In order to break out spot colors, you must use the Channels Panel. There is no other way if you need proper separations. This is often one reason Photoshop is simply a poor tool to use if you need Pantone colored-text, especially small text.
Rather than write a lengthy tutorial on spot colors here are a few links to follow (I'm not specifically endorsing any of them, they are just Google Search results which fit the topic):
Basically, what you need to do is create a new Spot Color Channel via the Channels Panel. When you do so you can define the color. Then whatever appears on that channel will separate to that spot color plate. The Spot Channels are black and white only (like a layer mask). Black will print the color, white will not.
Note that spot channels do not use layers. You need to construct everything in the channels. The first link above is probably the best for a walk through of the general procedure. You don't really need a DCS2.0 file as the link states at the end. You can save a .psd or .pdf or .dcs2 all three formats will retain the spot channels. *Do not save as any other format or you'll lose the spot channels you construct.
You'll also want to have a CMYK file. Leave the C. M, Y, and K channels there in the Channel Panel. Do not remove them. If you have no CMYK color, then simply make certain the CMY and K channels are 100% white with no black or grey on them. But leave the actual channels in the file.