To view the full prescribing information please visit: www.intermezzorx.com.About Transcept PharmaceuticalsTranscept Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of proprietary products that address important therapeutic needs in the field of neuroscience. Intermezzo® (zolpidem tartrate) sublingual tablet C-IV is the first FDA approved Transcept product. Purdue holds commercialization and development rights for Intermezzo in the United States. Transcept is currently conducting a Phase 2 study of an investigational product, TO-2061, in patients with obsessive-compulsive disorder. For further information about Transcept, please visit www.transcept.com. Forward Looking StatementsThis 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 regarding our strategy, future operations, future financial position, future revenues, projected expenses, prospects, plans and objectives of management, and our expectations regarding Purdue's investment in the commercial launch of Intermezzo in the United States and Purdue's timing for such commercial launch are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to the following: the expected timing for the commercial launch of Intermezzo by Purdue in the United States in the second quarter of 2012; and Purdue's plans to invest approximately $100 million to support sales and marketing during the first year of commercialization. Transcept may not actually achieve the plans, carry out the intentions, meet the expectations or projections disclosed in our forward-looking statements or Purdue may choose to invest more or less in the commercial launch of Intermezzo or may choose to delay or forgo its investment and/or commercial launch entirely, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Transcept makes, include, but are not limited to, the following: achieving acceptance of Intermezzo by physicians, patients and third party payors; supplying sufficient quantities of Intermezzo from third party manufacturers and suppliers to meet anticipated market demand; the impact of competitive products and the market for Intermezzo generally; our dependence on our collaboration with Purdue; and obtaining, maintaining and protecting regulatory exclusivity and intellectual property protection for Intermezzo. These and other risks are described in greater detail 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.