Pain Therapeutics and King Pharmaceuticals Develop a New Abuse-Resistant Prescription...

Pain Therapeutics and King Pharmaceuticals Develop a New Abuse-Resistant
Prescription Pain Medication

SAN MATEO, Calif. and BRISTOL, Tenn., Aug. 27, 2008 (GLOBE NEWSWIRE) -- Pain
Therapeutics, Inc. (Nasdaq:PTIE) and King Pharmaceuticals, Inc. (NYSE:KG) today
announced they are developing a new abuse-resistant prescription pain medication
called PTI-721. Like REMOXY(r) (controlled-release oxycodone), PTI-721's
patented formulation is specifically designed to resist common methods of
prescription drug abuse or misuse. The active pharmaceutical ingredient in
PTI-721 remains undisclosed.

Pain Therapeutics has submitted an Investigational New Drug (IND) application to
the U.S. Food and Drug Administration (FDA) for PTI-721 and expects to announce
shortly the initiation of a clinical study with this new investigational drug
candidate.

Pain Therapeutics and King Pharmaceuticals now have three investigational drug
candidates in various phases of clinical and regulatory development. Each drug
is intended to address the problem of prescription drug abuse and misuse:

Drug Name Development Status
--------- ------------------
REMOXY NDA Filed with Priority Review
PTI-202 Phase I Completed
PTI-721 IND Filed
About REMOXY

REMOXY, an investigational drug, is a unique, abuse-resistant,
controlled-release oxycodone for moderate-to-severe chronic pain. REMOXY's high
viscosity, liquid formulation in a hard gelatin capsule is designed to resist
common methods of misuse and abuse. REMOXY is currently undergoing a priority
review by the FDA. The FDA is expected to complete its review of the REMOXY NDA
in December 2008. If approved, the Companies believe REMOXY could be the first
oxycodone on the market that is designed to reduce the risk of misuse and abuse.

About the Alliance Between Pain Therapeutics, Inc. and King Pharmaceuticals,
Inc.

In 2005, Pain Therapeutics and King entered into a strategic alliance to develop
and commercialize REMOXY and other abuse-resistant opioid painkillers. Pain
Therapeutics is substantially responsible for drug formulation, clinical
development and regulatory filings for REMOXY and other abuse-resistant opioid
painkillers developed under this alliance. Upon regulatory approval, King will
assume sole control of and worldwide responsibility to exclusively commercialize
REMOXY and other abuse-resistant opioid painkillers. Pain Therapeutics retains
all development and commercial rights in Australia and New Zealand. Drug
candidates developed under this alliance are unique formulations of the patented
Oradur(tm) technology licensed from Durect Corporation.

About Pain Therapeutics, Inc.

Pain Therapeutics is a biopharmaceutical company that develops novel drugs. In
addition to REMOXY, PTI-202 and PTI-721, the Company has two other drug
candidates in clinical programs: Oxytrex(tm) and a novel radio-labeled
monoclonal antibody to treat metastatic melanoma. Pain Therapeutics is also
working on a new treatment for patients with hemophilia. The FDA has not yet
evaluated the merits, safety or efficacy of the Company's drug candidates. For
more information, please visit www.paintrials.com.

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 that complement the Company's focus in
specialty-driven markets, particularly neuroscience, hospital and acute care.
King strives to be a leader and partner of choice in bringing innovative,
clinically-differentiated medicines and technologies to market.

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,
Inc. and King Pharmaceuticals, Inc. disclaim any intent or obligation to update
these forward-looking statements, and claim 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 whether or when the
FDA may approve the NDA for REMOXY; the size and scope of the potential market
for REMOXY and PTI-721; the timing of inception of clinical trials for PTI-721
and the potential benefits of REMOXY, PTI-721 or the Companies' other drug
candidates. 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 Companies' drug candidates,
unexpected delays in the regulatory review of the NDA for REMOXY and unexpected
adverse side-effects or inadequate therapeutic efficacy of the Companies' drug
candidates and other factors that could slow or prevent product approval or
market acceptance (including the risk that current and past results of clinical
trials may be found to be insufficient for marketing approval). For further
information regarding these and other risks related to the Companies' business,
investors should consult the Companies' respective filings with the U.S.
Securities and Exchange Commission.

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CONTACT: Pain Therapeutics, Inc.
Christi Waarich, Senior Manager of Investor Relations
650-645-1924

King Pharmaceuticals, Inc.
James E. Green, Esq., Executive Vice President, Corporate Affairs
423-989-8125
David R. Robinson, Esq., Senior Director, Corporate Affairs
423-989-7045