PAINCEPTOR PHARMA TO ACCELERATE ASICS PAIN THERAPEUTICS DEVELOPMENT WITH NRC-IRAP CONTRIBUTION

Confirms collaboration with NRC's Steacie Institute for Molecular Sciences

Montreal, Canada – February 7, 2006 - PainCeptor Pharma Corp., a biopharmaceutical company focused on the development of novel therapeutics for the treatment of chronic and acute pain, today announced it will receive $480,000 in the form of a contribution agreement from the National Research Council Canada Industrial Research Assistance Program (NRC-IRAP).

The NRC-IRAP funding will support PainCeptor's drug development program for pain therapeutics which targets ASICs (acid-sensing ion channels). ASICs are sensory receptors associated with a variety of pain-related conditions including cancer and arthritis. Because ASICs constitute key pain sensors within the peripheral nervous system (PNS), this novel approach offers the potential to treat pain effectively without the many safety issues characteristically associated with pain drugs which act primarily within the central nervous system (CNS)

The NRC-IRAP supported development project involves the design and synthesis of low molecular weight compounds for PainCeptor’s ASIC 3 program and the validation of their role in modulating under-treated pain conditions. As part of the project, PainCeptor will collaborate with researchers at the Steacie Institute for Molecular Sciences (SIMS) at NRC’s Sussex Laboratories in Ottawa.

“The financial support of NRC-IRAP and our collaboration with NRC-SIMS will enable us to accelerate this important development program”, added Dr. Louis Lamontagne, President and CEO of PainCeptor. “We are excited with the opportunity to work with Dr. Prabhat Arya and his world-class research team at SIMS.”

About PainCeptor Pharma Corp.

PainCeptor Pharma is a biopharmaceutical company developing next generation therapeutic drugs for the treatment of chronic and acute pain.

PainCeptor's resources are concentrated on some of the most promising, novel, yet scientifically validated therapeutic targets within the PNS. By focusing on modulating target receptors in the PNS, PainCeptor expects to enhance the efficacy and avoid the many detrimental side effects associated with today's pain drugs which act primarily in the CNS. PainCeptor's development pipeline includes two lead antagonist programs, targeting ASIC 1 and NGF/p75-trkA, and a third antagonist program targeting ASIC 3.

About NRC, NRC-IRAP, and NRC-SIMS

Recognized globally as a leader in research and innovation, NRC is a leader in the development of an innovative, knowledge-based economy for Canada through science and technology.

NRC-IRAP provides a range of both technical and business oriented advisory services along with potential financial support to growth-oriented Canadian small and medium-sized enterprises. The program is delivered by an extensive integrated network of 260 professionals in 100 communities across the country. Working directly with these clients, NRC-IRAP supports innovative research and development and commercialization of new products and services.

NRC’s Steacie Institute for Molecular Sciences (NRC-SIMS) provides leadership in collaboration with the Canadian and international scientific communities in the development of a knowledge base in molecular sciences and spearheads research programs to develop a breadth of innovative technologies.

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For more information, please visit our website at www.PainCeptor.com or contact:

Dr. Louis Lamontagne

President and CEO

PainCeptor Pharma Corp.

Tel: (514) 337-5959

e-mail: llamontagne@PainCeptor.com