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

d September 30, 2007. The decrease in interest income, net of $182,855 or 31% primarily resulted from decreased cash balances due to cash disbursements during the three months ended September 30, 2008.

About Transition

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Transition is a biopharmaceutical company, developing novel therapeutics for disease indications with large markets. Transition's lead products include ELND005 (AZD-103) for the treatment of Alzheimer's disease and TT-223 for the treatment of diabetes. Transition has an emerging pipeline of preclinical drug candidates acquired externally or developed internally using its proprietary drug discovery engine. Transition's shares are listed on the NASDAQ under the symbol "TTHI" and the Toronto Stock Exchange under the symbol "TTH". For additional information about the Company, please visit http://www.transitiontherapeutics.com.

Extracts of the Financial Statements to Follow:

CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30, June 30,

2008 2008

$ $

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ASSETS

Current

Cash and cash equivalents 26,885,506 22,952,865

Held-to-maturity investments 31,213,216 40,710,765

SCT receivable 1,650,000 1,650,000

Due from Eli Lilly and Company 1,913,505 472,220

GST receivable 325,376 278,784

Investment tax credits receivable 795,161 693,057

Prepaid expenses and deposits 638,811 974,426

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SOURCE Transition Therapeutics Inc.
Copyright©2008 PR Newswire.
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