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"We have been diligently executing on the strategic plan outlined inFebruary, maximizing the value of our versatile compounds while prudentlymanaging our resources," said Neil Kurtz, M.D., President and Chief ExecutiveOfficer of TorreyPines. "The role of glutamate in disease has been garneringmuch attention, further supporting the value of tezampanel and NGX426, our twoionotropic glutamate receptor antagonists. We are focused on developingbetter alternatives to current therapies and our pipeline reflects thiseffort, particularly as we move tezampanel toward the clinic in musclespasticity and rigidity, our first non-pain indication for the drug, and withthe recent initiation of a Phase II clinical trial evaluating NGX267 inxerostomia. Furthermore, the recent clinical guidance call held with the FDAsupports the advancement of tezampanel in acute migraine."
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Financial Results
Revenue for the three month period ended March 31, 2008, was $2.0 million,compared to revenue of $2.5 million for the same period in 2007. Operatingexpenses for the quarter ended March 31, 2008, were $6.7 million, with $5.3million attributable to research and development. This compares to operatingexpenses of $6.6 million and research and development expenses of $5.2 millionfor the same period last year. The company reported a net loss for thequarter ended March 31, 2008, of $3.9 million compared to a net loss of $3.3million for the previous year.
Conference Call/Webcast Information
TorreyPines will host a conference call and Webcast at 11 a.m. EDT today.The audio Webcast can be accessed at http://www.torreypinestherapeutics.com.To participate in this call, dial 719-325-4817 and enter the passcode 2644321.For a limited period following the call, a replay will be available beginningat 2 p.m. EDT. The replay can be accessed by calling 719-457-0820 and enteringpasscode 2644321.
About TorreyPines Therapeutics
TorreyPines Therapeutics, Inc. is a biopharmaceutical company committed toproviding patients with better alternatives to existing therapies through theresearch, development and commercialization of small molecule compounds. Thecompany's goal is to develop versatile product candidates each capable oftreating a number of acute and chronic diseases and disorders such asmigraine, chronic pain, muscle spasticity and rigidity, xerostomia andcognitive disorders. The company is currently developing four productcandidates: two ionotropic glutamate receptor antagonists and two muscarinicreceptor agonists. Further information is available athttp://www.torreypinestherapeutics.com.
This press release contains forward-looking statements or predictions.Such forward-looking statements include, but are not limited to, statementsregarding the plans for holding an end of Phase II meeting with the FDA,anticipated timing for initiating a Phase II clinical trial of tezampanel fortreatment of muscle spasticity and rigidity, anticipated timing for initiatinga multiple dose clinical trial of NGX426, the potential for tezampanel andNGX426 as treatments for acute migraine and other indications, the potentialfor NGX426 to be analgesic, the anticipated timing of results for the NGX426study in a model of capsaicin-induced pain, the plans for expanding theclinical profile of tezampanel, the potential for NGX267 as a treatment forxerostomia, the anticipated timing of results from the study of NGX267 as atreatment for xerostomia, the potential for the gamma secretase modulatorcompounds to treat Alzheimer's disease and the p
