Navigation Links
TorreyPines Therapeutics Announces its Board of Directors' Approval of Plan of Liquidation and Dissolution
Date:5/29/2009

LA JOLLA, Calif., May 29 /PRNewswire/ -- TorreyPines Therapeutics, Inc. (Nasdaq: TPTX) today announced that its Board of Directors has determined, after consideration of potential strategic and financing alternatives, that it is in the best interests of the Company and its stockholders to liquidate the Company's assets and to dissolve the Company. The Company's Board of Directors has unanimously approved a Plan of Liquidation and Dissolution of the Company (the "Plan of Dissolution") subject to stockholder approval. The Company intends to hold a special meeting of the stockholders to seek approval of the Plan of Dissolution and today it filed related proxy materials with the Securities and Exchange Commission (the "SEC").

Although the Board of Directors has approved the Plan of Dissolution, the Company continues to seek and will consider any reasonable alternative strategic or financing proposals presented to the Company. The investment firm Merriman Curhan Ford remains engaged as the Company's financial advisor to assist in the evaluation of strategic options, including the possible sale of the Company or its AMPA/kainite receptor antagonist product candidates.

The Plan of Dissolution contemplates an orderly wind down of the Company's business and operations. If the Company's stockholders approve the Plan of Dissolution, the Company intends to file a certificate of dissolution, satisfy or resolve its remaining liabilities and obligations, including any contingent liabilities and costs associated with the liquidation and dissolution and make reasonable provisions for unknown or unresolved claims and liabilities, if any. Following stockholder approval of the Plan of Dissolution and the filing of the certificate of dissolution, the Company plans to delist its common stock from the Nasdaq Global Market.

IMPORTANT ADDITIONAL INFORMATION HAS BEEN FILED WITH THE SEC.

This press release is for informational purposes only. It is not a solicitation of a proxy. In connection with the Plan of Dissolution, the Company has filed with the Securities and Exchange Commission a proxy statement and other relevant materials. THE COMPANY'S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND THE OTHER RELEVANT MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE PLAN OF DISSOLUTION. Stockholders may obtain a free copy of the proxy statement and the other relevant materials and any other documents filed by the Company with the SEC, at the SEC's web site at http://www.sec.gov. In addition, the Company will mail a copy of the definitive proxy statement to stockholders of record on the record date for the special meeting of stockholders which has yet to be determined. A free copy of the proxy statement and other documents filed with the SEC by the Company may also be obtained by directing a written request to: TorreyPines Therapeutics, Inc., Attn: Secretary, 11085 North Torrey Pines Road, La Jolla, CA 92037, or by accessing the "Investor Relations" section of the Company's website at www.tptxinc.com. Stockholders are urged to read the proxy statement and the other relevant materials before making any voting or investment decision with respect to the Plan of Dissolution.

About TorreyPines Therapeutics, Inc.

TorreyPines Therapeutics, Inc. is a biopharmaceutical company which has been committed to providing patients with better alternatives to existing therapies through the research, development and commercialization of small molecule compounds. The company's goal has been to develop versatile product candidates each capable of treating a number of acute and chronic diseases and disorders such as migraine and chronic pain. The company currently has two ionotropic glutamate receptor antagonist clinical stage product candidates. Further information is available at www.tptxinc.com.

This press release contains forward-looking statements or predictions. Such statements are subject to numerous known and unknown risks, uncertainties and other factors, which may cause TorreyPines' actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These and other risks which may cause results to differ are described in greater detail in the "Risk Factors" section of TorreyPines' annual report on Form 10-K for the year ended December 31, 2008 and TorreyPines' other SEC reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are qualified in their entirety by this cautionary statement and TorreyPines undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

    Company contact:
    Paul Schneider
    TorreyPines Therapeutics, Inc.
    858-623-5665 X125
    pschneider@tptxinc.com


'/>"/>
SOURCE TorreyPines Therapeutics, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. TorreyPines Therapeutics to Present at the NewsMakers in the Biotech Industry Conference
2. TorreyPines Therapeutics to Present at ThinkEquitys G5 Conference
3. TorreyPines Therapeutics and Eisai Co., Ltd. Extend Genetics Discovery Collaboration for Alzheimers Disease
4. TorreyPines Therapeutics to Present at ThinkEquitys ThinkClinic Conference
5. TorreyPines Therapeutics to Present at Acumen BioFin Rodman & Renshaw 9th Annual Healthcare Conference
6. TorreyPines Therapeutics Reports Third Quarter 2007 Results
7. TorreyPines Therapeutics to Present at Susquehanna Financial Groups Second Annual SIGnificant Options in Healthcare Conference
8. TorreyPines Therapeutics Initiates Phase II Study of Muscarinic Agonist NGX267 for Treatment of Xerostomia
9. TorreyPines Therapeutics Reports Fourth Quarter and Full Year 2007 Financial Results and Highlights
10. TorreyPines Therapeutics to Host First Quarter 2008 Results Conference Call and Webcast
11. TorreyPines Therapeutics to Present Tezampanel Phase IIb Clinical Data for Acute Migraine at 50th Annual Scientific Meeting of the American Headache Society
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/8/2016)... 2016   Biocept, Inc . (NASDAQ: ... clinically actionable liquid biopsy tests to improve the ... featuring its Target Selectorâ„¢ Circulating Tumor Cell platform ... detection of actionable biomarkers in patients with metastatic ... Sara Cannon Research Institute (SCRI), the research arm ...
(Date:12/7/2016)... -- Neogen Corporation (NASDAQ: NEOG ) announced ... as its chief science officer — a new position ... Neogen effective Jan. 1. Kephart has served ... of Thermo Fisher Scientific, as well as animal health ... industry experience also includes the management of a team ...
(Date:12/7/2016)... SAN DIEGO , Dec. 7, 2016  Biocom, the ... community, issued the statement below following passage of 21 st ... the House on November 30 by a 392-26 vote and ... This statement may be attributed to Joe Panetta , ... historic legislation that will give hope to millions of patients ...
(Date:12/7/2016)... , Dec. 7, 2016  Muse bio, a privately-held ... today announced that Dr. Kevin Ness has ... Board of Directors. Kevin succeeds Muse ... the company,s Chief Science Officer as well as remains ... of the BioDesign Center at the RAS Energy Institute ...
Breaking Biology Technology:
(Date:12/7/2016)... , Dec. 7, 2016   Veridium ... announced the appointment of new CEO James ... executive with decades of experience, has served in ... Cisco, where he specialized in expanding a pipeline ... technology portfolios. He most recently served as managing ...
(Date:12/6/2016)... 2016 Securus Technologies, a leading provider ... public safety, investigation, corrections and monitoring, and the ... five (5) year funding commitment by Securus to ... rehabilitation and reentry support to more inmates and ... 2004, the Prison Entrepreneurship Program (PEP) is an ...
(Date:12/2/2016)...   SoftServe , a global digital technology ... electrocardiogram (ECG) biosensor analysis system for continuous driver ... The smart system ensures device-to-device communication between ECG ... mobile devices to easily ,recognize, and monitor users ... technology advances, so too must the security systems ...
Breaking Biology News(10 mins):