King Pharmaceuticals and Pain Therapeutics Announce Resubmission of New Drug Application for REMOXY

King Pharmaceuticals®, Inc. and Pain Therapeutics®, Inc. announced that King has resubmitted a New Drug Application (NDA) for REMOXY® (oxycodone) to the U.S. Food and Drug Administration (FDA) in response to a Complete Response letter received by Pain Therapeutics in December 2008. This is a Class 2 resubmission with a six month review cycle. REMOXY® is a twice daily, long–acting formulation of oral oxycodone for moderate to severe pain requiring continuous, around–the–clock opioid treatment for an extended period of time. REMOXY was developed by Pain Therapeutics, using DURECT Corporation’s (NASDAQ: DRRX) ORADUR® technology, to help address the growing problem of non–medical use of prescription opioids. REMOXY® is comprised of a high–viscosity, liquid formulation in a hard gelatin capsule that is designed to provide steady, around–the–clock pain relief, while resisting common methods of tampering intended to result in the rapid release of oxycodone.

About King Pharmaceuticals®, Inc.

King, headquartered in Bristol, Tennessee, is a vertically integrated branded pharmaceutical company. King, an S&P 500 Index company, seeks to capitalize on opportunities in the pharmaceutical industry through the development, including through in–licensing arrangements and acquisitions, of novel branded prescription pharmaceutical products and technologies that complement the Company’s focus in specialty–driven markets, particularly neuroscience and hospital. King’s wholly owned subsidiary, Alpharma, LLC, is also a leader in the development, registration, manufacture, and marketing of pharmaceutical products for food–producing animals. On October 11, 2010, King entered into an agreement and plan of merger with Pfizer Inc. pursuant to which Pfizer agreed to commence a tender offer to purchase all of the outstanding shares of common stock of King for $14.25 per share net to the seller in cash. The tender offer is ongoing.

About Pain Therapeutics®, Inc.

Pain Therapeutics®, Inc. is a biopharmaceutical company that develops novel drugs. In addition to REMOXY®, the Company has three other drug candidates in clinical programs. These include a novel monoclonal antibody–based treatment against metastatic melanoma. The Company is also developing a new treatment for patients with hemophilia, a genetic disorder in which patients are unable to stop bleeding.