SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Black Horse Capital Advisors LLC (Last) (First) (Middle) 338 S. SHARON AMITY RD., #202 (Street) CHARLOTTE NC 28211 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol CPEX Pharmaceuticals, Inc. [ CPEX ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 08/15/2008
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/15/2008		P		496	A	$17.7197	36,009	D(1)(4)
Common Stock	08/15/2008		P		1,919	A	$17.7197	140,533	D(2)(4)
Common Stock	08/15/2008		P		815	A	$17.7197	59,505	D(3)(4)
Common Stock	08/18/2008		P		3,957	A	$18.0001	39,966	D(1)(4)
Common Stock	08/18/2008		P		15,306	A	$18.0001	155,839	D(2)(4)
Common Stock	08/18/2008		P		6,497	A	$18.0001	66,002	D(3)(4)
Common Stock	08/19/2008		P		481	A	$17.9352	40,447	D(1)(4)
Common Stock	08/19/2008		P		1,860	A	$17.9352	157,699	D(2)(4)
Common Stock	08/19/2008		P		789	A	$17.9352	66,791	D(3)(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Black Horse Capital Advisors LLC (Last) (First) (Middle) 338 S. SHARON AMITY RD., #202 (Street) CHARLOTTE NC 28211 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Black Horse Capital Offshore Ltd. (Last) (First) (Middle) C/O M&C CORPORATE SERVICES, PO BOX 30UGL UGLAND HOUSE, SOUTH CHURCH STREET (Street) GEORGE TOWN, GRAND CAYMAN E9 00000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* BLACK HORSE CAPITAL LP (Last) (First) (Middle) 338 S. SHARON AMITY RD., #202 (Street) CHARLOTTE NC 28211 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* BLACK HORSE CAPITAL QP L P (Last) (First) (Middle) 338 S. SHARON AMITY RD., #202 (Street) CHARLOTTE NC 28211 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Black Horse Capital Management LLC (Last) (First) (Middle) 338 S. SHARON AMITY RD., #202 (Street) CHARLOTTE NC 28211 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Sheehy Brian (Last) (First) (Middle) 338 S. SHARON AMITY RD., #202 (Street) CHARLOTTE NC 28211 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Chappell Dale (Last) (First) (Middle) 338 S. SHARON AMITY RD., #202 (Street) CHARLOTTE NC 28211 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Black Horse Capital Offshore Ltd. (the "Black Horse Offshore Fund") directly owns 40,447 shares of common stock. Black Horse Capital Advisors LLC ("Black Horse Advisors") is the investment manager of Black Horse Offshore Fund and is deemed to indirectly beneficially own the shares of stock directly owned by Black Horse Offshore Fund.

2. Black Horse Capital LP ("Black Horse Capital Fund") directly owns 157,699 shares of common stock. Black Horse Capital Management LLC ("Black Horse Management") is the managing general partner of Black Horse Capital Fund and is deemed to indirectly beneficially own the shares of stock directly owned by Black Horse Capital Fund.

3. Black Horse Capital (QP) LP ("Black Horse QP Fund") directly owns 66,791 shares of common stock. Black Horse Management is the managing general partner of Black Horse QP Fund and is deemed to indirectly beneficially own the shares of stock directly owned by Black Horse QP Fund.

4. Brian Sheehy and Dale Chappell are the managing members of each of Black Horse Advisors and Black Horse Management and are deemed to indirectly beneficially own the shares of stock beneficially owned by those entities. For purposes of this Form 4, Black Horse Advisors, Black Horse Management, and Messrs. Sheehy and Chappell disclaim ownership of the shares of common stock owned by the funds reporting on this Form 4 except to the extent of their pecuniary interest therein.

	Dale Chappell, Managing Member of Black Horse Capital Advisors LLC	08/19/2008
	Dale Chappell, Director of Black Horse Capital Offshore Ltd.	08/19/2008
	Dale Chappell, Managing Member of Black Horse Capital Management LLC	08/19/2008
	Dale Chappell, Managing Member of Black Horse Capital Management LLC, General Partner of Black Horse Capital LP	08/19/2008
	Dale Chappell, Managing Member of Black Horse Capital Management LLC, General Partner of Black Horse Capital (QP) LP	08/19/2008
	Dale Chappell	08/19/2008
	Brian Sheehy	08/19/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.