Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Graham Evelyn A
   2. Issuer Name and Ticker or Trading Symbol
TorreyPines Therapeutics, Inc. [TPTX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Operating Officer
(Last)
(First)
(Middle)
C/O TORREYPINES THERAPEUTICS, INC., 11085 NORTH TORREY PINES ROAD, SUITE 300		 3. Date of Earliest Transaction (Month/Day/Year)
10/03/2006
(Street)

LA JOLLA, CA 92037		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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 10/03/2006   A   32,480 A (1) 32,480 D  

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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 Underlying Securities
(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 of Derivative Security: 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
Employee Stock Option (Right to Buy) $ 1.24 10/03/2006   A   8,120     (2) 02/04/2014 Common Stock 8,120 (3) 8,120 D  
Employee Stock Option (Right to Buy) $ 1.24 10/03/2006   A   32,480     (4) 06/12/2015 Common Stock 32,480 (5) 32,480 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Graham Evelyn A
C/O TORREYPINES THERAPEUTICS, INC.
11085 NORTH TORREY PINES ROAD, SUITE 300
LA JOLLA, CA 92037		       Chief Operating Officer  

Signatures

 /s/ Agatha M. Martindale, Attorney-in-fact   10/05/2006
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Received in exchange for 200,000 shares of TPTX, Inc. common stock in connection with the Agreement and Plan of Merger and Reorganization entered into by and among the Issuer, its wholly-owned subsidiary and TPTX, Inc. (the "Merger Agreement").
(2) As of the date of this report, 507 shares are exercisable. The remaining shares subject to such option vest in equal monthly installments and will be fully vested and exercisable on 01/05/08.
(3) Received pursuant to the Merger Agreement in exchange for an employee stock option to purchase 50,000 shares of TPTX, Inc. common stock with an exercise price of $0.20 per share.
(4) As of the date of this report, 1,015 shares are exercisable. The remaining shares subject to such option vest in equal monthly installments and will be fully vested and exercisable on 04/25/09.
(5) Received pursuant to the Merger Agreement in exchange for an employee stock option to purchase 200,000 shares of TPTX, Inc. common stock with an exercise price of $0.20 per share.

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