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TorreyPines Therapeutics Reports Fourth Quarter and Full Year 2007 Financial Results and Highlights
Date:3/26/2008

LA JOLLA, Calif., March 26 /PRNewswire-FirstCall/ -- TorreyPines Therapeutics, Inc. (Nasdaq: TPTX) today announced financial results for the fourth quarter and year ended December 31, 2007. For the full year 2007, the Company posted revenue of $9.9 million and a net loss of $23.4 million. Cash and cash equivalents totaled $32.5 million at December 31, 2007.

"We made meaningful progress in our three clinical development programs in 2007," said Neil Kurtz, M.D., President and Chief Executive Officer of TorreyPines. "Particularly noteworthy was the successful completion of our Phase IIb clinical trial that demonstrated that tezampanel relieved migraine pain at a dose that is safe and well-tolerated. We look forward to an End of Phase II meeting with the FDA to discuss advancing tezampanel into Phase III. In 2008, we are continuing to build a strong clinical platform for our other product candidates: NGX426, our oral glutamate receptor antagonist, and NGX267, our lead M1 agonist, that is currently in a Phase II trial for xerostomia secondary to Sjogren's syndrome."

2007 Highlights:

-- Tezampanel met the primary endpoint at the 40 mg dose in a 306-patient,

Phase IIb clinical trial for the treatment of a single, acute migraine

attack. This is the sixth Phase II trial in which tezampanel has been

shown to have analgesic activity and the second placebo-controlled

trial to establish efficacy for tezampanel as a treatment for acute

migraine. TorreyPines intends to hold an End of Phase II meeting with

the U.S. Food and Drug Administration (FDA) in the second half of 2008

to discuss the scope of a Phase III program with tezampanel for the

treatment of acute migraine.

-- Preclinical data were published in the October 17, 2007, issue of the

Journal of Neuroscience demonstrating that tezampanel may be effective

in reversing or preventing muscle spasticity and rigidity of spinal

ischemia. TorreyPines plans to initiate a Phase II clinical trial of

tezampanel for the treatment of muscle spasticity and rigidity

secondary to spinal cord trauma during the second half of 2008. This

will be the company's first clinical trial of tezampanel in a non-pain

indication.

-- TorreyPines initiated a Phase I maximum tolerated dose trial evaluating

NGX426, the oral prodrug of tezampanel. Dosing up to 150 mg has been

completed, and the study will continue to dose until either the maximum

tolerated dose is reached or up to a maximum of 210 mg. This clinical

trial is expected to be completed in the first half of 2008.

TorreyPines reported pharmacokinetic data from this clinical trial

showing that the area under the curve (AUC), which represents the total

amount of drug absorbed by the body, of a single, 80 mg, oral dose of

NGX426 is comparable to the AUC of a single, 40 mg, subcutaneous dose

of tezampanel.

-- A multiple dose Phase I clinical trial evaluating NGX267 was completed,

marking the third Phase I trial that demonstrated NGX267 is safe and

well tolerated. This multiple dose trial confirmed data from a

previous study in which statistically significant increases in salivary

flow were detected. TorreyPines initiated a Phase II clinical trial in

xerostomia, or dry mouth, secondary to Sjogren's syndrome in

March 2008.

Financial Results

Revenue for the three-month period ended December 31, 2007, was $2.5 million, compared to revenue of $2.5 million for the same period in 2006. Operating expenses for the quarter ended December 31, 2007, were $9.0 million, with $7.6 million attributable to research and development. This compares to operating expenses of $15.0 million and research and development expenses of $4.7 million for the same period last year. The Company reported a net loss for the quarter ended December 31, 2007, of $8.2 million, compared to a net loss of $13.1 million for the same period last year.

Revenue for the full year ended December 31, 2007, was $9.9 million compared to revenue of $9.9 million for the same period in 2006. Operating expenses for the 12-month period were $33.6 million, with $28.0 million attributable to research and development. This compares to operating expenses of $34.7 million and research and development expenses of $22.4 million for the same 12-month period last year. The Company reported a net loss for the year ended December 31, 2007, of $23.4 million compared to a net loss of $25.4 million for the same period last year.

For 2008, management has indicated that it is targeting a net cash burn in the range of $22.0 million to $24.0 million.

TorreyPines' complete fiscal 2007 annual report will be available on TorreyPines' Web site: http://www.torreypinestherapeutics.com. Go to the investor center then click on SEC filings.

