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REMOXYTM

Our lead drug candidate is called REMOXY© (oxycodone) Extended-Release Capsules Cll. REMOXY is a strong painkiller with a unique formulation designed to reduce potential risks of unintended use.

Remoxy is intended to meet the needs of physicians who appropriately prescribe opioid painkillers and who seek to minimize risks of drug diversion, abuse or accidental patient misuse. Remoxy resists injection or snorting. Published data also show that freezing, crushing or submerging Remoxy in high-proof alcohol for hours at a time releases just a fraction of oxycodone at time points when abusers presumably expect to get high.

We have entered into a $400M strategic alliance with Pfizer, Inc. (NYSE: PFE) to develop and commercialize Remoxy and three other abuse-deterrent opioid painkillers. Terms included upfront payment fees of $155M cash, $150M in clinical and regulatory milestones and $100M in research and development expenses. Additionally, Pfizer will pay Pain Therapeutics a 20% royalty, except for the first $1 billion in cumulative net sales, which royalty is set at 15%. Royalties outside the U.S. are set at 10%.