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TorreyPines Therapeutics Reports First Quarter 2009 Financial Results

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

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. 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, 2008 and TorreyPines other SEC reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are qualified in their entirety by this cautionary statement and TorreyPines undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

                                  (Tables Follow)

                          TorreyPines Therapeutics, Inc.
                      Condensed Consolidated Balance Sheets

                                   (in thousands)

                                                      March 31,  December 31,
                                                        2009        2008
    Current assets
      Cash and cash equivalents                        $6,319     $10,864
      Prepaid expenses and other current assets           379         187
      Total current assets                              6,698      11,051

    Long-term assets                                       11          79

    Total assets                                       $6,709     $11,130

    Liabilities and stockholders' equity
    Current liabilities                                $4,878      $5,305
    Long-term debt, net of current portion                  -       2,112
    Total liabilities                                   4,878       7,417

    Total stockholders' equity                          1,831       3,713

    Total liabilities and stockholders' equity         $6,709     $11,130

                          TorreyPines Therapeutics, Inc.
                Condensed Consolidated Statements of Operations

                   (in thousands, except per share amounts)

                                                     Three months ended
                                                          March 31,
                                                      2009         2008

    Revenue                                             $-       $2,046

    Operating expenses:
      Research and development                         855        5,260
      General and administrative                     1,268        1,448
    Total operating expenses                         2,123        6,708

    Loss from operations                            (2,123)      (4,662)

    Other income (expense)
      Interest income                                    8          217
      Interest expense                                 (45)        (147)
      Other income (expense), net                       40          699
    Total other income                                   3          769

    Net loss                                       $(2,120)     $(3,893)

    Basic and diluted net loss per share            $(0.13)      $(0.25)

    Weighted average shares used in the
     computation of basic and diluted net
     loss per share                             15,974,058   15,739,646

    Company Contact:
    Craig Johnson
    TorreyPines Therapeutics, Inc.
    858-623-5665, x158

SOURCE TorreyPines Therapeutics, Inc.
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