Pain Therapeutics Increases Stock Buyback Plan to $30,000,000

SAN MATEO, Calif., March 31, 2008 (PRIME NEWSWIRE) -- Pain Therapeutics, Inc.
(Nasdaq:PTIE) announced today it has increased the size of its stock buyback
plan to $30.0 million, effective immediately through March 2009. This represents
a 50% increase from the Company's previously announced buyback plan. The Company
has purchased over $18.0 million of its stock in the open market in the past
twelve months.

The number of shares to be purchased and the timing of purchases will be based
on several factors, including the price of the common stock, general market
conditions, corporate and regulatory requirements and alternate investment
opportunities.

At December 31, 2007 the Company's cash, cash equivalents and marketable
securities were approximately $205.0 million. Pain Therapeutics anticipates
being cash flow positive in 2008. The Company anticipates spending $10.0 to
$15.0 million developing its biopharmaceutical products for metastatic melanoma,
hemophilia and other important disease areas in 2008.

About Stock Buyback Plans

A stock buyback plan, also known as a "share repurchase plan," describes a
company using its own cash to buy back shares from the marketplace. Repurchased
shares are held by the company as treasury stock, and the number of shares
outstanding is reduced by that number of shares repurchased. When this happens,
the relative ownership stake of each investor increases because there are fewer
total shares outstanding of the company.

About Pain Therapeutics, Inc.

Pain Therapeutics, Inc. is a biopharmaceutical company that develops novel
drugs. In December 2007, we announced that Remoxy met the primary endpoint (p
less than 0.01) of a pivotal Phase III study in over 400 patients with
osteoarthritis; as a result, we plan to file an NDA for Remoxy in Q2 2008. We
also have other drug candidates in clinical programs, including a novel
radio-labeled monoclonal antibody to treat metastatic melanoma, PTI-202 and
Oxytrex(tm). In addition, we are working on a new treatment for patients with
hemophilia. The FDA has not yet evaluated the merits, safety or efficacy of our
drug candidates. For more information, please visit 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 (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, statements
relating to the Company's ability to finance future growth while carrying out a
stock buyback plan, the Company's plans to file an NDA with the FDA for Remoxy
and the timing of such filing, the potential benefits of the Company's drug
candidates, the Company's cash requirements for 2008 and the Company's
expectation to become cash flow positive in 2008. 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 and testing of the Company's drug candidates, and in
seeking regulatory approval of the Company's drug candidates, unexpected adverse
side effects or inadequate therapeutic efficacy of the Company's drug candidates
(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
unanticipated research, development, regulatory and other costs. 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.

-0-
CONTACT: Pain Therapeutics, Inc.
Christi Waarich, Senior Manager of Investor Relations
650-645-1924
cwaarich@paintrials.com