Tapestry Reports Third Quarter 2007 Financial Results and Preliminary Data From Its Phase 2 Prostate Ca...( 60% of second line HRPC patients...)

60% of second line HRPC patients on TPI 287 show clinical benefit

BOULDER, Colo., Nov. 5 /PRNewswire-FirstCall/ -- Tapestry Pharmaceuticals, Inc. (Nasdaq: TPPH) announced today financial results for the third quarter ended September 26, 2007.

The net loss for the third quarter of 2007 was $6.1 million, or $0.37 per share. This compares to a net loss for the third quarter of 2006 of $3.6 million, or $0.22 per share. Included in the net loss for the third quarter of 2007 and 2006 is non-cash equity compensation expense totaling $869,000 and $615,000, respectively.

The net loss for the nine-months ended September 26, 2007 was $16.7 million, or $1.01 per share. This compares to a net loss for the nine-months ended September 27, 2006 of $12.1 million, or $1.03 per share. Included in the net loss for the nine-months ended September 26, 2007 and September 27, 2006 is non-cash equity compensation expense totaling $2.6 million and $2.5 million, respectively.

As of September 26, 2007, Tapestry had $9.4 million in cash, cash equivalents, and short-term investments.

Preliminary Results from Phase 2 Prostate Cancer Study

Tapestry also reported today on the first five evaluable patients in its Phase 2 prostate cancer trial. The trial is a multi-center, open label, two arm Phase 2 study for up to 80 patients who have failed prior docetaxel therapy for their disease.

Two patients who received previous benefit from prior docetaxel therapy enrolled in Arm 1 of the trial, and three patients who had no response to prior docetaxel therapy enrolled in Arm 2 of the study.

The two patients in Arm 1 of the study evidenced a stable disease lasting 8 cycles and a confirmed partial response, meas
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