LA JOLLA, Calif., Nov. 18 TorreyPines Therapeutics, Inc.(Nasdaq: TPTX) today announced that it has licensed to QR Pharma, Inc. theworldwide rights to Posiphen(TM), bisnorcymcerine and phenserine. QR Pharma isan emerging biotechnology company focusing on the development of compounds totreat Alzheimer's disease and other cognitive disorders.
"We are pleased to enter into this agreement with QR Pharma and wish themwell in their efforts to advance these compounds to develop new treatments forpeople suffering from Alzheimer's disease. This is the latest in a series ofagreements we have executed toward achieving our goal of monetizing non-coreassets and becoming a development-only company. Our focus now clearly remainson advancing our clinical product candidates tezampanel, NGX426 and NGX267,"said Ev Graham, Chief Executive Officer of TorreyPines.
"TorreyPines' technology targets three critical pathways in the treatmentof Alzheimer's disease in a novel manner that will impact disease progressionand provide symptomatic relief. QR is very pleased to be able to licenseclinical stage compounds and to further their development to show efficacy inmild as well as severe, Alzheimer's disease cases," said Dr. MariaMaccecchini, Chief Executive Officer of QR Pharma.
Under the terms of the agreement TorreyPines will receive from QR Pharmaan annual license fee, clinical and regulatory milestone payments,sublicensing fees and royalties on product sales. The agreement also providesQR Pharma with the right to acquire TorreyPines' ownership of the compounds.Specific terms of the agreement were not announced.
About TorreyPines Therapeutics, Inc.
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 statements are subject to numerous known and unknown risks, uncertaintiesand other factors, which may cause TorreyPines' actual results to bematerially different from historical results or from any results expressed orimplied by such forward-looking statements. In particular there is noguarantee that TorreyPines will receive any milestone payments, sublicensingfees or royalty payments pursuant to the agreement with QR Pharma, Inc. Theseand other risks which may cause results to differ are described in greaterdetail in the "Risk Factors" section of TorreyPines' annual report onForm 10-K for the year ended December 31, 2007 and TorreyPines other SECreports. The forward-looking statements are based on current information thatis likely to change and speak only as of the date hereof.Company contact: Investor contact: Paul Schneider Rhonda Chiger TorreyPines Therapeutics, Inc. Rx Communications Group 858-623-5665 X125 (917) 322-2569 email@example.com firstname.lastname@example.org
SOURCE TorreyPines Therapeutics, Inc.