Transition Therapeutics Announces First Quarter Fiscal 2009 Financi...( TORONTO Nov. 10 / Transition Ther...),Health

TORONTO, Nov. 10 /PRNewswire-FirstCall/ - Transition Therapeutics Inc. ("Transition" or the "Company") (TSX: TTH; NASDAQ: TTHI), a product-focused biopharmaceutical company developing therapeutics for disease indications with large markets, today announced its financial results for the quarter ended September 30, 2008.

Selected Highlights

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During the first quarter of fiscal 2009 and up to the date of this press release, the Company achieved the following significant milestones:

ELND005 (AZD-103) - Alzheimer's Disease:

- On October 20, 2008, Elan and Transition announced the achievement of

the patient enrollment target for a Phase II clinical study of

ELND005 (AZD-103) in patients with Alzheimer's disease. The study is

a randomized, double-blind, placebo-controlled, dose-ranging, safety

and efficacy study in patients with mild to moderate Alzheimer's

disease. Each patient's planned treatment period is approximately 18

months;

TT-223 - Diabetes:

- On September 11, 2008, Transition dosed the first patient in a Phase

II clinical study of gastrin analogue, TT-223, in patients with type

2 diabetes. The study is a randomized, double-blind, placebo-

controlled, dose-ranging study to evaluate the safety, tolerability

and efficacy of daily TT-223 treatments for 12 weeks with a 6-month

follow-up. Approximately 80 patients with type 2 diabetes are

expected to be enrolled in the study and will receive a daily

treatment of TT-223 in addition to their current regimen of oral

glucose lowering agents (metformin and/or thiazolidinediones);

Drug Discovery Initiatives:

- On August 18, 2008, the Company announced the acquisition of certain

assets and the exclusive rights to selected drug discovery projects

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