PAIN THERAPEUTICS INC
EXHIBIT 10.7
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>6
<FILENAME>f79726ex10-7.txt
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
<PAGE>
                                                                    EXHIBIT 10.7

                                      NOTE

$80,000.00                                                        April 20, 2001

        FOR VALUE RECEIVED, the undersigned, a full-time regular employee of
Pain Therapeutics, Inc., promises to pay to Pain Therapeutics, Inc., a Delaware
corporation (the "COMPANY"), or order, the principal sum of Eighty Thousand
Dollars ($80,000.00), together with interest on the unpaid principal hereof from
the date hereof at the fixed rate of eight percent (8.00%) per annum, compounded
annually.

        Principal and interest shall be due and payable no later than January
31, 2004. Should the undersigned fail to make full payment of principal or
interest for a period of ten (10) days or more after the due date thereof, the
whole unpaid balance on this Note of principal and interest shall become
immediately due at the option of the holder of this Note. Payments of principal
and interest shall be made in lawful money of the United States of America.

        The undersigned may at any time prepay all or any portion of the
principal or interest owing hereunder.

        Pain Therapeutics, Inc., the holder of this Note shall have full
recourse against the undersigned, and shall not be required to proceed against
any collateral securing this Note in the event of default.

        In the event the undersigned shall cease to be a full-time regular
employee, or paid consultant of the Company for any reason, this Note shall, at
the option of the Company, be accelerated, and the whole unpaid balance on this
Note of principal and accrued interest shall be immediately due and payable.

        Should any action be instituted for the collection of this Note, the
reasonable costs and attorneys' fees therein of the holder shall be paid by the
undersigned.


PAIN THERAPEUTICS, INC.

By:        /s/ REMI BARBIER                  /s/ DAVID L. JOHNSON
    --------------------------------      --------------------------------
           Remi Barbier                      David L. Johnson

Title: President, CEO and Chairman of the Board


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