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Transition Therapeutics Announces Fiscal 2007 Year End Financial Results

ted a private placement

financing issuing 2,986,867 common shares at a price of $8.37 per

common share, raising gross proceeds of $25,000,000 from two funds

managed by Great Point Partners, LLC. The Company incurred total

share issuance costs of $1,035,249, resulting in net cash proceeds of


- Received the second anniversary payment of $400,000 from the sale of

its subsidiary, Stem Cell Therapeutics Inc ("SCT");

- Extinguished the indebtedness assumed related to the November 2005

Protana asset purchase.

Strategic Acquisition


- On June 1, 2007, the Company completed the acquisition of 100% of the

outstanding common shares of NeuroMedix Inc. ("NeuroMedix"), a

central nervous system ("CNS") focused biotechnology company.

NeuroMedix's lead compound, Minozac, has been shown to prevent

neuronal dysfunction in animal models of Alzheimer's disease and

traumatic brain injury.

"This year has been marked by the achievement of many significant milestones in the growth of the company including the clinical advancement of ELND-005/AZD-103 with our partner Elan, positive clinical data from the Phase IIa trials with our diabetes product, E1-I.N.T., Transition's move to the NASDAQ and raising $50 million to strengthen our financial position," said Dr. Tony Cruz, Chairman and CEO of Transition. "Looking forward, the company is focused on continued growth through the advancement of its current lead programs and the introduction of new programs into preclinical and clinical development."

Pipeline Review


ELND-005/AZD-103 for Alzheimer's Disease

Transition's lead Alzheimer's disease compound ELND-005/AZD-103 is a disease modifying agent with the potential to both prevent and reduce disease progression, and improve symptoms such as cognitive function.

SOURCE Transition Therapeutics Inc.
Copyright©2007 PR Newswire.
All rights reserved

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