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Transition Therapeutics Announces Second Quarter Fiscal 2009 Financial Results
Date:2/11/2009

TORONTO, Feb. 11 /PRNewswire-FirstCall/ - Transition Therapeutics Inc. ("Transition" or the "Company") (TSX: TTH; NASDAQ: TTHI), a product-focused biopharmaceutical company developing therapeutics for disease indications with large markets, today announced its financial results for the quarter ended December 31, 2008.

    Selected Highlights
    -------------------

    During the second quarter of fiscal 2009 and up to the date of this press
release, the Company achieved the following significant milestones:

    ELND005 (AZD-103) - Alzheimer's Disease:

    -   On October 20, 2008, Elan and Transition announced the achievement of
        the patient enrollment target for a Phase II clinical study of
        ELND005 (AZD-103) in patients with Alzheimer's disease. The study is
        a randomized, double-blind, placebo-controlled, dose-ranging, safety
        and efficacy study in patients with mild to moderate Alzheimer's
        disease. Each patient's planned treatment period is approximately 18
        months;

    TT-223 - Diabetes:

    -   On February 5, 2009, Transition announced the completion of patient
        enrolment for a Phase II clinical study of gastrin analogue, TT-223,
        in patients with type 2 diabetes;

    Corporate Developments:

    -   In January 2009, the Company disposed of 23,272,633 shares of Stem
        Cell Therapeutics Corp. ("Stem Cell") in open market transactions
        over the TSX Venture Exchange which resulted in net proceeds of
        approximately $1.4 million;

    -   On October 3, 2008, the Company received 23,272,633 freely tradable
        common shares of Stem Cell pursuant to the terms of a share purchase
        agreement entered into on October 4, 2004. Under the terms of this
        agreement, the final $1,650,000 milestone payment was due from Stem

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SOURCE Transition Therapeutics Inc.
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