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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>WASHINGTON,
        D. C. 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>____________</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>FORM
        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
        to Section 13 or 15(d) of the</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Securities
        Exchange Act Of 1934</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>November
        9, 2005</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
        of
        Report (Date of earliest event reported)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>___________________________________________________________</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>ACURA
        PHARMACEUTICALS, INC.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        Name of Registrant as Specified in Charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>___________________________________________________________</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div align="left">
        <table border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="justify" valign="top" width="33%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>State
                  of New York</strong></font></div>
              </td>
              <td align="justify" valign="top" width="33%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1-10113</strong></font></div>
              </td>
              <td align="justify" valign="top" width="33%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>11-0853640</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  of Other Jurisdiction </font></div>
              </td>
              <td align="justify" valign="top" width="33%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                  File Number)</font></div>
              </td>
              <td align="justify" valign="top" width="33%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
                  Employer </font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
                  Incorporation)</font></div>
              </td>
              <td align="justify" valign="top" width="33%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="justify" valign="top" width="33%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                  Number)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>616
        N. North Court, Suite 120</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Palatine,
        Illinois 60067</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
        of principal executive offices) (Zip Code)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(847)
        705-7709</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant&#8217;s
        telephone number, including area code)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2. below):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="left" style="WIDTH: 18pt"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></td>
              <td align="left">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
                  communications pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)</font></div>
              </td>
            </tr>

        </table>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="left" style="WIDTH: 18pt"><font style="FONT-FAMILY: Wingdings">o</font></td>
              <td align="left">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
                  material pursuant to Rule 14a-12 under the Exchange Act (17CFR
                  240.14a-12)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="left" style="WIDTH: 18pt"><font style="FONT-FAMILY: Wingdings">o</font></td>
              <td align="left">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                  communications pursuant to Rule 14d-2(b) under the Exchange Act
                  (17CFR240.14d-</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2(b))</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="left" style="WIDTH: 18pt"><font style="FONT-FAMILY: Wingdings">o</font></td>
              <td align="left">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                  communications pursuant to Rule 13e-4(c) under the Exchange Act
                  (17CFR
                  240.13e-</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4(c))</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        1.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 63pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
        Into a Material Definitive Agreement</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        November 9, 2005, Acura Pharmaceuticals, Inc. (the "Company") entered into
        a
        Loan Agreement (the &#8220;Loan Agreement&#8221;) with </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Essex
        Woodlands Health Venture V, L.P., Care Capital Investments II, L.P., Care
        Capital Offshore Investments II, L.P., Galen Partners III, L.P., Galen Partners
        International III, L.P., Galen Employee Fund III, L.P. and the additional
        lenders that may become a party thereto in accordance with the terms of the
        Loan
        Agreement (collectively, the &#8220;Bridge Lenders&#8221;) . </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the initial Closing of the Loan Agreement, the Bridge Lenders extended
        bridge
        financing to the Company in the principal amount of $800,000. The Loan Agreement
        also permits additional loan advances to the Company by Bridge Lenders that
        become a party to the Loan Agreement in accordance with its terms. No assurance
        can be given, however, that any additional bridge loans will be made to the
        Company by the Bridge Lenders. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        net
        proceeds from loans advanced pursuant to the Loan Agreement (collectively,
        the
&#8220;Bridge Loan&#8221;), after the satisfaction of related, expenses, will be used by the
