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:8/14/2017)... (PRWEB) , ... August 14, 2017 , ... ... characterized and performing antibodies. Key researchers in the antibody community have recently come ... and consistency for antibodies in the laboratory. , The team at ...
(Date:8/11/2017)... ... ... Algenist continues to disrupt the skincare industry with today’s debut of GENIUS Liquid ... the key structural element skin needs to maintain its youthful appearance and Algenist is ... First to market with proprietary collagen water active , Active ...
(Date:8/10/2017)... (PRWEB) , ... August 09, 2017 , ... Each year ... half never recover well enough to live an independent lifestyle and, even worse, the ... A new discovery by doctors at the University of California Davis Medical Center (Sacramento) ...
(Date:8/10/2017)... ... August 10, 2017 , ... CNA Finance Chief Research Analyst, ... on Next Group Holdings, Inc. and see's significant opportunity in the company's plans ... cannot engage in traditional banking services. According to industry estimates, approximately 103 million ...
Breaking Biology Technology:
(Date:6/30/2017)... 30, 2017 Today, American Trucking Associations ... of face and eye tracking software, became the ... program. "Artificial intelligence and advanced ... monitor a driver,s attentiveness levels while on the ... to detect fatigue and prevent potential accidents, which ...
(Date:6/14/2017)... , June 15, 2017  IBM (NYSE: IBM ) is ... tech event dedicated to developing collaboration between startups and global ... June 15-17. During the event, nine startups will showcase the ... in various industries. France ... international market, with a 30 percent increase in the number ...
(Date:5/16/2017)... TEANECK, N.J. , May 16, 2017  Veratad ... leading provider of online age and identity verification solutions, ... the K(NO)W Identity Conference 2017, May 15 thru May ... Ronald Regan Building and International Trade Center. ... across the globe and in today,s quickly evolving digital ...
Breaking Biology News(10 mins):