Transition Therapeutics Announces Fiscal 2007 Year End Financi... (eive milestone payments of up to US$185 ...)

Transition Therapeutics Announces Fiscal 2007 Year End Financial Results

Date:9/12/2007

eive milestone payments of up to US$185 million and will share the

costs of development and profits from commercialization;

I.N.T.(TM) - Diabetes:

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- Clinical Data Results:

On June 28, 2007, the Company Announced Final Results from the

Exploratory Phase IIa E1-I.N.T.(TM) Clinical Trial. A 4-Week Therapy

with E1-I.N.T.(TM) Lead to Sustained Reductions in Blood Glucose

Levels for 6 Months Post-treatment in Type 2 Diabetes Patients. In

the E1-I.N.T.(TM) treated group of patients, the mean HbA1c level was

reduced by 0.94% to 1.21% vs. baseline levels in months 2 to 6 post-

treatment. In addition to the HbA1c reductions, the data demonstrated

decreases in fasting blood glucose levels as well as improvements in

glucose tolerance over a six month period following treatment with

E1-I.N.T.(TM). These clinical improvements, including HbA1c

reductions greater than 1% in patients six month post-treatment,

highlight the potential that E1-I.N.T.(TM) therapy could provide

patients significant clinical benefit in excess of six months.

On March 5, 2007, Transition Released Positive Interim Data from E1-

I.N.T.(TM) Clinical Trials in Type 1 and Type 2 Diabetes. Data from

the trial in type 2 diabetes patients demonstrated that E1-I.N.T.(TM)

significantly lowered blood glucose levels for patients using

metformin with/without thiazolidinediones (TZD). In the type 1

diabetes study, 6 of 11 (54%) patients responded to E1-I.N.T.(TM)

therapy, either by decreasing their average daily insulin usage by

more than 20% or reducing their HbA1c levels by 1.2 to 2%. There were

no responders among the placebo group.

- Transition received the remaining US$750,000 of the US$1 million

relating to the amended I.N.T.
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Transition Therapeutics Announces Fiscal 2007 Year End Financi...(eive milestone payments of up to US$185 ...),Health