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Transcept Sets Special Stockholders Meeting

About Transcept, Inc.

Transcept Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of proprietary products to address important therapeutic needs in the field of neuroscience.  The company's lead development candidate is TO-2070, a novel, rapidly absorbed treatment for acute migraine incorporating dihydroergotamine (DHE) as the active drug.  Preclinical data suggest that TO-2070 may offer significant migraine treatment benefits beyond those provided by less convenient and more invasive DHE drug delivery methods, such as injection, liquid nasal sprays or pulmonary inhalation. 

In addition to advancing TO-2070, Transcept is continuing to evaluate opportunities to supplement its development pipeline with new programs appropriate to its area of expertise.  The company's management team developed INTERMEZZO ® from concept to its approval by the FDA in 2011.  Purdue holds commercialization and development rights for INTERMEZZO in the United States. For further information about Transcept, please visit www.transcept.com. For information about INTERMEZZO, please visit  www.MyIntermezzo.com.

Important Information

This release may be deemed to be solicitation material in respect of the solicitation of proxies from stockholders in connection with the Company's special meeting of stockholders. The Company, its directors and certain of its executive officers and employees may be deemed to be participants in such solicitation. The Company will file a proxy statement, including a WHITE proxy card, with the Securities and Exchange Commission (the "SEC") in connection with such special meeting. The proxy statement, the Company's WHITE proxy card any other relevant documents and other material filed with the SEC concerning the Company will be, when filed, available free of charge at www.sec.gov  and ir.transcept.com . Stockholders are urged to read the proxy statement, the accompanying WHITE proxy card and any other relevant documents filed when they become available because they will contain important information.

Information Regarding Participants

The Company, its directors and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Company's special meeting of stockholders. Information concerning these participants is available in the Company's proxy statement for the 2013 annual meeting of stockholders filed with the SEC on April 12, 2013, and in subsequent SEC filings on Forms 3 and 4. Stockholders are advised to read the Company's proxy statement for the 2013 annual meeting of stockholders and other relevant documents, because they contain important information, including information with respect to such participants. You can obtain free copies of these referenced documents as described above.

Forward Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties.  All statements, other than statements of historical facts, included in this press release are forward-looking statements.  Examples of such statements include, but are not limited to, statements relating to Transcept prospects, Transcept's special meeting of the stockholders to be held December 19, 2013 and Transcept's proxy materials to be filed with the SEC in connection with such special meeting, the future value of the Transcept net operating loss carry forwards, Transcept's ongoing exploration of strategic alternatives and other initiatives, Transcept's plans and beliefs regarding INTERMEZZO and TO-2070, Transcept's beliefs regarding the intentions of the stockholder group requesting the special meeting of stockholders, and the ability of Transcept to evaluate and in-license new development programs appropriate to its area of expertise. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Transcept makes, including the risks described in the "Risk Factors" section of Transcept periodic reports filed with the SEC.  Forward-looking statements do not reflect the potential impact of any future in-licensing, collaborations, acquisitions, mergers, dispositions, joint ventures, or investments Transcept may enter into or make.  Transcept does not assume any obligation to update any forward-looking statements, except as required by law.

* Includes shares held by New Enterprise Associates.

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