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TorreyPines Therapeutics Reports First Quarter 2009 Financial Results
Date:5/1/2009

LA JOLLA, Calif., May 1 /PRNewswire/ -- TorreyPines Therapeutics, Inc. (Nasdaq: TPTX) today reported financial results for the first quarter ended March 31, 2009. For the three-month period, the company posted a net loss of $2.1 million. Cash and cash equivalents totaled $6.3 million at March 31, 2009.

On April 15, 2009, the Company hired Merriman Curhan Ford as its financial advisor to assist in the evaluation of strategic options, including the possible sale of the Company or its assets.

Financial Results

Revenue for the three month period ended March 31, 2009 was $0 compared to revenue of $2.0 million for the same period in 2008. Operating expenses for the quarter ended March 31, 2009 were $2.1 million, with $0.9 million attributable to research and development. This compares to operating expenses of $6.7 million and research and development expenses of $5.3 million for the same period last year. The company reported a net loss for the quarter ended March 31, 2009 of $2.1 million compared to a net loss of $3.9 million for the previous year.

About TorreyPines Therapeutics

TorreyPines Therapeutics, Inc. is a biopharmaceutical company committed to providing patients with better alternatives to existing therapies through the 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: two ionotropic glutamate receptor antagonists and one muscarinic receptor agonist. Further information is available at www.tptxinc.com.

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