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Pain Therapeutics Reports First Quarter 2010 Financial Results

- $176 Million of Cash, No Debt -

- Cash Requirement in 2010 Under $10 Million -

- REMOXY® NDA Resubmission Still Anticipated Q4 2010 -

SAN MATEO, Calif., April 28, 2010 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE), a biopharmaceutical company, today reported first quarter 2010 financial results. Net loss for Q1 2010 was $1.0 million, or $0.02 per share, compared to a net loss of $1.8 million, or $0.04 per share, for Q1 2009. 

At March 31, 2010 Pain Therapeutics had cash and cash equivalents of $175.5 million, or about $4.12 per share, no debt and approximately 42.6 million shares outstanding. We continue to expect our net cash requirement in 2010 will be under $10.0 million.

"Pain Therapeutics continues to make meaningful advancements across its business," said Remi Barbier, chairman, president and chief executive officer of Pain Therapeutics. "Importantly, our commercial partner for REMOXY, King Pharmaceuticals, Inc. continues to guide for a year-end resubmission of a New Drug Application for REMOXY."

"In melanoma, we recently released encouraging Phase I clinical data and we continue to engage in licensing discussions with potential collaborators around this program," said Remi Barbier. 

"In hemophilia, our exploratory preclinical studies are now largely completed. We continue to work with leading academic centers to optimize a delivery system for our potential treatment for hemophilia."

"Financially, we continue to run the business with tight fiscal discipline. We expect our net cash requirement in 2010 will be under $10.0 million."

"This is an exciting time for Pain Therapeutics. We are advancing late-stage and early-stage drug development programs in important disease areas as we continue to strengthen our business," Mr. Barbier concluded. 

REMOXY

Pain Therapeutics remains committed to the regulatory success of REMOXY, our lead drug candidate. REMOXY is a strong painkiller with a unique formulation designed to reduce potential risks of unintended use. REMOXY and other abuse-resistant painkillers are being developed pursuant to a strategic alliance we have with King Pharmaceuticals, Inc. We believe REMOXY represents the rare combination of a well-partnered, late-stage drug asset with a unique profile, and whose clinical efficacy has been substantially de-risked.

Hematology/Oncology

Our corporate strategy is to spend carefully but to keep innovation at the top of our agenda. In Q1 2010, we continued to make disciplined investments in two important disease areas — hemophilia and melanoma.  We own commercial rights to all of our drug candidates in hematology/oncology.

Q1 2010 Financial Results

About Pain Therapeutics, Inc.

Pain Therapeutics, Inc. is a biopharmaceutical company that develops novel drugs. Our lead drug candidate, REMOXY, is a strong painkiller with a unique formulation designed to reduce potential risks of unintended use. We are also developing novel drugs in the area of hematology/oncology. We have in clinical development a monoclonal antibody to treat metastatic melanoma, a deadly form of skin cancer. We also have in pre-clinical development a drug candidate to treat hemophilia, a genetic disorder in which patients are unable to stop bleeding. The FDA has not approved any of our drug candidates for commercial sale. For more information, 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 timing of King's resubmission of the NDA for Remoxy in Q4 2010; our cash requirements for 2010; our expected receipt of milestone payment or other revenue under our collaboration with King, including reimbursement of our ongoing development activities under the collaboration with King; and the benefits of our drug candidate, Remoxy, including statements concerning its clinical efficacy. 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 obtaining regulatory approval of our drug candidates, unexpected adverse side effects or inadequate therapeutic efficacy of our drug candidates (including the risk that current and past results of clinical trials are not necessarily indicative of future results of clinical trials), unanticipated additional research and development and other costs and the timing and receipt of funds from our commercial partner, potential disputes arising with our strategic partners, potential claims of violating the patent rights of third parties, the uncertainty of patent protection for our intellectual property or trade secrets, and the potential for abuse and misuse resistant pain medications to be developed by competitors and potential competitors. For further information regarding these and other risks related to our business, investors should consult our filings with the Securities and Exchange Commission.

-Financial Tables Follow-

PAIN THERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
  
  Three Months Ended March 31,
  2010 2009
 Revenue   
 Program fee revenue  $ 2,524 $ 3,587
 Collaboration revenue  725 3,248
 Total revenue  3,249 6,835
 Operating expenses   
 Research and development  3,127 7,636
 General and administrative  1,486 1,731
 Total operating expenses  4,613 9,367
 Operating loss  (1,364) (2,532)
 Interest income  344 387
 Loss before benefit from income taxes  (1,020) (2,145)
 Benefit from income taxes  --   (321)
 Net loss  $ (1,020) $ (1,824)
   
 Net loss per share   
 Basic  $ (0.02) $ (0.04)
 Diluted  $ (0.02) $ (0.04)
 Weighted-average shares used in computing   
 net loss per share   
 Basic  42,410 42,090
 Diluted  42,410 42,090
   
CONDENSED BALANCE SHEETS
   
  March 31, December 31,
  2010 2009(1)
 Assets   
 Current assets   
 Cash, cash equivalents and marketable securities  $ 175,533 $ 175,759
 Other current assets  2,181 2,712
 Total current assets  177,714 178,471
 Non-current assets   
 Property and equipment, net  457 517
 Other assets  426 3,017
 Total assets  178,597 182,005
   
 Liabilities and stockholders' equity   
 Current liabilities   
 Accounts payable and accrued development expenses  $ 1,253 $ 2,538
 Deferred program fee revenue - current portion  10,097 14,348
 Other accrued liabilities  1,342 1,625
 Total current liabilities  $ 12,692 $ 18,511
 Non-current liabilities   
 Deferred program fee revenue - non-current portion  55,532 53,805
 Other liabilities  423 1,437
 Total liabilities  $ 68,647 $ 73,753
 Stockholders' equity   
 Common stock  43 42
 Additional paid-in-capital  227,832 225,432
 Accumulated other comprehensive income  664 347
 Accumulated deficit  (118,589) (117,569)
 Total stockholders' equity  109,950 108,252
 Total liabilities and stockholders' equity  $ 178,597 $ 182,005
   
(1) Derived from the Company's annual financial statements as of December 31, 2009, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.
CONTACT:  Pain Therapeutics, Inc.
          Judy Ishida, Administrative Manager
          650-645-1924
          IR@paintrials.com

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