LA JOLLA, Calif., March 30 /PRNewswire/ -- TorreyPines Therapeutics, Inc. today announced that the United States District Court of the Southern District of New York dismissed proceedings filed in February 2005 by former stockholders of Axonyx Inc. (“Axonyx”) against Axonyx and several of Axonyx’s former directors and officers. TorreyPines acquired Axonyx Inc. in 2006. The plaintiffs alleged that the defendants made misleading statements related to Phase III clinical trials of Axonyx’s drug candidate, phenserine. The complaint was dismissed in its entirety. In January 2009 a related outstanding derivative action against Axonyx was discontinued by the New York Supreme Court.
About TorreyPines Therapeutics, Inc.
TorreyPines Therapeutics, Inc. is a biopharmaceutical company committed to providing patients with better alternatives to existing therapies through the research, development and commercialization of small molecule compounds. The company’s goal is to develop versatile product candidates each capable of treating a number of acute and chronic diseases and disorders such as migraine, chronic pain, and xerostomia. The company currently has three clinical stage product candidates: two ionotropic glutamate receptor antagonists and one muscarinic receptor agonist. Further information is available at www.tptxinc.com.
This press release contains forward-looking statements or predictions. Such statements are subject to numerous known and unknown risks, uncertainties and other factors, which may cause TorreyPines’ actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These and other risks which may cause results to differ are described in greater detail in the “Risk Factors” section of TorreyPines’ annual report on Form 10-K for the year ended December 31, 2008 and TorreyPines other SEC reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are qualified in their entirety by this cautionary statement and TorreyPines undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
CONTACT: Paul Schneider of TorreyPines Therapeutics, Inc.,
+1-858-623-5665, ext. 125, pschneider@TPTXinc.com; or Rhonda Chiger of Rx
Communications Group, +1-917-322-2569, rchiger@rxir.com, for TorreyPines
Therapeutics, Inc.
Web site: http://www.tptxinc.com/
