Pain Therapeutics Appoints New Board Member and Announces Brand Names


SOUTH SAN FRANCISCO, Calif., Feb. 22 /PRNewswire-FirstCall/ -- Pain Therapeutics, Inc., (Nasdaq: PTIE), a medical research company, today announced it has added a new member to its Board of Directors. Effective immediately, Richard Stevens will join existing directors Sandy Robertson, Michael O'Donnell, Nadav Friedmann, M.D., Ph.D., Gert Caspritz, Ph.D., and Remi Barbier.

Mr. Stevens is the founder and managing director of Hunter Stevens, LLC, a boutique business consultancy in San Francisco. Before that, Mr. Stevens served as a partner with both Ernst & Young and Coopers & Lybrand. While at Coopers & Lybrand, he was responsible for some of the bioscience clients in Northern California and San Diego. Mr. Stevens has over 30 years of experience with the design, evaluation and implementation of complex accounting, auditing and SEC matters.

"I can envision Pain Therapeutics enjoying a period of rapid growth over the next five years," said Remi Barbier, Pain Therapeutics' president and chief executive officer. "As we plan our future, it is essential that we surround ourselves with people such as Mr. Stevens and other high caliber directors who can visualize the future and help us deal with complex corporate issues. We look forward to Mr. Stevens' contributions and welcome him to our Board of Directors."

Pain Therapeutics also announced today it has adopted brand names for its two lead candidates. MorViva(TM) now describes the Company's proprietary painkiller formerly known as PTI-555/501, and OxyTrex(TM) now describes the Company's proprietary painkiller formerly known as PTI-801. Both products are in clinical trials with patients suffering from moderate to severe pain.

About Opioid Painkillers

Opioid ("narcotic") painkillers are drugs derived from opium and the poppy plant. The clinical use of opioid drugs to treat severe pain is widely accepted throughout the world. In the United States, opioid drugs exceed $3 billion in annual sales and account for over five percent of all prescription drug sales. Despite widespread use, opioid painkillers have debilitating effects that limit their usefulness at all doses. Chronic use may lead to tolerance, dependence, abuse, or, more rarely, addiction. As a result, some patients prefer to suffer through pain rather than endure the ill effects of opioid drugs. The under-treatment of pain is a serious and growing problem in the U.S. For example, according to the National Institutes of Health, over 40 million Americans are unable to find relief from their pain.

About Pain Therapeutics, Inc.

We are a medical research company in California specializing exclusively in the development of novel painkillers. Our novel drugs address the deficiencies of oxycodone, morphine and other opioid painkillers widely used in clinical medicine. The target market for these drugs exceeds $3 billion in the United States. We are currently in various phases of clinical testing, including Phase II trials. Pain Therapeutics is traded on Nasdaq under the symbol PTIE. For additional information, please visit the Company's web site at www.paintrials.com.
Note Regarding Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and it is Pain Therapeutics' intent that such statements be protected by the safe harbor created thereby. Examples of such statements include, but are not limited to, any statements relating to the Company's future growth. 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 difficulties or delays in development, testing, regulatory approval, production and marketing of the Company's drug candidates, unexpected adverse side effects or inadequate therapeutic efficacy of the Company's drug candidates that could slow or prevent product approval (including the risk that current and past results of clinical trials are not necessarily indicative of future results of clinical trials), the uncertainty of patent protection for the Company's intellectual property or trade secrets and the Company's ability to obtain additional financing if necessary. 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, including its Form 10-K for the year ended December 31, 2000 and its subsequent quarterly filings.