TorreyPines Therapeutics Announces Management Change and Second Quarter 2008 Financi...(e six month period were $14.0 million wi...),Health

Date:8/8/2008

e six month period were $14.0 million, with $10.8 million attributable to research and development. This compares to operating expenses of $15.1 million and research and development expenses of $12.2 million for the same six month period last year. The company reported a net loss for the six months ended June 30, 2008 of $11.3 million compared to a net loss of $8.4 million for the same period last year.

Second Quarter 2008 Accomplishments:

-- Announced that the company will hold an end of Phase II meeting on September 29, 2008 with the U.S. Food and Drug Administration to discuss the tezampanel Phase III development plan for acute migraine.

-- Initiated a Phase I clinical trial to evaluate the analgesic effect of NGX426, the oral prodrug of tezampanel. The study will evaluate the effect of NGX426 on hyperalgesia, an abnormally increased pain state, and allodynia, pain resulting from normally non-painful stimuli to the skin, induced by intradermal injections of capsaicin. This study, if successful, will allow the company to further benefit from of the versatility of NGX426.

-- Presented data from the tezampanel Phase IIb clinical trial in acute migraine at the American Headache Society's Annual Scientific Meeting. The data showed that in addition to meeting the primary endpoint of headache pain relief at two hours, tezampanel demonstrated improvement on important secondary endpoints including: sustained headache response, absence of nausea, absence of phonophobia and absence of photophobia.

About TorreyPines Therapeutics

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, chronic pain, muscle spasti
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SOURCE TorreyPines Therapeutics, Inc. Copyright©2008 PR Newswire. All rights reserved

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