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February 12, 2013 at 09:00 AM EST
Pain Therapeutics Announces New Board Member

AUSTIN, Texas, Feb. 12, 2013 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE) today reported the appointment of Saira Ramasastry to its Board of Directors as an independent director.

Saira Ramasastry is the Founder and Managing Partner of Life Sciences Advisory, LLC, a firm that provides strategic business advice for the biopharmaceutical industry. Previously, Saira was an investment banker at Merrill Lynch & Co., where she was responsible for originating M&A, strategic and capital markets transactions in the biotechnology industry. Prior to Merrill Lynch, she worked in the M&A group at Wasserstein Perella & Co.

"I am delighted to welcome Saira Ramasastry," said Remi Barbier, Chairman of the Board, President and CEO of Pain Therapeutics. "As I think about the future of Pain Therapeutics, I believe Saira's skills, experience and education will result in significant contributions to the deliberations of the Board."

Saira Ramasastry received a B.A. with Honors and Distinction and an M.S. from Stanford University, where she graduated Phi Beta Kappa, and a M. Phil. from the University of Cambridge. She serves on the Industry Advisory Board for the Michael J. Fox Foundation for Parkinson's Research, the Board of the American Liver Foundation, the Board of Sangamo Biosciences (Nasdaq:SGMO) and serves on the Cambridge Judge Business School Advisory Council.

About REMOXY

Our lead drug candidate is called REMOXY (oxycodone) Extended-Release Capsules CII. REMOXY is an investigational drug with a unique, controlled release formulation of oxycodone for patients with moderate-to-severe chronic pain. REMOXY is designed to discourage common methods of tampering associated with prescription analgesic misuse and abuse. 

Pfizer, Inc. is our exclusive, worldwide commercial partner for REMOXY and three other abuse-resistant prescription pain medications (except in Australia/New Zealand).

About Pain Therapeutics, Inc.

Pain Therapeutics, Inc. is a biopharmaceutical company that develops novel drugs. The FDA has not approved any of our drug candidates for commercial sale. For more information, please visit www.paintrials.com.

CONTACT: For More Information Contact:
         
         Peter S. Roddy
         Vice President and Chief Financial Officer
         Pain Therapeutics, Inc.
         proddy@paintrials.com
         (512) 501-2450
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