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TorreyPines Therapeutics Reports Fourth Quarter and Full Year 2008 Results
Date:3/27/2009

LA JOLLA, Calif., March 27 /PRNewswire/ -- TorreyPines Therapeutics, Inc. (Nasdaq: TPTX) today announced financial results for the fourth quarter and year ended December 31, 2008. For the full year 2008, the Company posted revenue of $6.1 million and a net loss of $22.8 million. Cash and cash equivalents totaled $10.9 million at December 31, 2008.

On March 27, the Company filed with the SEC its Annual Report on Form 10-K, which included an audit opinion with a "going concern" explanatory paragraph. The going-concern explanatory paragraph from TorreyPines' independent registered public accounting firm expressed substantial doubt, based upon current financial resources, as to whether TorreyPines can continue to meet its obligations beyond 2009 without access to additional working capital. The Company discusses this matter, including its plans to address future financing needs, in its Annual Report on Form 10-K.

Financial Results

Revenue for the three-month period ended December 31, 2008, was $1.6 million, compared to revenue of $2.5 million for the same period in 2007. Operating expenses for the quarter ended December 31, 2008, were $7.8 million, with $3.2 million attributable to research and development, $1.5 million attributable to general and administrative expense and $3.1 million attributable to a loss on impairment of purchased patents. This compares to operating expenses of $9.0 million, with research and development expenses of $7.6 million and $1.4 million attributable to general and administrative expense for the same period last year. The Company reported a net loss for the quarter ended December 31, 2008, of $6.0 million, compared to a net loss of $8.2 million for the same period last year.

Revenue for the full year ended December 31, 2008, was $6.1 millio
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SOURCE TorreyPines Therapeutics, Inc.
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