Roumell withdraws nomination of Hellerman, supports management's efforts

CHEVY CHASE, Md., May 21, 2014 /PRNewswire/ --

May 20, 2014

Board of Directors
Transcept Pharmaceuticals, Inc.
1003 W. Cutting Blvd.
Suite 110
Pt. Richmond, CA 94804

Consistent with our status as a passive shareholder, Roumell Asset Management withdraws the nomination of Gerald Hellerman to the Board.  We believe the Company is taking the proper steps to maximize value for shareholders and is diligently and methodically reviewing several potential transactions.  Moreover, we applaud the company's recent decision to promptly distribute $25 million in cash to shareholders.

Regards,
James C. Roumell

SOURCE Roumell Asset Management, LLC

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