TorreyPines Therapeutics Reports Third Quarter 20...(and pharmacokinetics of tezampanel ...)

given once-daily for four consecutive days. Data from this multiple

dose trial are intended to support the continued development of

tezampanel for the treatment of migraine, as well as allow TorreyPines

to consider expanding the development of tezampanel into additional

chronic pain conditions.

-- Completed a Phase I multiple-dose clinical trial of NGX267 in

development for cognitive impairment associated with schizophrenia

(CIAS). NGX267 was found to be safe and well-tolerated. The clinical

trial also demonstrated that NGX267 increases salivary flow, which may

be beneficial in treating xerostomia, or dry mouth.

-- Extended the genetics discovery collaboration with Eisai Co., Ltd.

This agreement focuses on the discovery of Alzheimer's disease targets

using whole-genome family-based association screening. Under terms of

the agreement, TorreyPines received an upfront payment and continued

research funding in support of the program for an additional year.

Financial Results

Revenue for the three month period ended September 30, 2007 was $2.5 million compared to revenue of $2.5 million for the same period in 2006. Operating expenses for the quarter ended September 30, 2007 were $9.5 million, with $8.2 million attributable to research and development. This compares to operating expenses of $5.2 million and research and development expenses of $4.5 million for the same period last year. The Company reported a net loss for the quarter ended September 30, 2007 of $6.8 million compared to a net loss of $2.7 million for the same period last year.

Revenue for the nine month period ended September 30, 2007 was $7.4 million compared to revenue of $7.4 million for the same period in 2006. Operating expenses for the nine month period were $24.6 million, with $20.4 million attributabl
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