        Company to continue the development of its Aversion</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>TM</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Technology and to fund operating expenses.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Bridge Loan bears interest at the rate of ten percent (10%) per annum and
        matures on June 1, 2006. The Bridge Loan is secured by a lien on all of the
        Company&#8217;s and its subsidiaries&#8217; assets, senior in right of payment and lien
        priority to all other indebtedness of the Company. The Bridge Loan is subject
        to
        mandatory pre-payment by the Company upon the Company&#8217;s completion of equity or
        debt financing or any sale, transfer, license or similar arrangement pursuant
        to
        which the Company or any of its subsidiaries sells, licenses or otherwise
        grants
        rights in any material portion of the Company&#8217;s intellectual property to any
        third party, provided that the consummation of any such transaction results
        in
        cash proceeds to the Company, net of all costs and expenses, of at least
        the sum
        of (i) $4.0 million, plus (ii) the aggregate principal amount of the Bridge
        Loan. The Bridge Loan also contains normal and customary affirmative and
        negative covenants, including restrictions on the Company&#8217;s ability to incur
        additional debt, or grant any lien on the assets of the Company or its
        Subsidiaries, subject to certain permitted exclusions.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        2.02</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Results
        of Operations and Financial Condition</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        November 10, 2005, Acura Pharmaceuticals, Inc. (the "Company") issued a press
        release disclosing, among other things, the financial results for its third
        quarter ended September 30, 2005. A copy of the Company's press release is
        attached as Exhibit 99.1 hereto.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        3.02</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Unregistered
        Sales of Equity Securities.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 54pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
        November 10, 2005, all of the issued and outstanding preferred shares of
        the
        Company were automatically and mandatorily converted into the Company&#8217;s common
        stock, $.01 par value per share (the &#8220;Common Stock&#8221;) in accordance with the
        terms of the Company&#8217;s Restated Certification of Incorporation (the &#8220;Preferred
        Stock Conversion&#8221;). In accordance with the conversion provisions contained in
        the Restated Certificate of Incorporation, all issued and outstanding shares
        of
        the Company&#8217;s Series A Preferred Stock, Series B Preferred Stock, Series C-1
        Preferred Stock, Series C-2 Preferred Stock and Series C-3 Preferred Stock
        (collectively, the &#8220;Preferred Stock&#8221;) are converted automatically into the
        Company&#8217;s Common Stock upon the Company&#8217;s receipt of the written consent to the
        Preferred Stock Conversion from the holders of at least 51% of the shares
        of the
        Company&#8217;s Series A Preferred Stock. </font></div>
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        <div>&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 54pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        November 10, 2005, the Company received the consent to the Preferred Stock
        Conversion from GCE Holdings LLC (the assignee of all Preferred Stock formerly
        held by each of Care Capital Investments II, LP, Care Capital Offshore
        Investments II, LP, Essex Woodlands Health Ventures V, L.P., Galen Partners
        International III, L.P., Galen Partners III, L.P. and Galen Employee Fund
        III,
        L.P.), such entity holding in the aggregate in excess of 51% of the issued
        and
        outstanding shares of the Company&#8217;s Series A Preferred Stock. In accordance with
        the terms of the Company&#8217;s Restated Certificate of Incorporation, all shares of
        the Company&#8217;s Preferred Stock were automatically converted into an aggregate of
        approximately 305.4 million shares of the Company&#8217;s Common Stock. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 54pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">After
        giving effect to the Preferred Stock Conversion, effective November 10, 2005
        the
        Company has an aggregate of approximately 329.0 million shares of Common
        Stock
        issued and outstanding. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 54pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company issued the Common Stock in reliance upon the exemption from registration
        provided by Section 4(2) of the Securities Act of 1933, as amended and/or
        Regulation D promulgated under the Securities Act of 1933. At the time of
        acquisition of the Preferred Stock, the holders of the Preferred Stock
        represented to the Company that each of such shareholder was an accredited
        investor as defined in Rule 501(a) of the Securities Act of 1933 and that
        the
        Preferred Stock was being acquired for investment purposes. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        5.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 63pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Changes
        in Control of Registrant.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 54pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior
        to
        the Preferred Stock Conversion (as described in Item 3.02 above) each of
        Care
        Capital Investments II, LP, Care Capital Offshore Investments II, LP
        (collectively, &#8220;Care Capital&#8221;), Essex Woodlands Health Ventures V, L.P.
