AUSTIN, Texas, Jan. 17, 2019 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq: PTIE), a drug development company, announced today it has entered into an academic collaboration with UT Austin in support of a product candidate aimed at pain management, abuse and addiction. The collaboration brings together the Company and UT Austin’s respective scientific expertise and capabilities, with a focus on validating a new technological innovation.

The scope of work encompasses research and development to establish proof-of-concept around a well-known, and undisclosed, drug of abuse. UT Austin will lead the research program in accordance with technical milestones specified by the Company.

"We need new treatment options that can help slow the progression of abuse and addiction,” said Remi Barbier, President & CEO of Pain Therapeutics. “We are excited to work with our academic colleagues to collaboratively develop improved treatment options for patients in pain.”

Pain Therapeutics owns worldwide development and commercial rights to the undisclosed product candidate that is the subject of today’s collaboration, without royalty or milestone obligations to any third-parties. Today’s collaboration is unrelated to REMOXY ER (oxycodone).

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.