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TorreyPines Therapeutics Reports First Quarter 2008 Financial Results and Accomplishments
Date:5/13/2008

son@torreypinestherapeutics.com">cjohnson@torreypinestherapeutics.com david.schull@russopartners.com

Investor Contact:

Rhonda Chiger

Rx Communications

917-322-2569

rchiger@RxIR.com

(Tables Follow)

TorreyPines Therapeutics, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

March 31, December 31,

2008 2007

(Unaudited)

Assets

Current assets

Cash and cash equivalents $ 25,665 $ 32,500

Prepaid expenses and other current assets 543 835

Total current assets 26,208 33,335

Long-term assets 5,846 5,317

Total assets $ 32,054 $ 38,652

Liabilities and stockholders' equity

Current liabilities $ 8,142 $ 9,036

Debt and other long-term liabilities 47 973

Deferred revenue 900 2,183

Total liabilities 9,089 12,192

Total stockholders' equity 22,965 26,460

Total liabilities and stockholders' equity $ 32,054 $ 38,652

TorreyPines Therapeutics, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

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SOURCE TorreyPines Therapeutics, Inc.
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