TorreyPines Therapeutics Reports Fourth Quarter and Full Year 2007 Financial Results and ...( LA JOLLA Calif. March 26 /- Torre...)

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 o
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