FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * BARBIER REMI   2. Issuer Name and Ticker or Trading Symbol PAIN THERAPEUTICS INC [ptie] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President and CEO (Last) (First) (Middle) 3. Date of Earliest Transaction (Month/Day/Year) 06/25/2005 (Street)   4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock (1) 05/01/2002   J   2,485 A $ 3.065 2,485 I (3) By Spouse Common Stock (1) 11/01/2002   J   3,675 A $ 2.737 6,160 I (3) By Spouse Common Stock (1) 04/30/2003   J   15,157 A $ 3.22 21,317 I (3) By Spouse Common Stock (1) 04/29/2005   J   6,884 A $ 5.21 28,201 I (3) By Spouse

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Common Stock (2)

$ 8.63

01/28/2002

J

50,000

02/28/2002

01/28/2012

Common Stock

50,000

$ 8.63

50,000

I (3)

By Spouse

Common Stock (2)

$ 3

12/09/2002

J

10,700

01/09/2003

12/09/2012

Common Stock

10,700

$ 3

60,700

I (3)

By Spouse

Common Stock (2)

$ 6.16

09/29/2003

J

2,000

10/29/2003

09/29/2013

Common Stock

2,000

$ 6.16

62,700

I (3)

By Spouse

Common Stock (2)

$ 6.25

12/12/2003

J

23,100

01/12/2004

12/12/2013

Common Stock

23,100

$ 6.25

85,800

I (3)

By Spouse

Common Stock (2)

$ 7.75

12/10/2004

J

15,100

01/10/2005

12/10/2014

Common Stock

15,100

$ 7.75

100,900

I (3)

By Spouse

Common Stock (2)

$ 4.99

04/12/2005

J

5,000

05/12/2005

04/12/2015

Common Stock

5,000

$ 4.99

105,900

I (3)

By Spouse

Common Stock (2)

$ 7.32

12/09/2005

J

16,300

01/09/2006

12/09/2015

Common Stock

16,300

$ 7.32

122,200

I (3)

By Spouse

Common Stock (2)

$ 8.6

12/08/2006

J

12,500

01/08/2007

12/08/2016

Common Stock

12,500

$ 8.6

134,700

I (3)

By Spouse

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
BARBIER REMI	X	X	President and CEO

Signatures

/s/ Remi Barbier		02/15/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Common Stock purchased pursuant to the Company's 2000 Employee Stock Purchase Plan.
(2)	Incentive Stock Options are granted based on the Internal Revenue Service limitations and Non-Qualifying Stock Options are granted for options exceeding those limits. Stock options are vested over a four (4) year period at a rate of 1/48th per month.
(3)	This filing is done in connection with a marriage to an employee of the Company in June 2005. These transactions are exempt under Section 16b-3.

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