SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Arcadia Capital Advisors, LLC (Last) (First) (Middle) 175 GREAT NECK ROAD, SUITE 406 (Street) GREAT NECK, NY 11021 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 12/28/2009	3. Issuer Name and Ticker or Trading Symbol CPEX Pharmaceuticals, Inc. [ CPEX ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.01	66,000	I	By Arcadia Opportunity Master Fund, Ltd.(1)(2)
Common Stock, par value $0.01	210,000	I(3)	Securities are owned solely by Mr. James Frank(3)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These securities are held directly by Arcadia Opportunity Master Fund, Ltd. (the "Fund"). Arcadia Capital Advisors, LLC, a Delaware limited liability company, is the investment manager ("Investment Manager") of the Fund and has discretionary investment authority over the Fund's assets. The managing member of the Investment Manager is M.D. Sass FinStrat Arcadia Capital Holdings, LLC (the "Managing Member"). Richard Rof? is the managing director and a principal of the Investment Manager and serves as the portfolio manager of the Fund, subject to the oversight of the Managing Member and the Investment Manager. All of the foregoing persons and entities (other than the Fund) disclaim beneficial ownership of all securities reported herein, except to the extent of their pecuniary interest therein, if any, and this report shall not be deemed an admission that any such person or entity is the beneficial owner of the securities for purposes of

2. (Continued from Footnote 1) Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose.

3. These securities are owned solely by Mr. James Frank, who is a member of a "group" with the Reporting Person for purposes of Section 13(d) of the Exchange Act.

Remarks:

Each of the Fund, the Managing Member, Mr. Richard Rof? and Mr. James Frank intends to make a Form 3 filing as an independent reporting person upon receipt of the requisite EDGAR codes from the Securities and Exchange Commission.

	/s/ Richard Rofe	12/30/2009
	** 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 5 (b)(v).
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