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Transcept Pharmaceuticals Reports First Quarter 2009 Financial Results
Date:5/13/2009

ranscept has been working to establish a collaboration with a primary care marketing partner in the United States. In this regard, Transcept is currently engaged in discussions with potential marketing partners, but cannot predict whether such discussions will result in a collaboration, or the timing or terms under which any such collaboration would be established. If Transcept does not enter into a U.S. primary care marketing collaboration prior to the launch of Intermezzo(R), Transcept believes it would have the financial resources to carry out its plans to commercialize Intermezzo(R) on its own.

First Quarter 2009 Financial Results

Research and development expenses for the quarter ended March 31, 2009 were $2.2 million, compared to $3.6 million for the same period in 2008. The $1.4 million decrease is primarily attributable to lower Intermezzo(R) development costs, the majority of which were incurred prior to the submission of the NDA on September 30, 2008. Research and development expenses included non-cash stock compensation expense in accordance with Statement of Financial Accounting Standards No. 123R (SFAS No. 123R) of approximately $49,000 for the quarter ended March 31, 2009 and $64,000 for the quarter ended March 31, 2008.

General and administrative expenses for the quarter ended March 31, 2009 were $4.2 million, compared to $1.5 million for the same period in 2008. The $2.7 million increase consists of higher professional fees to operate as a public company, increased personnel costs primarily in marketing and administration, increased market research expenses and an increase in operational expenses associated with the addition of the Novacea office space in South San Francisco. General and administrative expenses included non-cash stock compensation expense in accordance with SFAS No. 123R of approximately $169,000 for the quarter ended March 31, 2009, as comp
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SOURCE Transcept Pharmaceuticals, Inc.
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