Pain Therapeutics awarded $2,000,000 U.S. government research grant

Nov 2 2010

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.