
  President and Chief Executive Officer
  Acusphere, Inc.
  500 Arsenal Street
  Watertown, Massachusetts 02472
  (Name and Address of Agent For Service)
  (617) 648-8800
  (Telephone Number, Including Area Code, of Agent For Service)
  Copy to:
  Lawrence S. Wittenberg, Esq.
  Testa, Hurwitz & Thibeault, LLP
  125 High Street
  Boston, Massachusetts 02110
  Tel: (617) 248-7000
  Fax: (617) 248-7100
  Table of Contents
  Calculation Of Registration Fee
  Proposed
  Proposed
  Maximum
  Maximum
  Amount to be
  Offering Price
  Aggregate
  Amount of
  Title of Securities to be Registered
  Registered (1)
  Per Share
  Offering Price
  Registration Fee (4)
  1994 Stock Plan
  1,161,828
  $
  5.19
  (2)
  $
  6,029,887
  $
  487.82
  Common Stock (par value $0.01 per
  share)
  89,252
  $
  14.00
  (3)
  1,249,528
  101.09
  2003 Stock Option and Incentive Plan
  2,500,000
  $
  14.00
  (3)
  $
  35,000,000
  $
  2,831.50
  Common Stock (par value $0.01 per
  share)
  2003 Employee Stock Purchase Plan
  233,334
  $
  14.00
  (3)
  $
  3,266,676
  $
  264.27
  Common Stock (par value $0.01 per
  share)
  TOTAL:
  $
  45,546,091
  $
  3,684.68
  (1)
  In addition, pursuant to Rule 416(a), this Registration Statement also
  covers such indeterminate number of additional shares of Common Stock as
  is necessary to eliminate any dilutive effect of any future stock split,
  stock dividend or similar transaction.
  (2)
  Such shares are issuable upon exercise of outstanding options with fixed
  exercise prices. Pursuant to Rule 457(h), the aggregate offering price
  and the fee have been computed upon the basis of the price at which the
  options may be exercised. The offering price per share set forth for such
  shares is the weighted average exercise price at which such options are
  exercisable.
  (3)
  The price of $14.00 per share, which is the average of the high and low
  proposed initial public offering price of the Common Stock, is set forth
  solely for the purposes of calculating the filing fee pursuant to Rule
  457(h) and has been used only for those shares without a fixed exercise
  price. None of such shares have been issued or are subject to outstanding
  options.
  (4)
  Calculated pursuant to Section 6(b) of the Securities Act of 1933, as
  amended (the "Securities Act").
  TABLE OF CONTENTS
  PART I
  Item 1. Plan Information.
  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. Interest 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 TESTA, HURWITZ & THIBEAULT LLP
  EX-23.2 CONSENT OF DELOITTE & TOUCHE LLP
  EX-23.3 CONSENT OF DELOITTE & TOUCHE LLP
  Table of Contents
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  Item 1.  Plan Information.
  The documents containing the information specified in this Item 1 will be
  sent or given to employees, directors or others as specified by Rule 428(b)(1).
  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.
  Item 2.  Registrant Information and Employee Plan Annual Information.
  The document containing the information specified in this Item 2 will be
  sent or given to employees, directors or others as specified by Rule 428(b). In
  accordance with the rules and regulations of the Commission and the
  instructions to Form S-8, such document is not being filed with the Commission
  either as part of this Registration Statement or as prospectuses or prospectus
  supplements pursuant to Rule 424.
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3.  Incorporation of Documents by Reference.
  The following documents filed by Acusphere, Inc. (the "Registrant" or
  the "Company") with the Commission pursuant to the Securities Act or the
  Securities Exchange Act of 1934, as amended (the "Exchange Act") are
  incorporated by reference in this Registration Statement:
  (a) The Registrant's Prospectus
  dated October 8, 2003, to be filed with the
  Commission pursuant to Rule 424(b)(1) under the Securities Act on
  October 8, 2003 contained in the Registrant's Registration Statement
  on Form S-1 (File No. 333-106725), as amended (the "Form S-1");
  (b) The section entitled "Description of Registrant's Securities"
  contained in the Registrant's Registration Statement on Form 8-A filed
  pursuant to Section 12(g) of the Exchange Act on September 30, 2003,
  and incorporating by reference the information contained in the Form
  S-1; and
  (c) All other reports filed pursuant to Section 13(a) or 15(d) of
  Exchange Act since the end of the fiscal year covered by the registrant
  document referred to in (a) above.
  All documents subsequently filed with the Commission by the Registrant
  pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
  the filing of a post-effective amendment which indicates that all securities
  offered herein have been sold or which deregisters all securities then
  remaining unsold, shall be deemed to be incorporated by reference in this
  Registration Statement and to be a part hereof from the date of filing of such
  documents.
