Pain Therapeutics To Regain Full Rights To REMOXY

Pain Therapeutics, Inc.

today reported it believes it will regain full development and commercial rights to REMOXY from Pfizer, Inc. On Friday, October 24th, Pfizer hosted a conference call with us during aftermarket hours to inform us of their intention to terminate development of REMOXY. Actual termination will become effective six months from today, pursuant to the terms of a Collaboration Agreement. "We are grateful to Pfizer for their substantial investment in REMOXY over the years and now for this opportunity to regain full control of REMOXY", said Remi Barbier, President & CEO. "It's a privilege to reacquire worldwide rights to an unencumbered Phase III asset that targets a $2 billion market. We look forward to the prospects of resubmitting the REMOXY NDA under our control. We are also enthusiastic about initiating discussions with potential pharmaceutical partners around this drug asset." Under the contractual terms of a termination, all data, documents and remedial work conducted and paid for by Pfizer with respect to REMOXY will transition to us over the coming months, including results of five recently completed clinical studies. Today's Conference Call We will host a conference call today, Monday, October 27th at 8 a.m. Central Time/9:00 a.m. Eastern Time to discuss REMOXY and to respond to questions from investors. Participants may access the call by dialing 1-877-407-4018 in the U.S. or 1-201-689-8471 outside the U.S. The call will be webcast live on the Company's website at www.paintrials.com. A replay of this conference call will be available through November 6th by dialing 1-877-870-5176 in the U.S. or 1-858-384-5517 outside the U.S. The replay access code is 13594560.