Transcept Pharmaceuticals Statement on the Withdrawal of the Unsolicited Indication of Interest from Retrophin, Inc.

   Transcept Pharmaceuticals Statement on the Withdrawal of the Unsolicited
                 Indication of Interest from Retrophin, Inc.

PR Newswire

POINT RICHMOND, Calif., Dec. 17, 2013

POINT RICHMOND, Calif., Dec. 17, 2013 /PRNewswire/ --Transcept
Pharmaceuticals, Inc. (Nasdaq: TSPT) today commented on the recent
announcements from Retrophin, Inc. that it has withdrawn its unsolicited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.

About Transcept

Transcept Pharmaceuticals, Inc.is 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
inhalation.

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 visitwww.transcept.com. For information about Intermezzo,
please visitwww.MyIntermezzo.com.

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
lpatterson@transcept.com

Investor Contact:
MacKenzie Partners, Inc.

Bob Marese
Executive Vice President
(212) 929-5405
bmarese@mackenziepartners.com

Dan Burch
CEO
(212) 929-5748
dburch@mackenziepartners.com

SOURCE Transcept Pharmaceuticals, Inc.

Website: http://www.transcept.com