  Table of Contents
  Item 4.  Description of Securities.
  Not applicable.
  Item 5.  Interest of Named Experts and Counsel.
  Not applicable.
  Item 6.  Indemnification of Directors and Officers.
  The Delaware General Corporation law and the Company's certificate of
  incorporation provide for indemnification of the Registrant's directors and
  officers for liabilities and expenses that they may incur in such capacities.
  In general, directors and officers are indemnified with respect to actions
  taken in good faith in a manner reasonably believed to be in, or not opposed
  to, the best interests of the Company and, with respect to any criminal action
  or proceeding, actions that the indemnitee had no reasonable cause to believe
  were unlawful. Reference is made to the Company's certificates of
  incorporation filed as Exhibits 3.1 and 3.2 hereto, respectively.
  The Company has entered into indemnification agreements with its directors
  and officers, under which the Company shall indemnify any person who was or is
  a party or is threatened to be made a party to any threatened, pending or
  completed action, suit or proceeding, whether civil, criminal, administrative
  or investigative by reason of the fact that such person is or was a director,
  officer, employee or agent of the Company, or any subsidiary of the Company, or
  is or was serving at the request of the Company as a director, officer,
  employee or agent of another corporation, partnership, joint venture, trust or
  other enterprise, against expenses (including attorneys' fees, judgments, fines
  and amounts paid in settlement by such person in connection with such action,
  suit or proceeding. The Company shall only provide indemnification if such
  person acted in good faith and in a manner such person reasonably believed to
  be in or not opposed to the best interests of the Company, and, with respect to
  any criminal action or proceedings, if such person had no reasonable cause to
  believe his conduct was unlawful.
  The
  underwriting agreement, dated October 7, 2003, by and between the
  Company and the underwriters listed therein provides that the underwriters are
  obligated, under certain circumstances, to indemnify directors, officers and
  controlling persons of the Company against certain liabilities, including
  liabilities under the Securities Act. Reference is made to the form of
  underwriting agreement filed as Exhibit 1.01 to the Company's Registration
  Statement of Form S-1 (File No. 333-106725).
  In addition, the Company maintains directors and officers liability
  insurance for the benefit of its directors and certain of its officers.
  Item 7.  Exemption from Registration Claimed.
  Not applicable.
  -4-
  Table of Contents
  Item 8.  Exhibits.
  Exhibit No.
  Description
  3.1
  Amended and Restated Certificate of Incorporation of the Registrant
  (filed as Exhibit 3.01 to the Registrant's Registration Statement
  on Form S-1 (File No. 333-106725) and incorporated herein by
  reference)
  3.2
  Form of Amended and Restated Certificate of Incorporation of the
  Registrant to be filed after the closing of the Registrant's
  initial public offering (filed as Exhibit 3.02 to the Registrant's
  Registration Statement on Form S-1 (File No. 333-106725) and
  incorporated herein by reference)
  3.3
  Amended and Restated By-Laws of the Registrant (filed as Exhibit
  3.02 to the Registrant's Registration Statement on Form S-1 (File
  No. 333-106725) and incorporated herein by reference)
  4.1
  Specimen Certificate for shares of common stock of Registrant
  (filed as Exhibit 4.01 to the Registrant's Registration Statement
  on Form S-1 (File No. 333-106725) and incorporated herein by
  reference)
  5.1
  Opinion of Testa, Hurwitz & Thibeault, LLP
  10.1
  1994 Stock Plan (filed as Exhibit 10.01 to the Registrant's
  Registration Statement on Form S-1 (File No. 333-43140) and
  incorporated herein by reference)
  10.2
  2003 Stock Option and Incentive Plan (filed as Exhibit 10.02 to the
  Registrant's Registration Statement on Form S-1 (File No.
  333-106725) and incorporated herein by reference)
  10.3
  2003 Employee Stock Purchase Plan (filed as Exhibit 10.03 to the
  Registrant's Registration Statement on Form S-1 (File No.
  333-106725) and incorporated herein by reference)
  23.1
  Consent of Testa, Hurwitz & Thibeault, LLP (included in Exhibit 5.1)
  23.2
  Consent of Deloitte & Touche LLP
  23.3
  Consent of Deloitte
  & Touche LLP
  24.1
  Power of Attorney (included as part of the signature page of this
  Registration Statement)
  -5-
  Table of Contents
  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:
  (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 the
  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
  20 percent change in the maximum aggregate offering
  price set forth in the "Calculation of Registration Fee"
  table in the effective Registration Statement; and
  (iii)
  To include any material information
  with respect to the plan of distribution not previously
  disclosed in the Registration Statement or any material
  change to such information in the Registration
  Statement.
