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
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Collard Craig A 		2. Issuer Name and Ticker or Trading Symbol

CRITICAL THERAPEUTICS INC [ CRTX ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      __ X __ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
President and CEO
(Last)          (First)          (Middle)

C/O CORNERSTONE THERAPEUTICS INC., 2000 REGENCY PARKWAY, SUITE 255 		3. Date of Earliest Transaction (MM/DD/YYYY)

10/31/2008
(Street)

CARY, NC 27518
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   10/31/2008     A    3202225   A   (1) 3202225   I   By Cornerstone BioPharma Holdings, Ltd.  
Common Stock   10/31/2008     A    1443913   A   (2) 4646138   I   By Carolina Pharmaceuticals Ltd.   (3)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 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
Option to Purchase Common Stock (Right to Buy)   $0.43   10/31/2008     A     11904       10/31/2008   8/1/2015   Common Stock   11904     (4) 11904   D    
Option to Purchase Common Stock (Right to Buy)   $1.77   10/31/2008     A     238083         (5) 3/16/2017   Common Stock   238083     (6) 249987   D    
Option to Purchase Common Stock (Right to Buy)   $3.90   10/31/2008     A     35712         (7) 10/31/2018   Common Stock   35712     (8) 285699   D    

Explanation of Responses:
( 1)  Received in exchange for 13,450,000 shares of Cornerstone BioPharma Holdings, Inc. ("CBPHI") common stock in connection with the merger of Neptune Acquisition Corp., a wholly owned subsidiary of Critical Therapeutics, Inc., into CBPHI (the "Merger") based on an exchange ratio of 0.2380837.
( 2)  Received in exchange for 6,064,731 shares of CBPHI common stock in connection with the Merger based on an exchage ratio of 0.2380837.
( 3)  The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.
( 4)  Received in the Merger in exchange for stock options to acquire 50,000 shares of CBPHI common stock for $0.10 per share based on an exchange ratio of 0.2380837.
( 5)  The vesting schedule for this option award is 25% on March 16, 2008, 25% on March 16, 2009, 25% on March 16, 2010, and 25% on March 16, 2011.
( 6)  Received in the Merger in exchange for stock options to acquire 1,000,000 shares of CBPHI common stock for $0.42 per share based on an exchange ratio of 0.2380837.
( 7)  The vesting schedule for this option award is 25% on March 15, 2009, 25% on March 15, 2010, 25% on March 15, 2011, and 25% on March 15, 2012.
( 8)  Received in the Merger in exchange for stock options to acquire 150,000 shares of CBPHI common stock for $0.93 per share based on an exchange ratio of 0.2380837.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Collard Craig A
C/O CORNERSTONE THERAPEUTICS INC.
2000 REGENCY PARKWAY, SUITE 255
CARY, NC 27518 		X X President and CEO

Signatures
/s/ David Price, attorney in fact for Craig A. Collard pursuant to a power of attorney 11/3/2008
** 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.
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