AUSTIN, Texas, Aug. 16, 2018 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq: PTIE), a biopharmaceutical company, today announced that it has entered into definitive agreements with several institutional investors for the purchase of 8,860,778 shares of its common stock, at a purchase price per share of $1.15, for gross proceeds of approximately $10.19 million, in a registered direct offering priced at-the-market. Additionally, Pain Therapeutics has also agreed to issue to the investors unregistered warrants to purchase up to 8,860,778 shares of common stock, at a purchase price per warrant of $0.125, for gross proceeds of approximately $1.11 million. The closing of the offering is expected to occur on or about August 17, 2018, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The warrants have an exercise price of $1.25 per share of common stock, will be exercisable immediately and will expire two and one-half years from the issuance date.

Pain Therapeutics intends to use the net proceeds from this offering for drug development and general corporate purposes and for other working capital and general corporate purposes.

About Pain Therapeutics, Inc.

Pain Therapeutics, Inc. is a clinical-stage biopharmaceutical company that develops novel drugs. The FDA has not yet established the safety or efficacy of any of our drug candidates. For more information, please visit www.paintrials.com.