  (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;
  provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if
  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 15(d) of the
  Exchange Act that are incorporated by reference in the registration
  statement.
  (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 Securities Exchange Act of 1934 (and, where applicable, each filing
  of an employee benefit plan's annual report pursuant to Section 15(d) of
  the Securities Exchange Act of 1934) that is incorporated by reference in
  the 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,
  -6-
  Table of Contents
  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.
  -7-
  Table of Contents
  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 to be signed on its behalf by the undersigned, thereunto duly
  authorized, in Cambridge, Massachusetts on this 7th day of October, 2003.
  ACUSPHERE, INC.
  By: /s/ Sherri C. Oberg
  Sherri C. Oberg
  President and Chief Executive Officer
  We, the undersigned officers and directors of Acusphere, Inc., hereby
  severally constitute and appoint Sherri C. Oberg and John F. Thero and each of
  them singly, our true and lawful attorneys, with full power to them and each of
  them to sign for us in our names and in the capacities indicated below, all
  amendments (including post-effective amendments) to this registration statement
  on Form S-8 of Acusphere, Inc. and to file the same, with all exhibits thereto
  and other documents in connection therewith, with the Securities and Exchange
  Commission, granting unto said attorneys-in-fact and agents, and each of them,
  full power and authority to do and perform each and every act and thing
  requisite and necessary fully to all intents and purposes as they might or
  could do in person thereby ratifying and confirming all that said
  attorneys-in-fact and agents or any of them, or their substitute, 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 below by the following persons in the
  capacities and on the dates indicated.
  Signature
  Title(s)
  Date
  /s/ Sherri C. Oberg
  Sherri C. Oberg
  President and Chief Executive Officer and
  Director (Principal Executive Officer)
  October 7, 2003
  /s/ John F. Thero
  John F. Thero
  Senior Vice President and Chief Financial Officer
  (Principal Financial and Accounting Officer)
  October 7, 2003
  /s/ Terrance McGuire
  Terrance McGuire
  Director
  October 7, 2003
  /s/ Derek Lemke-von Ammon
  Derek Lemke-von Ammon
  Director
  October 3, 2003
  /s/ Kate Mitchell
  Kate Mitchell
  Director
  October 1, 2003
  /s/ Frank Baldino
  Frank Baldino
  Director
  October 7, 2003
  /s/ Martyn Greenacre
  Martyn Greenacre
  Director
  October 7, 2003
  -8-
  Table of Contents
  Exhibit Index
  Exhibit No.
  Description
  3.1
  Amended and Restated Certificate of Incorporation of the Registrant
  (filed as Exhibit 3.01 to the Registrant's Registration Statement
  on Form S-1 (File No. 333-106725) and incorporated herein by
  reference)
  3.2
  Form of Amended and Restated Certificate of Incorporation of the
  Registrant to be filed after the closing of the Registrant's
  initial public offering (filed as Exhibit 3.02 to the Registrant's
  Registration Statement on Form S-1 (File No. 333-106725) and
  incorporated herein by reference)
  3.3
  Amended and Restated By-Laws of the Registrant (filed as Exhibit
  3.03 to the Registrant's Registration Statement on Form S-1 (File
  No. 333-106725) and incorporated herein by reference)
  4.1
  Specimen Certificate for shares of common stock of Registrant
  (filed as Exhibit 4.01 to the Registrant's Registration Statement
  on Form S-1 (File No. 333-106725) and incorporated herein by
  reference)
  5.1
  Opinion of Testa, Hurwitz & Thibeault, LLP
  10.1
  1994 Stock Plan (filed as Exhibit 10.01 to the Registrant's
  Registration Statement on Form S-1 (File No. 333-43140) and
  incorporated herein by reference)
  10.2
  2003 Stock Option and Incentive Plan (filed as Exhibit 10.02 to the
  Registrant's Registration Statement on Form S-1 (File No.
  333-106725) and incorporated herein by reference)
  10.3
  2003 Employee Stock Purchase Plan (filed as Exhibit 10.03 to the
  Registrant's Registration Statement on Form S-1 (File No.
  333-106725) and incorporated herein by reference)
  23.1
  Consent of Testa, Hurwitz & Thibeault, LLP (included in Exhibit 5.1)
  23.2
  Consent of Deloitte & Touche LLP
  23.3
  Consent of Deloitte & Touche LLP
  24.1
  Power of Attorney (included as part of the signature page of this
  Registration Statement)
  -9-