Transcept Final Voting Results for Special Meeting of Stockholders Provide Strong Support for Current Board of Directors and Tax

  Transcept Final Voting Results for Special Meeting of Stockholders Provide
  Strong Support for Current Board of Directors and Tax Benefit Preservation

PR Newswire

POINT RICHMOND, Calif., Dec. 19, 2013

POINT RICHMOND, Calif., Dec. 19, 2013 /PRNewswire/ -- Transcept
Pharmaceuticals, Inc. (Nasdaq: TSPT) announced today that, based upon the
final vote count certified by the independent inspector of elections for the
special meeting of stockholders held December 19, 2013, a substantial majority
of Transcept stockholders voted against or abstained from voting on the
stockholder proposal to remove certain directors from the Transcept Board of
Directors, and the stockholder proposal to eliminate the Transcept Tax Benefit
Preservation Plan.

"We are very pleased with the favorable outcome of these results and also for
the gratifying level of stockholder support we have received for our strategic
plan," stated Glenn A. Oclassen, President and Chief Executive Officer.

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 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 our pursuit of strategic initiatives to increase
stockholder value, including the nature, timing and effect of such strategic
initiatives. 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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