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, chronic pain, muscle spasticity and rigidity, xerostomia and cognitive disorders. The company is currently developing four product candidates, two ionotropic glutamate receptor antagonists and two muscarinic receptor agonists. Further information is available at http://www.torreypinestherapeutics.com.

This press release contains forward-looking statements or predictions. Such forward-looking statements include, but are not limited to, statements regarding the plans for discussing a Phase III program for tezampanel with the FDA, anticipated timing for initiating a Phase II clinical trial of tezampanel for treatment of muscle spasticity and rigidity, the anticipated timing for completing the Phase I maximum tolerated dose trial for NGS426, the potential for tezampanel and NGX426 as treatments for migraine and other indications, and the range of net cash burn targeted by management in 2008. 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, including whether any preclinical studies or clinical trials, either ongoing or conducted in the future, will prove successful, and if successful, whether the results can be replicated; whether safety and efficacy profiles of any of the company's product candidates will be established, or if established, will remain the same, be better or worse in future clinical trials, if any; whether pre-clinical results will be substantiated by ongoing or future clinical trials, if any, or whether any of the company's product candidates will be able to improve the signs or symptoms of their respective clinical indication; whether any of the company's product candidates will support a filing for marketing approval, will be approved by the regulatory authorities, or if approved, will prove competitive in the market; or whether the necessary financing to support the company's product development programs will be available. In particular there is no guarantee that clinical trials of any of the company's product candidates will be completed on schedule or that results of these clinical trials will be reported within the anticipated timeframe, that tezampanel or NGX426 will successfully treat migraine and/or other indications for which they are developed, that the End of Phase II meeting will be held in the anticipated time frame, that NGX267 will successfully treat xerostomia secondary to Sjogren's syndrome, or that TorreyPines will be able to complete the necessary development work and receive regulatory approval for tezampanel, NGX426 or NGX267. 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, 2006 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: Media Contact:

Craig Johnson David Schull

TorreyPines Therapeutics, Inc. Russo Partners, LLC

858-623-5665, x118 212-845-4271

cjohnson@torreypinestherapeutics.com david.schull@russopartnersllc.com

Investor Contact: Investor Contact:

Rhonda Chiger John Baldissera

Rx Communications BPC Financial Marketing

917-322-2569 800-368-1217

rchiger@rxir.com

(Tables Follow)

TorreyPines Therapeutics, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

December 31, December 31,

2007 2006

(Unaudited)

Assets

Current assets

Cash and cash equivalents $ 32,500 $ 55,383

Prepaid expenses and other current assets 835 581

Total current assets 33,335 55,964

Long-term assets 5,317 7,471

Total assets $ 38,652 $ 63,435

Liabilities and stockholders' equity

Current liabilities $ 9,036 $ 12,270

Debt and other long-term liabilities 973 4,413

Deferred revenue 2,183 2,183

Total liabilities 12,192 18,866

Total stockholders' equity 26,460 44,569

Total liabilities and stockholders' equity $ 38,652 $ 63,435

TorreyPines Therapeutics, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

Three months ended Twelve months ended

December 31, December 31,

2007 2006 2007 2006

(Unaudited) (Unaudited) (Unaudited)

Revenue $ 2,461 $ 2,461 $ 9,850 $ 9,850

Operating expenses:

Research and development 7,587 4,713 27,977 22,353

General and administrative 1,434 1,985 5,643 3,971

Purchased in-process

research and development - 8,328 - 8,328

Total operating expenses 9,021 15,026 33,620 34,652

Loss from operations (6,560) (12,565) (23,770) (24,802)

Other income (expense)

Interest income 370 827 2,069 1,559

Interest expense (171) (258) (817) (994)

Other income (expense), net (1,795) (1,142) (851) (1,140)

Total other income (expense) (1,596) (573) 401 (575)

Net loss (8,156) (13,138) (23,369) (25,377)

Dividends and accretion to

redemption value of

redeemable convertible

preferred stock - 3,534 - -

Net loss attributable to

common stockholders $ (8,156) $ (9,604) $(23,369) $(25,377)

Basic and diluted net loss

per share attributable to

common stockholders* $ (0.52) $ (0.89) $ (1.49) $ (8.18)

Weighted average shares used

in the computation of basic

and diluted net loss per

share attributable to

common stockholders* 15,738,297 10,782,225 15,717,984 3,100,852

* Basic and diluted net loss per share attributable to common stockholders

and weighted average shares outstanding were impacted by the conversion

of preferred stock and issuance of common stock in connection with the

Axonyx merger.


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SOURCE TorreyPines Therapeutics, Inc.
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