Pain Therapeutics Announces New Board Member

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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