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Transition Therapeutics Announces Third Quarter Fiscal 2009 Financial Results
Date:5/13/2009

ement. The Company has no further obligations that survive termination of the agreement.

    Drug Discovery Group
    --------------------

On March 31, 2009 the Company's Board of Directors approved the closure of operations at the Transition Therapeutics (USA) Inc. facilities located in the United States. The decision to close the subsidiary was part of a reorganization of the Company's drug discovery group which resulted in the relocation of certain activities to the Toronto based facility. The Company continues to pursue a number of discovery programs to advance novel lead molecules into pre-clinical development, including the compounds acquired from Forbes Medi-Tech (Research) Inc.

    Financial Review
    ----------------

    Results of Operations

For the three-month period ended March 31, 2009, the Company recorded a net loss of $5,738,815 ($0.25 per common share) compared to a net loss of $4,977,020 ($0.22 per common share) for the three-month period ended March 31, 2008.

For the nine-month period ended March 31, 2009, the Company recorded a net loss of $15,644,881 ($0.68 per common share) compared to a net loss of $10,628,206 ($0.46 per common share) for the nine-month period ended March 31, 2008.

The increase in net loss of $761,795 or 15% for the three-month period ended March 31, 2009 is primarily due to a decrease in interest income, the loss on the sale of the SCT shares, and increases in both research and development and general and administrative expenses. The increase in net loss was partially offset by an increase in foreign exchange gains resulting from the Company's US dollar investments.

The increase in net loss of $5,016,675 or 47% for the nine-month period ended March 31, 2009 is primarily due to an increase in research and development expenses relating to the ELND005 (AZD-103) program and increases in general and administrative expe
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