        (&#8220;Essex&#8221;), Galen Partners III, L.P., Galen Partners International III, L.P. and
        Galen Employee Fund III, L.P. (collectively, &#8220;Galen&#8221;) assigned and conveyed
        to</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GCE
        Holdings LLC (&#8220;GCE Holdings&#8221;) all of their respective shares of the Company&#8217;s
        Preferred Stock. Prior to such conveyance, the Preferred Stock holdings of
        Care
        Capital, Essex and Galen represented 14.6%, 17.1% and 46.2%, respectively,
        of
        the Company&#8217;s outstanding voting securities. After giving effect to the
        conveyance by Care Capital, Essex and Galen of their respective Preferred
        Stock
        to GCE Holdings and the Preferred Stock Conversion, GCE Holdings holds an
        aggregate of approximately 258.2 million shares, or 78.5% of the Company&#8217;s
        issued and outstanding Common Stock. As a result, in view of its ownership
        percentage of the Company, GCE Holdings will be able to control or significantly
        influence all matters requiring approval of the Company&#8217;s shareholders,
        including the approval of mergers or other business combination transactions.
        </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 54pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        addition, pursuant to the terms of the Amended and Restated Voting Agreement,
        dated February 6, 2004, as amended, between the Company and the former holders
        of the Company&#8217;s Preferred Stock, all of such shareholders have agreed that the
        Board of Directors shall be comprised of not more than 7 members, 4 of whom
        shall be the designees of GCE Holdings</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(as
        the
        assignee of the Preferred Stock of Care Capital, Essex and Galen). As such,
        in
        view of its controlling position on the Board of Directors, GCE Holdings
        will be
        able to control or significantly influence matters to be determined by the
        Board
        of Directors. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong>Item
        9.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 36.8pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong>Financial
        Statements and Exhibits</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Exhibit
                Number</u></strong></font></td>
              <td align="left">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Description</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></td>
              <td align="left">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joinder
                  and Amendment to Amended and Restated Voting Agreement dated November
                  9,
                  2005 between the Company, GCE Holdings, Care Capital, Essex and
                  Galen.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loan
                      Agreement by and among Acura Pharmaceuticals, Inc. Essex Woodlands
                      Health
                      Venture V, L.P., Care Capital Investments II, L.P., Care Capital
                      Offshore
                      Investments II, L.P., Galen Partners III, L.P., Galen Partners
                      International III, L.P., Galen Employee Fund III, L.P., and
                      the Additional
                      Lenders that become a party thereto dated November 9, 2005.
                      </font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                      of Secured Promissory Note of Acura Pharmaceuticals,
                      Inc.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">10.4</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Subordination
                      Agreement by and among </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Essex
                      Woodlands Health Venture V, L.P., Care Capital Investments
                      II, L.P., Care
                      Capital Offshore Investments II, L.P., Galen Partners III,
                      L.P., Galen
                      Partners International III, L.P., and Galen Employee Fund III,
                      L.P., dated
                      November 9, 2005. </font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Company
                      General Security Agreement by and between Acura Pharmaceuticals,
                      Inc. and
                      Galen Partners III, L.P., as Agent, dated November 9,
                      2005</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guaranty
                      of Axiom Pharmaceutical Corporation, dated November 9,
                      2005</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.7</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guaranty
                      of Acura Pharmaceutical Technologies, Inc., dated November
                      9,
                      2005</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.8</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guarantors
                      Security Agreement by and among Axiom Pharmaceutical Corporation,
                      Acura
                      Pharmaceutical Technologies, Inc. and Galen Partners III, L.P.,
                      as Agent,
                      dated November 9, 2005</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.9</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock
                      Pledge Agreement by and between Acura Pharmaceuticals, Inc.
                      and Galen
                      Partners III, L.P., as Agent, dated November 9,
                      2005</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></td>
              <td align="left">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                  Release dated November 10, 2005 Announcing Financial Results for
                  Third
                  Quarter 2005, Receipt of Interim Funding, Conversion of Preferred
                  Shares
                  and Update on OxyADF</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>TM</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  Tablet Development and Cash Reserves</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned thereunto
        duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 180pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ACURA
                PHARMACEUTICALS, INC.</strong></font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td>&#160;</td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;Peter
                A. Clemens</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2">&#160;</td>
              <td>
                <div>
                  <hr style="COLOR: #000000" align="left" noshade size="2" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Peter
                  A. Clemens&#160;</font></div>
              </td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
                Vice President &amp; Chief Financial
                Officer</font></td>
            </tr>

        </table>
      </div>
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        10, 2005</font></div>
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        Index</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <tr valign="top" style="LINE-HEIGHT: 1.25">
                <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Exhibit
                  Number</u></strong></font></td>
                <td align="left">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Description</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></td>
              <td align="left">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joinder
                  and Amendment to Amended and Restated Voting Agreement dated November
                  9,
                  2005 between the Company, GCE Holdings, Care Capital, Essex and
                  Galen.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loan
                      Agreement by and among Acura Pharmaceuticals, Inc. Essex Woodlands
                      Health
                      Venture V, L.P., Care Capital Investments II, L.P., Care Capital
                      Offshore
                      Investments II, L.P., Galen Partners III, L.P., Galen Partners
                      International III, L.P., Galen Employee Fund III, L.P., and
                      the Additional
                      Lenders that become a party thereto dated November 9, 2005.
