Transition Therapeutics Announces First Quarter Fiscal 2009 Financi... (---------------------------- Net loss...)

Transition Therapeutics Announces First Quarter Fiscal 2009 Financial Results

Date:11/10/2008

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Net loss and comprehensive loss for the

period (5,032,796) (4,098,978)

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Basic and diluted net loss per common

share $(0.22) $(0.18)

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CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY

For the three-month period ended September 30, 2008 and year ended

June 30, 2008

(Unaudited)

Number of Share Contributed

Shares Capital Surplus

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# $ $

Balance, July 1, 2007 21,230,741 133,988,318 4,487,752

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Adjustment to opening deficit

for change in accounting policy

related to financial instruments - - -

Issued pursuant to private

placement, net 1,736,107 23,968,567 -

Issued as additional consideration

regarding Ellipsis

Neurotherapeutics Inc. 174,123 1,890,976 -

Stock options exercised or

cancelled 45,736 414,679 4,499

Stock-based compensation expense - - -

Net loss and comprehensive loss

for the year - - -

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Balance, June 30, 2008
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Transition Therapeutics Announces First Quarter Fiscal 2009 Financi...(---------------------------- Net loss...),Health