TorreyPines Therapeutics Announces its Board of Directors' Approval of Plan of Liquidation and D...( LA JOLLA Calif. May 29 /- TorreyPines...)

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.

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