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Legal Proceedings

6 Months Ended

Jun. 30, 2012

Note 7.

Legal proceedings

Charles Southey, Individually and On Behalf of All Others Similarly Situated v. Pain Therapeutics, Inc., Remi Barbier, Nadav Friedmann, Grant L. Schoenhard and Peter S. Roddy.

On December 2, 2011, Charles Southey filed a purported class action against us and our executive officers listed above in the U.S. District Court for the Western District of Texas. This complaint alleges, among other things, violations of Section 10(b), Rule 10b-5, and Section 20(a) of the Exchange Act arising out of allegedly untrue or misleading statements of material facts made by us regarding REMOXY’s development and regulatory status during the purported class period, February 3, 2011 through June 23, 2011. The complaint states that monetary damages are being sought, but no amounts are specified.

Anders Goldfarb, derivatively on behalf of Pain Therapeutics, Inc. v. Remi Barbier, Nadav Friedmann, Michael J. O’Donnell, Patrick J. Scannon, Robert Z. Gussin, and Sanford R. Robertson.

On December 22, 2011, Anders Goldfarb filed a derivative action on behalf of Pain Therapeutics, Inc. against us and our directors listed above in the U.S. District Court for the Western District of Texas. On April 26, 2012, the U.S. District Court for the Western District of Texas dismissed this action.

We have not accrued any loss related to any legal proceedings because at this time the amount of a loss, if any, cannot be reasonably determined.