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 *

Efficacy Capital, Ltd. 		2. Issuer Name and Ticker or Trading Symbol

AEOLUS PHARMACEUTICALS, INC. [ AOLS ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

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

11622 EL CAMINO REAL, SUITE 100,  		3. Date of Earliest Transaction (MM/DD/YYYY)

3/15/2011
(Street)

SAN DEIGO, CA 92130
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ 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   3/15/2011     S    193234   D $.76   8148812   I   See Footnote   (1)
Common Stock   3/16/2011     S    3799380   D $.61   (2) 4349432   I   See Footnote   (1)

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
Common Stock Purchase Warrants (Right to Buy)   $0.75   3/16/2011     S         2541000    6/5/2006   (3) 6/5/2011   Common Stock   2541000   $.61   (2) 3235281   I   See Footnote   (1)

Explanation of Responses:
( 1)  These shares are owned directly by Efficacy Biotech Master Fund Ltd. The Reporting Person acts as an investment adviser with investment and voting discretion over portfolio investments. The Reporting Person is an indirect beneficial owner of the reported securities.
( 2)  The securities were sold in a block transaction in which shares of common stock and certain warrants to purchase common stock were sold for a price of $.61 per share of common stock.
( 3)  The warrant is exercisable at any time provided that such date is no later than the expiration date of the warrant.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Efficacy Capital, Ltd.
11622 EL CAMINO REAL, SUITE 100
SAN DEIGO, CA 92130
X

Lappe Mark
11622 EL CAMINO REAL
SUITE 100
SAN DIEGO, CA 92130
X

Efficacy Biotech Fund LTD
11622 EL CAMINO REAL
SUITE 100
SAN DIEGO, CA 92130
X

Efficacy Biotech Fund L.P.
11622 EL CAMINO REAL
SUITE 100
SAN DIEGO, CA 92130
X

Efficacy Biotech Master Fund Ltd.
11622 EL CAMINO REAL
SUITE 100
SAN DIEGO, CA 92130
X


Signatures
/s/ Mark Lappe 3/17/2011
** Signature of Reporting Person Date

Efficacy Biotech Fund Ltd., By Efficacy Capital Ltd., Investment Manager, By /s/ Mark Lappe, Managing Partner 3/17/2011
** Signature of Reporting Person Date

Efficacy Capital Ltd., By /s/ Mark Lappe, Managing Partner 3/17/2011
** Signature of Reporting Person Date

Efficacy Biotech Fund L.P., By Efficacy Capital Ltd., Investment Manager, By /s/ Mark Lappe, Managing Partner 3/17/2011
** Signature of Reporting Person Date

Efficacy Biotech Master Fund Ltd., By Efficacy Capital Ltd., Investment Manager, By /s/ Mark Lappe, Managing Partner 3/17/2011
** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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