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."
-- 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
|SOURCE TorreyPines Therapeutics, Inc.|
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