Exhibit 10.2

AMENDMENT TO SENIOR SECURED CONVERTIBLE NOTES DUE 2021

This AMENDMENT TO SENIOR SECURED CONVERTIBLE NOTES DUE 2021 (this “Amendment”)
is entered into as of June 29, 2011, by and between A.P. Pharma, Inc., a
Delaware corporation (the “Company”) and the Purchasers (defined below).

WHEREAS, the Company entered into a Securities Purchase Agreement dated as of
April 24, 2011 (the “Purchase Agreement”) with Tang Capital Partners, LP, Baker
Bros. Investments II, L.P., Baker Brothers Life Sciences, L.P. and 14159, L.P.
(collectively, the “Purchasers”);

WHEREAS, pursuant to the Purchase Agreement, the Company issued to the
Purchasers, and the Purchasers purchased from the Company, Notes (as such term
is defined in the Purchase Agreement);

WHEREAS, the Company and the Purchasers now desire to amend each of the Notes in
accordance with Section 12 of each of the Notes;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Company and the Purchasers agree as
follows:

 

1. Section 23(ww) of each Note is hereby deleted and replaced with the
following, effective as of the Closing Date as defined in the Securities
Purchase Agreement dated June 29, 2011, by and between the Company and the
Purchasers thereto (the “Effective Date”):

“‘Interest Rate’ means six percent (6.0%) per annum.”

 

2. Interest accrued under the Notes prior to the Effective Date shall be
unaffected by this Amendment (for clarity, Interest accrued prior to the
Effective Date shall be calculated using twenty percent (20.0%) per annum
through the day prior to the Effective Date). Except as set forth in this
Amendment, the other provisions of each Note shall remain in full force and
effect in accordance with their respective terms.

(The remainder of this page intentionally left blank.)

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the day and year first written above.

 

THE COMPANY A.P. PHARMA, INC. By:  

/s/ John Whelan

  Name:   John Whelan   Title:     Chief Executive Officer

[Company Signature Page to Amendment]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the day and year first written above.

 

THE PURCHASERS TANG CAPITAL PARTNERS, LP By:   Tang Capital Management, LLC,  
its general partner By:  

/s/ Kevin Tang

  Name:   Kevin C. Tang   Title:     Managing Director

[Purchaser Signature Page to Amendment]

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BAKER BROS. INVESTMENTS II, L.P. By:   Baker Bros. Capital, L.P.,   its general
partner By:   Baker Bros. Capital (GP), LLC,   its general partner By:  

/s/ Felix Baker

  Name:   Felix Baker   Title:     Managing Member BAKER BROTHERS LIFE SCIENCES,
L.P. By:   Baker Brothers Life Sciences Capital, L.P.,   its general partner By:
  Baker Brothers Life Sciences Capital (GP),   LLC, its general partner By:  

/s/ Felix Baker

  Name:   Felix Baker   Title:     Managing Member 14159, L.P. By:   14159
Capital, L.P., its general partner By:   14159 Capital (GP), LLC, its general
partner By:  

/s/ Felix Baker

  Name:   Felix Baker   Title:     Managing Member

[Purchaser Signature Page to Amendment]