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TorreyPines Therapeutics Reports Third Quarter 2008 Results and Recent Accomplishments
Date:11/12/2008

LA JOLLA, Calif., Nov. 12 /PRNewswire/ -- TorreyPines Therapeutics, Inc. (Nasdaq: TPTX) today announced financial results for the third quarter ended September 30, 2008. For the three-month period, the Company posted revenue of $1.2 million and a net loss of $5.4 million. Cash and cash equivalents totaled $14.3 million at September 30, 2008.

"The past several months have been extremely productive as we further our transition to a development-only company," said Ev Graham, acting Chief Executive Officer of TorreyPines Therapeutics. "We held a successful End of Phase II meeting with the U.S. Food & Drug Administration (FDA) for tezampanel and believe we are well positioned to seek a corporate partner to continue its development. In addition, we continued to execute on our strategic plan by completing three transactions involving some of the Company's non-core assets. Looking ahead, we are on track to announce results from two clinical trials by the end of the year."

Upcoming Clinical Milestones:

-- Results from a Phase I clinical trial to evaluate the analgesic effect of NGX426, the oral prodrug of tezampanel, are on schedule to be announced in December 2008. The study is designed to evaluate the effect of NGX426 on hyperalgesia, an abnormally increased pain state, and allodynia, pain resulting from normally non-painful stimuli, when induced by intradermal injections of capsaicin.

-- Results from a Phase IIa study evaluating NGX267, a muscarinic agonist, as a potential treatment for xerostomia, are on schedule to be announced in December 2008. This study is designed to evaluate three doses of NGX267 and placebo in a four-way cross-over design in patients with xerostomia secondary to Sjogren's syndrome. The focus
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SOURCE TorreyPines Therapeutics, Inc.
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