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Raptor Pharmaceuticals Corp. and TorreyPines Complete Merger
Date:9/30/2009

mprove liquidity in our common stock and improve our access to the capital markets. In the coming months, we hope to announce several important milestones. By the end of 2009, we expect to announce clinical trial data on our lead product candidate, DR Cysteamine, from a Phase 2a clinical trial in non-alcoholic steatohepatitis ("NASH") and a Phase 2b clinical trial in nephropathic cystinosis ("cystinosis")."

In connection with the exchange of shares in the merger, Raptor and TorreyPines stockholders will own 95% and 5% of the outstanding shares of the combined company, respectively. Raptor stockholders will receive 17,881,300 shares of the combined company's common stock in exchange for the 76,703,147 shares of Raptor common stock outstanding immediately prior to the closing of the merger. TorreyPines stockholders will receive 941,121 shares of the combined company's common stock in exchange for the 15,999,058 shares of TorreyPines common stock outstanding immediately prior to the closing of the merger. For example:


                                          1,000 Shares of    1,000 Shares of
                                              Raptor           TorreyPines
                                          ---------------    ---------------
    Number of Combined Company Shares
     Issued as a Result of Merger              233                 58


In connection with the merger and subject to the same conversion factor as the Raptor common stock, the combined company will assume all of Raptor's stock options and warrants outstanding at the time of the merger. The combined company will also retain the TorreyPines stock options and warrants outstanding at the merger, subject to the same conversion factor as the TorreyPines common stock.

About Raptor Pharmaceutical Corp.

Raptor Pharmaceutical Corp. ("the Company") is dedicated to speeding the de
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SOURCE Raptor Pharmaceuticals Corp.; TorreyPines Therapeutics
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