Transcept Pharmaceuticals Announces That Largest Stockholder, Roumell Asset Management, Declares Support Of Company Strategies

 Transcept Pharmaceuticals Announces That Largest Stockholder, Roumell Asset
              Management, Declares Support Of Company Strategies

Company also announces the appointment of Matthew M. Loar to the Transcept
Board of Directors

PR Newswire

POINT RICHMOND, Calif., Dec. 16, 2013

POINT RICHMOND, Calif., Dec. 16, 2013 /PRNewswire/ --Transcept
Pharmaceuticals, Inc. (Nasdaq: TSPT), a specialty pharmaceutical company
focused on the development and commercialization of proprietary products that
address important therapeutic needs in the field of neuroscience, today
announced that the company's largest stockholder, Roumell Asset Management,
had publicly announced its support of the Transcept business strategies that
Transcept outlined in its press release dated December 4, 2013. In that
regard, Roumell indicated that it would abstain from voting in the upcoming
special meeting of stockholders scheduled for December 19, 2013, which was
called initially at the request of Roumell.

"We are very pleased that the Roumell team has moved to support our strategies
to maximize stockholder value, and we appreciate the confirmation of that
support in their actions regarding the December 19 special meeting of
stockholders," stated Glenn A. Oclassen, Transcept President and Chief
Executive Officer.

Transcept also announced that Matthew M. Loar has joined the board of
Transcept as an independent director effective December 16, 2013, following
his recommendation by Roumell. Mr. Loar currently serves as Acting Chief
Executive and Financial Officer of Neurobiological Technologies, Inc. (NTI)
and has served on NTI's board of directors since NTI's stockholders approved a
plan of voluntary dissolution in 2009. Over the past twelve years he has
served as Chief Financial Officer for three publicly-traded biopharmaceutical
companies: NTI, Osteologix, Inc. and Genelabs, Inc.; and one public-reporting
biopharmaceutical company: Virolab, Inc.

Mr. Oclassen stated further, "The addition of Matt Loar further enhances the
Board's already strong pharmaceutical industry expertise, particularly given
his financial background. Matt brings a track-record of success and deep
industry knowledge, and his viewpoint and advice will be important as we
develop and pursue our strategic alternatives."

About Transcept

Transcept Pharmaceuticals, a specialty pharmaceutical company focused
on the development and commercialization of proprietary products to address
important therapeutic needs in the field of neuroscience. The company's lead
development candidate is TO-2070, a novel, rapidly absorbed treatment for
acute migraine incorporating dihydroergotamine (DHE) as the active drug which
Transcept intends to develop through the completion of preclinical safety
studies, but not including the initiation of a Phase 1 human pharmacokinetic
study. Preclinical data suggest that TO-2070 may offer significant migraine
treatment benefits beyond those provided by less convenient and more invasive
DHE drug delivery methods, such as injection, liquid nasal sprays or pulmonary

The Transcept management team developed Intermezzo®from concept to its
approval by theFDAin 2011.Purdueholds commercialization and development
rights for Intermezzo in the United States.For further information about
Transcept, please For information about Intermezzo,

Forward looking statements

This press release contains forward-looking statements that involve
substantial risks and uncertainties. All statements, other than statements of
historical facts, included in this press release regarding our strategy,
future operations, future financial position, future revenue, projected
expenses, prospects, plans and objectives of management are forward-looking
statements. Examples of such statements include, but are not limited to,
statements relating to the following: our pursuit of strategic initiatives to
increase stockholder value, including the nature, timing and effect of such
strategic initiatives; and our expectations regarding the special meeting of
stockholders. Transcept may not actually achieve the plans, carry out the
intentions or meet the expectations or projections disclosed in our
forward-looking statements and you should not place undue reliance on these
forward-looking statements. Actual results or events could differ materially
from the plans, intentions, expectations and projections disclosed in the
forward-looking statements. Various important factors could cause actual
results or events to differ materially from the forward-looking statements
that Transcept makes, including the following: our ability to identify and
reach an agreement with a potential merger partner; achieving acceptance of
Intermezzo by physicians, patients and third party payors; our dependence on
our collaboration withPurdue; our ability to develop TO-2070; obtaining,
maintaining and protecting regulatory exclusivity and intellectual property
protection for Intermezzo and TO-2070; and the ability of Transcept to obtain
additional funding, if needed, to support its business activities.These and
other risks are described in greater detail in the "Risk Factors" section of
Transcept periodic reports filed with the SEC. Forward-looking statements do
not reflect the potential impact of any future in-licensing, collaborations,
acquisitions, mergers, dispositions, joint ventures, or investments Transcept
may enter into or make. Transcept does not assume any obligation to update
any forward-looking statements, except as required by law.

Company Contact:
Transcept Pharmaceuticals, Inc.
Leone Patterson
Vice President, Chief Financial Officer
(510) 215-3500

Investor Contact:
MacKenzie Partners, Inc.

Bob Marese
Executive Vice President
(212) 929-5405

Dan Burch
(212) 929-5748

SOURCE Transcept Pharmaceuticals, Inc.

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