                      </font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                      of Secured Promissory Note of Acura Pharmaceuticals,
                      Inc.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">10.4</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Subordination
                      Agreement by and among </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Essex
                      Woodlands Health Venture V, L.P., Care Capital Investments
                      II, L.P., Care
                      Capital Offshore Investments II, L.P., Galen Partners III,
                      L.P., Galen
                      Partners International III, L.P., and Galen Employee Fund III,
                      L.P., dated
                      November 9, 2005. </font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Company
                      General Security Agreement by and between Acura Pharmaceuticals,
                      Inc. and
                      Galen Partners III, L.P., as Agent, dated November 9,
                      2005</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <div>
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                  <tr valign="top" style="LINE-HEIGHT: 1.25">
                    <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6</font></td>
                    <td align="left">
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guaranty
                        of Axiom Pharmaceutical Corporation, dated November 9,
                        2005</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.7</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guaranty
                      of Acura Pharmaceutical Technologies, Inc., dated November
                      9,
                      2005</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.8</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guarantors
                      Security Agreement by and among Axiom Pharmaceutical Corporation,
                      Acura
                      Pharmaceutical Technologies, Inc. and Galen Partners III, L.P.,
                      as Agent,
                      dated November 9, 2005</font></div>
                  </td>
                </tr>

            </table>
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        </div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top" style="LINE-HEIGHT: 1.25">
                  <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.9</font></td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock
                      Pledge Agreement by and between Acura Pharmaceuticals, Inc.
                      and Galen
                      Partners III, L.P., as Agent, dated November 9,
                      2005</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
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            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="left" style="WIDTH: 81pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></td>
              <td align="left">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                  Release dated November 10, 2005 Announcing Financial Results for
                  Third
                  Quarter 2005, Receipt of Interim Funding, Conversion of Preferred
                  Shares
                  and Update on OxyADF</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>TM</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  Tablet Development and Cash Reserves</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
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{"company-data": {"conformed-name": "ACURA PHARMACEUTICALS, INC", "cik": "0000786947", "assigned-sic": "2834", "irs-number": "110853640", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10113", "film-number": "051194183"}, "business-address": {"street1": "616 N. NORTH COURT, SUITE 120", "city": "PALATINE", "state": "IL", "zip": "60067", "phone": "847-705-7709"}, "mail-address": {"street1": "616 N. NORTH COURT, SUITE 120", "street2": ".", "city": "PALATINE", "state": "IL", "zip": "60067"}, "former-company": {"former-conformed-name": "HALSEY DRUG CO INC/NEW", "date-changed": "19920703"}}
Unassociated Document
UNITED
        STATES
SECURITIES
        AND EXCHANGE COMMISSION
WASHINGTON,
        D. C. 20549
____________
FORM
        8-K
CURRENT
        REPORT
Pursuant
        to Section 13 or 15(d) of the
Securities
        Exchange Act Of 1934
November
        9, 2005
Date
        of
        Report (Date of earliest event reported)
___________________________________________________________
ACURA
        PHARMACEUTICALS, INC.
(Exact
        Name of Registrant as Specified in Charter)
___________________________________________________________
State
                  of New York
1-10113
11-0853640
(State
                  of Other Jurisdiction
(Commission
                  File Number)
(I.R.S.
