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Transition Therapeutics Announces First Quarter Fiscal 2009 Financial Results
Date:11/10/2008

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Results of Operations

For the three months ended September 30, 2008, the Company recorded a net loss of $5,032,796 ($0.22 per common share) compared to a net loss of $4,098,978 ($0.18 per common share) for the three months ended September 30, 2007.

This increase in net loss of $933,818 or 23% is due to an increase in research and development expenses primarily resulting from an increase in clinical development costs related to ELND005 (AZD-103). The increase in net loss is also attributed to increases in general and administrative expenses and amortization expense as well as a decrease in interest income. The increase in net loss was partially offset by foreign exchange gains resulting from the Company's US dollar investments.

Research and Development

Research and development expenses increased $1,016,249 or 37% from $2,765,799 for the three months ended September 30, 2007 to $3,782,048 for the three months ended September 30, 2008. This increase was primarily the result of a significant increase in clinical development costs related to the ongoing Phase II ELND005 (AZD-103) trial. The increase was partially offset by decreases in direct clinical program expenses that related to the Company's TT-223 resulting from the reimbursement from Lilly.

General and Administrative

General and administrative expenses increased to $1,548,098 for the three months ended September 30, 2008 from $1,332,181 for the same period ended September 30, 2007. The increase of $215,917 or 16%, primarily resulted from increased stock option expense, salaries, and financial regulatory compliance costs, which were partially offset by a decreases in professional and regulatory costs as the comparative period contained increased costs associated with the NASDAQ listing of August 2007.

Interest Income, net

Interest income for the three months ended September 30, 2008 was $413,624 as compared to $596,479 for the three months ende
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SOURCE Transition Therapeutics Inc.
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