Pain Therapeutics Announces New Board Member
SAN MATEO, Calif., Dec. 11, 2007 (PRIME NEWSWIRE) — Pain Therapeutics, Inc. (Nasdaq:PTIE) today announced the appointment of Patrick J. Scannon, M.D., Ph.D., to the Company’s Board of Directors as an independent director effective December 7, 2007. Dr. Scannon replaces Mr. Vernon Loucks, who will remain a close advisor to the Company.
Dr. Scannon is Chief Biotechnology Officer, Executive Vice President and a member of the Board of XOMA Ltd. (Nasdaq:XOMA), a biopharmaceutical company focused on the discovery, development and manufacture of therapeutic antibody and other therapeutic proteins. Under Dr. Scannon’s technical leadership, XOMA has identified, developed, tested and scaled-up numerous monoclonal antibodies, including RAPTIVA(r), which has been approved by the FDA in collaboration with Genentech, Inc.
“Dr. Scannon joins us with over 25 years of experience in strategic drug development, resulting in some of the world’s most pioneering efforts with therapeutic antibodies,” said Remi Barbier, Chairman of the Board, President and Chief Executive Officer of Pain Therapeutics. “I am highly confident he will add significant value to Pain Therapeutics’ growing pipeline in the area of biologic drugs.”
Dr. Scannon is an alumnus of University of California, Berkeley, where he received a Ph.D. in Organic Chemistry in 1972, and of the Medical College of Georgia, where he received an M.D. in 1976.
About Pain Therapeutics, Inc.
Pain Therapeutics is a biopharmaceutical company that develops novel drugs. We plan to file a New Drug Application for Remoxy(tm) (abuse-deterrent oxycodone) in the second quarter of 2008. We also have three drug candidates in clinical programs, including Oxytrex(tm), PTI-202 and a novel radio-labeled monoclonal antibody to treat metastatic melanoma. 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 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 the expected filing of a New Drug Application for Remoxy with the U.S. Food and Drug Administration in 2008, the potential benefits of the Company’s drug candidates, and the Company’s growing pipeline in the area of biologic 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 and testing 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 and development 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.
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CONTACT: Pain Therapeutics, Inc. Christi Waarich, Senior Manager of Investor Relations 650-645-1924 cwaarich@paintrials.com