                  Employer
of
                  Incorporation)
Identification
                  Number)
616
        N. North Court, Suite 120
Palatine,
        Illinois 60067
(Address
        of principal executive offices) (Zip Code)
(847)
        705-7709
(Registrant's
        telephone number, including area code)
Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2. below):
o
Written
                  communications pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)
o
Soliciting
                  material pursuant to Rule 14a-12 under the Exchange Act (17CFR
                  240.14a-12)
o
Pre-commencement
                  communications pursuant to Rule 14d-2(b) under the Exchange Act
                  (17CFR240.14d-
2(b))
o
Pre-commencement
                  communications pursuant to Rule 13e-4(c) under the Exchange Act
                  (17CFR
                  240.13e-
4(c))
Item
        1.01
Entry
        Into a Material Definitive Agreement
On
        November 9, 2005, Acura Pharmaceuticals, Inc. (the "Company") entered into
        a
        Loan Agreement (the "Loan Agreement") with
Essex
        Woodlands Health Venture V, L.P., Care Capital Investments II, L.P., Care
        Capital Offshore Investments II, L.P., Galen Partners III, L.P., Galen Partners
        International III, L.P., Galen Employee Fund III, L.P. and the additional
        lenders that may become a party thereto in accordance with the terms of the
        Loan
        Agreement (collectively, the "Bridge Lenders") .
Pursuant
        to the initial Closing of the Loan Agreement, the Bridge Lenders extended
        bridge
        financing to the Company in the principal amount of $800,000. The Loan Agreement
        also permits additional loan advances to the Company by Bridge Lenders that
        become a party to the Loan Agreement in accordance with its terms. No assurance
        can be given, however, that any additional bridge loans will be made to the
        Company by the Bridge Lenders.
The
        net
        proceeds from loans advanced pursuant to the Loan Agreement (collectively,
        the
"Bridge Loan"), after the satisfaction of related, expenses, will be used by the
        Company to continue the development of its Aversion
TM
Technology and to fund operating expenses.
The
        Bridge Loan bears interest at the rate of ten percent (10%) per annum and
        matures on June 1, 2006. The Bridge Loan is secured by a lien on all of the
        Company's and its subsidiaries' assets, senior in right of payment and lien
        priority to all other indebtedness of the Company. The Bridge Loan is subject
        to
        mandatory pre-payment by the Company upon the Company's completion of equity or
        debt financing or any sale, transfer, license or similar arrangement pursuant
        to
        which the Company or any of its subsidiaries sells, licenses or otherwise
        grants
        rights in any material portion of the Company's intellectual property to any
        third party, provided that the consummation of any such transaction results
        in
        cash proceeds to the Company, net of all costs and expenses, of at least
        the sum
        of (i) $4.0 million, plus (ii) the aggregate principal amount of the Bridge
        Loan. The Bridge Loan also contains normal and customary affirmative and
        negative covenants, including restrictions on the Company's ability to incur
        additional debt, or grant any lien on the assets of the Company or its
        Subsidiaries, subject to certain permitted exclusions.
Item
        2.02
Results
        of Operations and Financial Condition
On
        November 10, 2005, Acura Pharmaceuticals, Inc. (the "Company") issued a press
        release disclosing, among other things, the financial results for its third
        quarter ended September 30, 2005. A copy of the Company's press release is
        attached as Exhibit 99.1 hereto.
Item
        3.02
Unregistered
        Sales of Equity Securities.
Effective
        November 10, 2005, all of the issued and outstanding preferred shares of
        the
        Company were automatically and mandatorily converted into the Company's common
        stock, $.01 par value per share (the "Common Stock") in accordance with the
        terms of the Company's Restated Certification of Incorporation (the "Preferred
        Stock Conversion"). In accordance with the conversion provisions contained in
        the Restated Certificate of Incorporation, all issued and outstanding shares
        of
        the Company's Series A Preferred Stock, Series B Preferred Stock, Series C-1
        Preferred Stock, Series C-2 Preferred Stock and Series C-3 Preferred Stock
        (collectively, the "Preferred Stock") are converted automatically into the
        Company's Common Stock upon the Company's receipt of the written consent to the
        Preferred Stock Conversion from the holders of at least 51% of the shares
        of the
        Company's Series A Preferred Stock.
