LA JOLLA, Calif., Sept. 25 TorreyPines Therapeutics, Inc.(Nasdaq: TPTX) today announced that it will transition from a discovery anddevelopment company to a development-only company, focusing on its threeclinical development programs. As a result, TorreyPines will streamlineoperations through the shut down of its discovery operations, and seek tomonetize non-core assets through the expansion of its business developmentefforts. On September 30, 2008, the company will reduce its work force byapproximately 50 percent, primarily in the area of discovery. As a result ofthis restructuring the company expects to decrease its spending going forward.The company will retain 13 employees supporting preclinical, clinical,business development, and administrative activities.
TorreyPines' 2008 strategic plan, as presented in February 2008, isintended to maximize the value of the company's clinical stage productcandidates: tezampanel, NGX426 and NGX267. By year end 2008 TorreyPinesTherapeutics will:
-- Conduct an end-of-Phase II meeting with the U.S. Food and DrugAdministration (FDA) to discuss the Phase III program for tezampanel in acutemigraine headache. The end-of-Phase II meeting with the FDA is scheduled forSeptember 29th. As reported in October 2007, tezampanel, an AMPA/kainatereceptor antagonist, met its primary endpoint of headache pain relief in adouble-blind, placebo-controlled Phase IIb trial in 306 patients with acutemigraine headache. This trial marked the sixth clinical study demonstratingtezampanel's effectiveness in the treatment of chronic pain.
-- Complete an ongoing Phase I single dose trial to evaluate the analgesiceffect of NGX426, the oral version of tezampanel, in a capsaicin model ofhyperalgesia. This trial will provide data related to the onset, magnitudeand duration of effect of NGX426 and will help guide the direction of theNGX426 Phase II program. In addition, the company will initiate a Phase Imultiple dose trial of NGX426 to provide a platform for conducting chronicdosing clinical trials.
-- Complete an ongoing Phase II trial of NGX267 in xerostomia, or drymouth, secondary to Sjogren's syndrome. The company has demonstrated thesafety of single and multiple doses of NGX267, a muscarinic agonist, in threePhase I trials involving healthy volunteers.
-- Complete the shut down of its discovery operations in connection withthe planned conclusion on September 30, 2008 of the Alzheimer's diseasegenetics collaboration with Eisai Co., Ltd.
TorreyPines will continue to actively seek a development partner for itsclinical compounds: tezampanel, NGX426 and NGX267. In addition, the companywill look to monetize its gamma-secretase modulator (GSM) and Alzheimer'sdisease genetics programs, as well as its compounds: phenserine, Posiphen(TM)and bisnorcymserine.
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, xerostomia and cognitive disorders.The company is currently developing three product candidates: two ionotropicglutamate receptor antagonists and one muscarinic receptor agonist. Furtherinformation is available at http://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, thepotential for tezampanel and NGX426 as treatments for acute migraine and otherindications, the potential for NGX426 to be analges