Navigation Links
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 million compared to revenue of $9.9 million for the same period in 2007. Operating expenses for the 12-month period were $27.8 million, with $18.9 million attributable to research and development, $5.8 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 for the same 12-month period last year of $33.6 million, with $28.0 million attributable to research and development and $5.6 million attributable to general and administrative expense. The Company reported a net loss for the year ended December 31, 2008, of $22.8 million compared to a net loss of $23.4 million for the same period last year.

TorreyPines' complete fiscal 2008 annual report will be available on TorreyPines' Web site: www.tptxinc.com. Go to the investor center then click on SEC filings.

About TorreyPines Therapeutics, Inc.

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, 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 www.tptxinc.com.

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)

                                             December 31,   December 31,
                                                 2008           2007
                                             ------------   ------------
                                              (Unaudited)
    Assets
    Current assets
      Cash and cash equivalents                   $10,864        $32,500
      Prepaid expenses and other
       current assets                                 187            835
                                             ------------   ------------
      Total current assets                         11,051         33,335

    Long-term assets                                   79          5,317
                                             ------------   ------------

    Total assets                                  $11,130        $38,652
                                             ============   ============

    Liabilities and stockholders' equity
    Current liabilities                            $5,305         $9,036
    Debt and other long-term liabilities            2,112            973
    Deferred revenue                                    -          2,183
                                             ------------   ------------
    Total liabilities                               7,417         12,192

    Total stockholders' equity                      3,713         26,460
                                             ------------   ------------

    Total liabilities and stockholders'
     equity                                       $11,130        $38,652
                                             ============   ============



                           TorreyPines Therapeutics, Inc.
                Condensed Consolidated Statements of Operations

                    (in thousands, except per share amounts)

                               Three months ended      Twelve months ended
                                  December 31,            December 31,
                              -------------------      -------------------
                                2008       2007         2008        2007
                              ---------  ---------    ---------  ---------
                             (Unaudited)(Unaudited)  (Unaudited)

    Revenue                    $1,590      $2,461      $6,071      $9,850

    Operating expenses:
      Research and development  3,220       7,587      18,949      27,977
      General and
       administrative           1,475       1,434       5,801       5,643
      Loss on impairment of
       purchased patents        3,074           -       3,074           -
                              -------     -------     -------     -------
    Total operating expenses    7,769       9,021      27,824      33,620

    Loss from operations       (6,179)     (6,560)    (21,753)    (23,770)

    Other income (expense)
      Interest income              36         370         453       2,069
      Interest expense            (55)       (171)       (376)       (817)
      Other income
       (expense), net             150      (1,795)     (1,109)       (851)
                              -------     -------     -------     -------
    Total other income
     (expense)                    131      (1,596)     (1,032)        401
                              -------     -------     -------     -------
    Net loss                  $(6,048)    $(8,156)   $(22,785)   $(23,369)
                              =======     =======     =======     =======
    Basic and diluted
     net loss per share        $(0.38)     $(0.52)     $(1.45)     $(1.49)
                              =======     =======     =======     =======

    Weighted average shares
     used in the computation
     of basic and diluted
     net loss per share    15,754,058  15,738,297  15,748,967  15,717,984
                           ==========  ==========  ==========  ==========


    Company contact:                           Investor contact:
    Craig Johnson                              Rhonda Chiger
    TorreyPines Therapeutics, Inc.             Rx Communications Group
    858-623-5665 X158                          (917) 322-2569
    cjohnson@TPTXinc.com                       rchiger@rxir.com


'/>"/>
SOURCE TorreyPines Therapeutics, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. TorreyPines Therapeutics to Present at the NewsMakers in the Biotech Industry Conference
2. TorreyPines Therapeutics to Present at ThinkEquitys G5 Conference
3. TorreyPines Therapeutics and Eisai Co., Ltd. Extend Genetics Discovery Collaboration for Alzheimers Disease
4. TorreyPines Therapeutics to Present at ThinkEquitys ThinkClinic Conference
5. TorreyPines Therapeutics to Present at Acumen BioFin Rodman & Renshaw 9th Annual Healthcare Conference
6. TorreyPines Therapeutics Reports Third Quarter 2007 Results
7. TorreyPines Therapeutics to Present at Susquehanna Financial Groups Second Annual SIGnificant Options in Healthcare Conference
8. TorreyPines Therapeutics Initiates Phase II Study of Muscarinic Agonist NGX267 for Treatment of Xerostomia
9. TorreyPines Therapeutics Reports Fourth Quarter and Full Year 2007 Financial Results and Highlights
10. TorreyPines Therapeutics to Host First Quarter 2008 Results Conference Call and Webcast
11. TorreyPines Therapeutics to Present Tezampanel Phase IIb Clinical Data for Acute Migraine at 50th Annual Scientific Meeting of the American Headache Society
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... ... June 24, 2016 , ... While the majority of commercial ... Cary 5000 and the 6000i models are higher end machines that use the more ... the spectrophotometer’s light beam from the bottom of the cuvette holder. , FireflySci ...
(Date:6/23/2016)... June 23, 2016 /PRNewswire/ - FACIT has announced ... biotechnology company, Propellon Therapeutics Inc. ("Propellon" ... commercialization of a portfolio of first-in-class WDR5 inhibitors ... such as WDR5 represent an exciting class of ... precision medicine for cancer patients. Substantial advances have ...
(Date:6/23/2016)...  The Biodesign Challenge (BDC), a university competition that ... living systems and biotechnology, announced its winning teams at ... New York City . The teams, ... at MoMA,s Celeste Bartos Theater during the daylong summit. ... curator of architecture and design, and Suzanne Lee ...
(Date:6/23/2016)... LOUISVILLE, Ky. , June 23, 2016 /PRNewswire/ ... from two Phase 1 clinical trials of its ... double-blind, placebo-controlled, single and multiple ascending dose studies ... and pharmacodynamics (PD) of subcutaneous injection in healthy ... APL-2 subcutaneously (SC) either as a single dose ...
Breaking Biology Technology:
(Date:6/20/2016)... DALLAS , June 20, 2016 ... criminal justice technology solutions for public safety, investigation, ... by the prisons involved, it has secured the ... Corrections (DOC) facilities for Managed Access Systems (MAS) ... (4) additional facilities to be installed by October, ...
(Date:6/7/2016)... TORONTO , June 7, 2016  Syngrafii ... begun a business relationship that includes integrating Syngrafii,s ... pilot branch project. This collaboration will result in ... for the credit union, while maintaining existing document ... http://photos.prnewswire.com/prnh/20160606/375871LOGO ...
(Date:6/1/2016)... -- Favorable Government Initiatives Coupled With Implementation ... to Boost Global Biometrics System Market Through 2021  ... " Global Biometrics Market By Type, By End ... - 2021", the global biometrics market is projected to ... growing security concerns across various end use sectors such ...
Breaking Biology News(10 mins):