On
        November 10, 2005, the Company received the consent to the Preferred Stock
        Conversion from GCE Holdings LLC (the assignee of all Preferred Stock formerly
        held by each of Care Capital Investments II, LP, Care Capital Offshore
        Investments II, LP, Essex Woodlands Health Ventures V, L.P., Galen Partners
        International III, L.P., Galen Partners III, L.P. and Galen Employee Fund
        III,
        L.P.), such entity holding in the aggregate in excess of 51% of the issued
        and
        outstanding shares of the Company's Series A Preferred Stock. In accordance with
        the terms of the Company's Restated Certificate of Incorporation, all shares of
        the Company's Preferred Stock were automatically converted into an aggregate of
        approximately 305.4 million shares of the Company's Common Stock.
After
        giving effect to the Preferred Stock Conversion, effective November 10, 2005
        the
        Company has an aggregate of approximately 329.0 million shares of Common
        Stock
        issued and outstanding.
The
        Company issued the Common Stock in reliance upon the exemption from registration
        provided by Section 4(2) of the Securities Act of 1933, as amended and/or
        Regulation D promulgated under the Securities Act of 1933. At the time of
        acquisition of the Preferred Stock, the holders of the Preferred Stock
        represented to the Company that each of such shareholder was an accredited
        investor as defined in Rule 501(a) of the Securities Act of 1933 and that
        the
        Preferred Stock was being acquired for investment purposes.
Item
        5.01
Changes
        in Control of Registrant.
Prior
        to
        the Preferred Stock Conversion (as described in Item 3.02 above) each of
        Care
        Capital Investments II, LP, Care Capital Offshore Investments II, LP
        (collectively, "Care Capital"), Essex Woodlands Health Ventures V, L.P.
        ("Essex"), Galen Partners III, L.P., Galen Partners International III, L.P. and
        Galen Employee Fund III, L.P. (collectively, "Galen") assigned and conveyed
        to
GCE
        Holdings LLC ("GCE Holdings") all of their respective shares of the Company's
        Preferred Stock. Prior to such conveyance, the Preferred Stock holdings of
        Care
        Capital, Essex and Galen represented 14.6%, 17.1% and 46.2%, respectively,
        of
        the Company's outstanding voting securities. After giving effect to the
        conveyance by Care Capital, Essex and Galen of their respective Preferred
        Stock
        to GCE Holdings and the Preferred Stock Conversion, GCE Holdings holds an
        aggregate of approximately 258.2 million shares, or 78.5% of the Company's
        issued and outstanding Common Stock. As a result, in view of its ownership
        percentage of the Company, GCE Holdings will be able to control or significantly
        influence all matters requiring approval of the Company's shareholders,
        including the approval of mergers or other business combination transactions.
In
        addition, pursuant to the terms of the Amended and Restated Voting Agreement,
        dated February 6, 2004, as amended, between the Company and the former holders
        of the Company's Preferred Stock, all of such shareholders have agreed that the
        Board of Directors shall be comprised of not more than 7 members, 4 of whom
        shall be the designees of GCE Holdings
(as
        the
        assignee of the Preferred Stock of Care Capital, Essex and Galen). As such,
        in
        view of its controlling position on the Board of Directors, GCE Holdings
        will be
        able to control or significantly influence matters to be determined by the
        Board
        of Directors.
Item
        9.01
Financial
        Statements and Exhibits
Exhibit
                Number
Description
10.1
Joinder
                  and Amendment to Amended and Restated Voting Agreement dated November
                  9,
                  2005 between the Company, GCE Holdings, Care Capital, Essex and
                  Galen.
10.2
Loan
                      Agreement by and among Acura Pharmaceuticals, Inc. Essex Woodlands
                      Health
                      Venture V, L.P., Care Capital Investments II, L.P., Care Capital
                      Offshore
                      Investments II, L.P., Galen Partners III, L.P., Galen Partners
                      International III, L.P., Galen Employee Fund III, L.P., and
                      the Additional
                      Lenders that become a party thereto dated November 9, 2005.
