Transcept Pharmaceuticals Statement on the Withdrawal of Retrophin's $4.00/Share Offer

Transcept Pharmaceuticals

today commented on the recent announcements from Retrophin

that it has withdrawn its unsolicited overture to purchase all of the shares of Transcept,  and that Retrophin is no longer a Transcept stockholder, indicating that such overture from Retrophin was not a bonafide offer. "The Board of Directors of Transcept did not consider the unsolicited indication of interest from Retrophin, Inc. of $4.00 per share to be a bonafide offer, as Retrophin never presented any credible evidence of their ability to finance the purchase of our stock.  With the newly announced support of our largest stockholder, Roumell Asset Management, Transcept intends to continue to move forward to execute strategies to enhance stockholder value," stated Glenn A. Oclassen, President and Chief Executive Officer.