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 *

Paddock Bradley W 		2. Issuer Name and Ticker or Trading Symbol

KYPHON INC [ KYPH ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

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

KYPHON INC., 1221 CROSSMAN AVENUE 		3. Date of Earliest Transaction (MM/DD/YYYY)

10/15/2007
(Street)

SUNNYVALE, CA 94089
(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   10/15/2007     M    10   A $24.18   8918   D    
Common Stock   10/15/2007     S (7)    10   D $70.5450   8908   D    
Common Stock   10/15/2007     M    146   A $20.8300   9054   D    
Common Stock   10/15/2007     S (7)    146   D $70.5450   8908   D    
Common Stock   10/15/2007     M    10   A $23.57   8918   D    
Common Stock   10/15/2007     S (7)    10   D $70.5450   8908   D    
Common Stock   10/15/2007     M    4834   A $24.06   13742   D    
Common Stock   10/15/2007     S (7)    4834   D $70.5450   8908   (1) D    

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
Employee Stock Option (Right To Buy)   $24.18   10/15/2007     M        10    2/9/2004   (2) 1/9/2014   Common Stock   11   $0   195092   (3) D    
Employee Stock Option (Right To Buy)   $20.83   10/15/2007     M        146    4/24/2004   (2) 3/24/2014   Common Stock   146   $0   194946   (4) D    
Employee Stock Option (Right To Buy)   $23.57   10/15/2007     M        10    9/19/2004   (2) 8/19/2014   Common Stock   11   $0   194936   (5) D    
Employee Stock Option (Right To Buy)   $24.06   10/15/2007     M        4834    1/1/2005   (2) 12/1/2014   Common Stock   4832   $0   190102   (6) D    

Explanation of Responses:
( 1)  Total includes 1,053 shares purchased in August 2006, 754 shares purchased in February 2007 and 101 shares purchased in August 2007 by Reporting Person under Issuer's Employee Stock Purchase Plan and 7000 restricted stock units awarded August 2007.
( 2)  This option vests according to the following schedule: 1/48th per month beginning on the date exercisable.
( 3)  Includes 32 shares exercisable at $24.18, granted on 1/9/04; 1021 shares exercisable at $20.83 granted on 3/24/04; 125 shares exercisable at $23.57 per share, granted on 8/19/04; 113,914 shares exercisable at $24.06, granted on 12/1/04; 50,000 shares execisable at $37.65 per share, granted on 7/21/05 and 30,000 shares exercisable at $39.27 per share, granted on 9/15/06.
( 4)  Includes 32 shares exercisable at $24.18, granted on 1/9/04; 875 shares exercisable at $20.83 granted on 3/24/04; 125 shares exercisable at $23.57 per share, granted on 8/19/04; 113,914 shares exercisable at $24.06, granted on 12/1/04; 50,000 shares execisable at $37.65 per share, granted on 7/21/05 and 30,000 shares exercisable at $39.27 per share, granted on 9/15/06.
( 5)  Includes 32 shares exercisable at $24.18, granted on 1/9/04; 875 shares exercisable at $20.83 granted on 3/24/04; 115 shares exercisable at $23.57 per share, granted on 8/19/04; 113, 914 shares exercisable at $24.06, granted on 12/1/04; 50,000 shares execisable at $37.65 per share, granted on 7/21/05 and 30,000 shares exercisable at $39.27 per share, granted on 9/15/06.
( 6)  Includes 32 shares exercisable at $24.18, granted on 1/9/04; 875 shares exercisable at $20.83 granted on 3/24/04; 115 shares exercisable at $23.57 per share, granted on 8/19/04; 109,080 shares exercisable at $24.06, granted on 12/1/04; 50,000 shares execisable at $37.65 per share, granted on 7/21/05 and 30,000 shares exercisable at $39.27 per share, granted on 9/15/06.
( 7)  Sale made pursuant to a 10b5-1 trading plan.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Paddock Bradley W
KYPHON INC.
1221 CROSSMAN AVENUE
SUNNYVALE, CA 94089

VP, US Sales

Signatures
Robert E. Johnson, Attorney-in-Fact 10/17/2007
** 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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