10.3
Form
                      of Secured Promissory Note of Acura Pharmaceuticals,
                      Inc.
10.4
Subordination
                      Agreement by and among
Essex
                      Woodlands Health Venture V, L.P., Care Capital Investments
                      II, L.P., Care
                      Capital Offshore Investments II, L.P., Galen Partners III,
                      L.P., Galen
                      Partners International III, L.P., and Galen Employee Fund III,
                      L.P., dated
                      November 9, 2005.
10.5
Company
                      General Security Agreement by and between Acura Pharmaceuticals,
                      Inc. and
                      Galen Partners III, L.P., as Agent, dated November 9,
                      2005
10.6
Guaranty
                      of Axiom Pharmaceutical Corporation, dated November 9,
                      2005
10.7
Guaranty
                      of Acura Pharmaceutical Technologies, Inc., dated November
                      9,
                      2005
10.8
Guarantors
                      Security Agreement by and among Axiom Pharmaceutical Corporation,
                      Acura
                      Pharmaceutical Technologies, Inc. and Galen Partners III, L.P.,
                      as Agent,
                      dated November 9, 2005
10.9
Stock
                      Pledge Agreement by and between Acura Pharmaceuticals, Inc.
                      and Galen
                      Partners III, L.P., as Agent, dated November 9,
                      2005
99.1
Press
                  Release dated November 10, 2005 Announcing Financial Results for
                  Third
                  Quarter 2005, Receipt of Interim Funding, Conversion of Preferred
                  Shares
                  and Update on OxyADF
TM
Tablet Development and Cash Reserves
SIGNATURES
Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned thereunto
        duly authorized.
ACURA
                PHARMACEUTICALS, INC.
By:
/s/ Peter
                A. Clemens
Peter
                  A. Clemens
Senior
                Vice President & Chief Financial
                Officer
Date:
November
        10, 2005
Exhibit
        Index
Exhibit
                  Number
Description
10.1
Joinder
                  and Amendment to Amended and Restated Voting Agreement dated November
                  9,
                  2005 between the Company, GCE Holdings, Care Capital, Essex and
                  Galen.
10.2
Loan
                      Agreement by and among Acura Pharmaceuticals, Inc. Essex Woodlands
                      Health
                      Venture V, L.P., Care Capital Investments II, L.P., Care Capital
                      Offshore
                      Investments II, L.P., Galen Partners III, L.P., Galen Partners
                      International III, L.P., Galen Employee Fund III, L.P., and
                      the Additional
                      Lenders that become a party thereto dated November 9, 2005.
10.3
Form
                      of Secured Promissory Note of Acura Pharmaceuticals,
                      Inc.
10.4
Subordination
                      Agreement by and among
Essex
                      Woodlands Health Venture V, L.P., Care Capital Investments
                      II, L.P., Care
                      Capital Offshore Investments II, L.P., Galen Partners III,
                      L.P., Galen
                      Partners International III, L.P., and Galen Employee Fund III,
                      L.P., dated
                      November 9, 2005.
10.5
Company
                      General Security Agreement by and between Acura Pharmaceuticals,
                      Inc. and
                      Galen Partners III, L.P., as Agent, dated November 9,
                      2005
10.6
Guaranty
                        of Axiom Pharmaceutical Corporation, dated November 9,
                        2005
10.7
Guaranty
                      of Acura Pharmaceutical Technologies, Inc., dated November
                      9,
                      2005
10.8
Guarantors
                      Security Agreement by and among Axiom Pharmaceutical Corporation,
                      Acura
                      Pharmaceutical Technologies, Inc. and Galen Partners III, L.P.,
                      as Agent,
                      dated November 9, 2005
10.9
Stock
                      Pledge Agreement by and between Acura Pharmaceuticals, Inc.
                      and Galen
                      Partners III, L.P., as Agent, dated November 9,
                      2005
99.1
Press
                  Release dated November 10, 2005 Announcing Financial Results for
                  Third
                  Quarter 2005, Receipt of Interim Funding, Conversion of Preferred
                  Shares
                  and Update on OxyADF
TM
Tablet Development and Cash Reserves