TorreyPines Therapeutics Reports First Quarter 2008 Financial Results and Accom... ( LA JOLLA Calif. May 13 /- TorreyP...)

TorreyPines Therapeutics Reports First Quarter 2008 Financial Results and Accomplishments

Date:5/13/2008

LA JOLLA, Calif., May 13 /PRNewswire/ -- TorreyPines Therapeutics, Inc. (Nasdaq: TPTX) today reported its financial results and accomplishments for the first quarter ended March 31, 2008. For the three-month period, the company posted revenue of $2.0 million and a net loss of $3.9 million. Cash and cash equivalents totaled $25.7 million at March 31, 2008.

"We have been diligently executing on the strategic plan outlined in February, maximizing the value of our versatile compounds while prudently managing our resources," said Neil Kurtz, M.D., President and Chief Executive Officer of TorreyPines. "The role of glutamate in disease has been garnering much attention, further supporting the value of tezampanel and NGX426, our two ionotropic glutamate receptor antagonists. We are focused on developing better alternatives to current therapies and our pipeline reflects this effort, particularly as we move tezampanel toward the clinic in muscle spasticity and rigidity, our first non-pain indication for the drug, and with the recent initiation of a Phase II clinical trial evaluating NGX267 in xerostomia. Furthermore, the recent clinical guidance call held with the FDA supports the advancement of tezampanel in acute migraine."

First Quarter 2008 and Recent Accomplishments:

-- Held a clinical guidance teleconference with the U.S. Food and Drug

Administration (FDA) and confirmed that it has no objection to

TorreyPines moving forward into Phase III clinical trials for the

treatment of acute migraine with the 40 mg dose of tezampanel. Prior

to initiating any Phase III clinical trials, TorreyPines intends to

hold an end-of-Phase II meeting with the FDA, currently planned for

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