XOTC:TLON Insider Activity 4 Filing - 2/17/2012

Effective Date 2/17/2012

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 *
DEITCHER STEVEN R
  2. Issuer Name and Ticker or Trading Symbol
Talon Therapeutics, Inc. [TLON]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President & CEO
(Last)
(First)
(Middle)
2207 BRIDGEPOINTE PARKWAY, SUITE 250
3. Date of Earliest Transaction (Month/Day/Year)
02/17/2012
(Street)

SAN MATEO, CA 94404
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               184,192 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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
Stock Option (right to buy) $6.6               (1) 05/21/2017 Common Stock 100,000   100,000 D  
Stock Option (right to buy) $6.96               (1) 08/24/2017 Common Stock 25,000   25,000 D  
Stock Option (right to buy) $4.48               (1) 12/14/2017 Common Stock 162,500   162,500 D  
Stock Option (right to buy) $0.56               (2) 02/24/2019 Common Stock 75,000   75,000 D  
Stock Option (right to buy) $0.76               (3) 02/16/2020 Common Stock 312,500   312,500 D  
Stock Option (right to buy) $0.92               (4) 06/07/2020 Common Stock 87,500   87,500 D  
Stock Option (right to buy) $0.495               (5) 12/21/2020 Common Stock 1,635,000   1,635,000 D  
Stock Option (right to buy) $0.905 02/17/2012   A   1,000,000     (6) 02/17/2022 Common Stock 1,000,000 $ 0 1,000,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
DEITCHER STEVEN R
2207 BRIDGEPOINTE PARKWAY
SUITE 250
SAN MATEO, CA 94404
  X     President & CEO  

Signatures

 /s/ Steven R. Deitcher   02/22/2012
** 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) 100% vested
(2) 25,000 shares vest on each of 2/24/10, 2/24/11 and 2/24/12.
(3) On 2/16/10, the Reporting Person was granted an option (the "Standard Option") to purchase up to 250,000 shares of common stock, vesting as to one-third of the underlying shares on 2/16/11, with the remaining two-thirds vesting in 24 equal monthly installments thereafter. Also on 2/16/10, the Reporting Person was granted an option (the "Performance Option") to purchase up to 125,000 shares of common stock with the same vesting schedule as the Standard Option, provided that the vesting of the Performance Option was also conditioned upon the achievement of two specified regulatory milestones. On 11/1/10, it was determined that only one of the two milestones had been satisfied. As a result, the right to purchase 62,500 shares subject to the Performance Option is no longer conditioned upon the achievement of any milestone, and the right to purchase 62,500 shares subject to the Performance Option lapsed.
(4) One-third of the shares vest on 6/7/11 and the remaining two-thirds vest in 24 equal monthly installments thereafter.
(5) Shares vest in 48 equal monthly installments beginning 1/21/11.
(6) Shares vest in 48 equal monthly installments beginning 3/17/12.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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XOTC:TLON Insider Activity 4 Filling

XOTC:TLON Stock - Get Insider Activity SEC Filing of XOTC:TLON stocks, including company profile, shares outstanding, strategy, business segments, operations, officers, consolidated financial statements, financial notes and ownership information.

XOTC:TLON Insider Activity 4 Filing - 2/17/2012
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Title |  Date |  Author |  Collection |  Interest |  Popularity Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Popularity |  Our Choices |  Most Recent Title |  Date |  Company |  Symbol |  Interest |  Popularity

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