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TorreyPines Therapeutics Receives Notice of Non-Compliance with Nasdaq Continued Listing Requirements
Date:4/2/2009

LA JOLLA, Calif., April 2 /PRNewswire/ -- TorreyPines Therapeutics, Inc. (Nasdaq: TPTX) today announced that on March 31, 2009 it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") notifying the Company that based on the Company's stockholders' equity as reported in its Annual Report on Form 10-K for the year ended December 31, 2008, the Company does not comply with the minimum stockholders' equity requirement of $10 million for continued listing on The Nasdaq Global Market as set forth in NASDAQ Marketplace Rule 4450(a)(3).

The Company has until April 15, 2009 to provide a specific plan to achieve and sustain compliance with all of the Nasdaq Global Market continued listing requirements, including a time frame for completion of the plan. The Nasdaq letter has no immediate effect on the listing of the Company's common stock.

In the event that the Company receives notice that its common stock is being delisted from the Nasdaq Global Market, Nasdaq rules permit the Company to appeal any delisting determination by the Nasdaq staff to a Nasdaq Listing Qualifications Panel. Alternatively, Nasdaq may permit the Company to transfer its common stock to the Nasdaq Capital Market if it satisfies the requirements for continued listing on that market.

About TorreyPines Therapeutics

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, acute and chronic pain, and xerostomia. The company currently has three clinical stage product candidates:
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SOURCE TorreyPines Therapeutics, Inc.
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1. Stockholder Suits Related to TorreyPines Therapeutics, Inc. Dismissed
2. TorreyPines Therapeutics Reports Fourth Quarter and Full Year 2008 Results
3. First Multiple Dose Clinical Trial of TorreyPines Therapeutics Oral Compound NGX426 Demonstrates Compound Is Safe and Well-Tolerated
4. TorreyPines Therapeutics Enters into Agreement to Reduce Royalty Rates and Delay Clinical Milestone Payments Due to Eli Lilly for NGX426 and Tezampanel
5. TorreyPines Therapeutics Appoints Evelyn Graham Chief Executive Officer and a Member of the Board of Directors
6. TorreyPines Therapeutics Reports Third Quarter 2008 Results and Recent Accomplishments
7. TorreyPines Therapeutics Sells Alzheimers Disease Genetics Program to Eisai
8. TorreyPines Therapeutics Begins Dosing in a Phase I Multiple Dose Clinical Trial of NGX426, Oral Prodrug of Tezampanel
9. TorreyPines Therapeutics Reports Successful End-of-Phase II Meeting With FDA for Tezampanel
10. TorreyPines Therapeutics Strategically Repositions as Development Company Focusing on Three Versatile Lead Compounds
11. TorreyPines Therapeutics Receives NASDAQ Deficiency Notice
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