updated 11/2/2010 8:45:36 AM ET 2010-11-02T12:45:36

SAN MATEO, Calif., Nov. 2, 2010 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE) announced today that it has been awarded over $2,000,000 in research grants by the U.S. government. These grants are planned to support the Company's on-going biomedical research for nervous system disorders and oncology. Pain Therapeutics expects to receive funding from these research grants now through the end of 2011.

"We have a clear sense that the winning grant applications were selected for innovation," said Remi Barbier, Chairman, President & CEO. "We are grateful for today's funding. We expect these research grants will enable us to pursue technology ideas, while remaining capital efficient."

The research grants were awarded following a competitive review of thousands of applications. According to guidance released by the U.S. Department of the Treasury, as part of the review process for the "Qualifying Therapeutic Discovery Project Program," the U.S. Department of Health and Human Services evaluated each project for its potential to produce new therapies, reduce long-term health care costs or cure cancer.

About the Research Grants

The Qualifying Therapeutic Discovery Project Program was created by Congress as a temporary tool to incentivize industry to develop cutting edge drugs or biomedical tools. Grants cover up to 50 percent of the cost of qualifying biomedical research and are only available to companies with fewer than 250 employees. Credits and grants are available for investments made in 2009 and 2010. The amount of the tax credit or grant is equal to 50% of the qualified investment for the taxable year for any qualifying therapeutic discovery project. Other salient features of the program are available from a variety of public sources and government web sites, including the U.S. Department of the Treasury, the Internal Revenue Service or the National Institutes of Health.

About Pain Therapeutics Inc.

Pain Therapeutics, Inc. is a biopharmaceutical company that develops novel drugs. In addition to REMOXY®, we have three other drug candidates in clinical programs. This includes a novel monoclonal antibody-based treatment against metastatic melanoma. We are also developing a new treatment for patients with hemophilia, a genetic disorder in which patients are unable to stop bleeding. For more information about us, please visit www.paintrials.com .

Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act"). Pain Therapeutics disclaims any intent or obligation to update these forward-looking statements, and claims the protection of the Safe Harbor for forward-looking statements contained in the Act. Examples of such statements include, but are not limited to, any statements relating to the amount or the timing of research grants and the expected uses and utility of such grants. Such statements are based on management's current expectations, but actual results may differ materially due to various factors. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to the ultimate timing of receipt of funds pursuant to such grants and difficulties associated with research associated with such grants. For further information regarding these and other risks related to the Company's business, investors should consult the Company's filings with the Securities and Exchange Commission.

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