updated 12/13/2010 8:46:07 AM ET 2010-12-13T13:46:07

SAN MATEO, Calif., Dec. 13, 2010 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE) announced today the completion of a special, one-time nondividend cash distribution of $2.00 per share, or an aggregate of about $86 million. In connection with this event, Nasdaq® will adjust the price of PTIE by $2.00 per share at today's open.

"This marks the completion of another milestone in our plan to deliver value to shareholders," said Remi Barbier, Chairman, President and CEO of Pain Therapeutics.  "We look forward to an exciting year in 2011."

After completing the distribution, the Company's cash balance exceeds $90 million.

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. These include 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 .

CONTACT:  Pain Therapeutics, Inc.
          Judy Ishida, Administrative Manager
          650-645-1924
          IR@paintrials.com

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