Navigation Links
TorreyPines Therapeutics Enters into Agreement to Reduce Royalty Rates and Delay Clinical Milestone Payments Due to Eli Lilly for NGX426 and Tezampanel
Date:11/25/2008

LA JOLLA, Calif., Nov. 25 /PRNewswire/ -- TorreyPines Therapeutics, Inc. (Nasdaq: TPTX) today announced that it has purchased from Eli Lilly & Company a reduction in certain royalty amounts that may become payable to Eli Lilly on net sales of TorreyPines' clinical-stage compounds NGX426 and tezampanel, should either or both gain regulatory approval. Specifically, the top tier royalty rate will be reduced three percentage points and the middle tier royalty rate will be reduced one half percentage point. The bottom tier royalty rate will remain unchanged. In addition, certain milestone payments due to Eli Lilly related to the clinical development of NGX426 will be delayed from what was originally agreed. In exchange for the royalty rate reduction and change in milestone payment timing, TorreyPines issued to Eli Lilly two hundred thousand shares of TorreyPines Common Stock at fair market value. TorreyPines originally licensed NGX426 and tezampanel from Eli Lilly in April 2003.

"This agreement with Eli Lilly is another important part of our 2008 strategic plan to strengthen the company and build stockholder value," said Ev Graham, Chief Executive Officer of TorreyPines. "We believe the royalty rate reduction and delay in certain clinical milestone payments for NGX426 will further enhance the commercial value of NGX426 and tezampanel."

About TorreyPines Therapeutics, Inc.

TorreyPines Therapeutics, Inc. is a biopharmaceutical company committed to providing patients with better alternatives to existing therapies through the research, development and commercialization of small molecule compounds. The company's goal is to develop versatile product candidates each capable of treating a number of acute and chronic diseases and disorders such as migraine, chronic pain, muscle spasticity, xerostomia and cognitive disorders. The company is currently developing three product candidates: two ionotropic glutamate receptor antagonists and one muscarinic receptor agonist. Further information is available at www.torreypinestherapeutics.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. In particular there is no guarantee that tezampanel or NGX426 will reach additional clinical milestones, complete clinical testing, or ever be commercialized, that this amendment will build stockholder value or that this amendment will enhance the commercial value of tezampanel and NGX426. 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, 2007 and TorreyPines other SEC reports. The forward-looking statements are based on current information that is likely to change and speak only as of the date hereof.

    Company contact:                             Investor contact:
    Paul Schneider                               Rhonda Chiger
    TorreyPines Therapeutics, Inc.               Rx Communications Group
    858-623-5665 X125                            (917) 322-2569
    pschneider@torreypinestherapeutics.com       rchiger@rxir.com

'/>"/>
SOURCE TorreyPines Therapeutics, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. TorreyPines Therapeutics Appoints Evelyn Graham Chief Executive Officer and a Member of the Board of Directors
2. TorreyPines Therapeutics Reports Third Quarter 2008 Results and Recent Accomplishments
3. TorreyPines Therapeutics Sells Alzheimers Disease Genetics Program to Eisai
4. TorreyPines Therapeutics Begins Dosing in a Phase I Multiple Dose Clinical Trial of NGX426, Oral Prodrug of Tezampanel
5. TorreyPines Therapeutics Reports Successful End-of-Phase II Meeting With FDA for Tezampanel
6. TorreyPines Therapeutics Strategically Repositions as Development Company Focusing on Three Versatile Lead Compounds
7. TorreyPines Therapeutics Receives NASDAQ Deficiency Notice
8. TorreyPines Therapeutics to Present Tezampanel Phase IIb Clinical Data for Acute Migraine at 50th Annual Scientific Meeting of the American Headache Society
9. TorreyPines Therapeutics to Host First Quarter 2008 Results Conference Call and Webcast
10. TorreyPines Therapeutics Reports Fourth Quarter and Full Year 2007 Financial Results and Highlights
11. TorreyPines Therapeutics Initiates Phase II Study of Muscarinic Agonist NGX267 for Treatment of Xerostomia
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... June 27, 2016   Ginkgo Bioworks , a ... engineering, was today awarded as one of the ... the world,s most innovative companies. Ginkgo Bioworks is ... the real world in the nutrition, health and ... directly with customers including Fortune 500 companies to ...
(Date:6/24/2016)... ... June 24, 2016 , ... Researchers at the Universita Politecnica delle ... people with peritoneal or pleural mesothelioma. Their findings are the subject of a new ... , Diagnostic biomarkers are signposts in the blood, lung fluid or tissue of mesothelioma ...
(Date:6/23/2016)... , June 23, 2016 /PRNewswire/ - FACIT ... Ontario biotechnology company, Propellon Therapeutics ... development and commercialization of a portfolio of first-in-class ... Epigenetic targets such as WDR5 represent an exciting ... significantly in precision medicine for cancer patients. Substantial ...
(Date:6/23/2016)... SANTA MONICA, Calif. , June 23, 2016  The Prostate Cancer ... to pioneer increasingly precise treatments and faster cures for prostate cancer. Members of ... 77 institutions across 15 countries. Read More About the ... ... ...
Breaking Biology Technology:
(Date:4/28/2016)... , April 28, 2016 Infosys ... (NYSE: INFY ), and Samsung SDS, a global ... that will provide end customers with a more secure, fast ...      (Logo: http://photos.prnewswire.com/prnh/20130122/589162 ) , ... but it also plays a fundamental part in enabling and ...
(Date:4/15/2016)... April 15, 2016  A new partnership announced ... accurate underwriting decisions in a fraction of the ... priced and high-value life insurance policies to consumers ... With Force Diagnostics, rapid testing (A1C, Cotinine ... readings (blood pressure, weight, pulse, BMI, and activity ...
(Date:3/31/2016)... 2016  Genomics firm Nabsys has completed a financial ... Bready , M.D., who returned to the company in ... leadership team, including Chief Technology Officer, John Oliver ... Nurnberg and Vice President of Software and Informatics, ... Dr. Bready served as CEO of Nabsys from ...
Breaking Biology News(10 mins):