LA JOLLA, Calif., Nov. 14 /PRNewswire/ -- TorreyPines Therapeutics, Inc. today announced financial results for the third quarter ended September 30, 2007. For the three-month period, the Company posted revenue of $2.5 million and a net loss of $6.8 million. Cash and cash equivalents totaled $39.7 million at September 30, 2007.
“Last quarter we continued to advance our three priority product candidates and most notably, after the quarter ended, we announced positive results from our Phase IIb clinical trial evaluating our lead compound, tezampanel, in acute migraine,” said Neil Kurtz, M.D., President and Chief Executive Officer of TorreyPines. “We now have two migraine studies in which tezampanel demonstrated statistically significant improvement on the primary end point of pain response at two hours post-dose compared to placebo. These Phase IIb results further establish the efficacy and safety of tezampanel and we are pleased to be advancing tezampanel into later-stage clinical development.”
Financial Results
Revenue for the three month period ended September 30, 2007 was $2.5 million compared to revenue of $2.5 million for the same period in 2006. Operating expenses for the quarter ended September 30, 2007 were $9.5 million, with $8.2 million attributable to research and development. This compares to operating expenses of $5.2 million and research and development expenses of $4.5 million for the same period last year. The Company reported a net loss for the quarter ended September 30, 2007 of $6.8 million compared to a net loss of $2.7 million for the same period last year.
Revenue for the nine month period ended September 30, 2007 was $7.4 million compared to revenue of $7.4 million for the same period in 2006. Operating expenses for the nine month period were $24.6 million, with $20.4 million attributable to research and development. This compares to operating expenses of $19.6 million and research and development expenses of $17.6 million for the same nine month period last year. The Company reported a net loss for the nine months ended September 30, 2007 of $15.2 million compared to a net loss of $12.2 million for the same period last year.
TorreyPines merged with Axonyx Inc. on October 3, 2006. The Company’s financial statements reflect the historical results of TorreyPines prior to the merger and that of the combined company following the merger, and do not include the historical results of Axonyx Inc. prior to the completion of the merger.
About TorreyPines Therapeutics, Inc.
TorreyPines Therapeutics, Inc. is a clinical stage biopharmaceutical company committed to the discovery, development and commercialization of novel small molecules to treat diseases and disorders of the central nervous system (CNS). Led by an accomplished management team, TorreyPines is leveraging novel drug targets and technologies to potentially deliver new CNS therapies for chronic pain, including migraine and neuropathic pain; and cognitive disorders, including cognitive impairment associated with schizophrenia and Alzheimer’s disease. Further information 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, statements regarding the potential for tezampanel as a treatment for migraine, the potential timing, development and initiation of Phase III clinical trials of tezampanel, the potential for NGX267 to treat the symptoms of cognitive impairment associated with schizophrenia and the potential for NGX267 to treat dry mouth, or xerostomia. 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, including whether the results of the Phase IIb trial are predictive of results in subsequent trials of tezampanel, whether any preclinical studies or clinical trials, either ongoing or conducted in the future, will prove successful, and if successful, whether the results can be replicated; whether safety and efficacy profiles of any of its drug candidates will be established, or if established, will remain the same, be better or worse in future clinical trials, if any; whether pre-clinical results will be substantiated by ongoing or future clinical trials, if any, or whether any of its drug candidates will be able to improve the signs or symptoms of their respective clinical indication; whether any of its drug candidates will support a filing for marketing approval, will be approved by the regulatory authorities, or if approved, will prove competitive in the market; or whether the necessary financing to support the company’s drug development programs will be available. In particular there is no guarantee that clinical trials of any of the company’s product candidates will be completed on schedule or that results of these clinical trials will be reported within the anticipated timeframe, that tezampanel will successfully treat migraine pain, that NGX267 will successfully treat the symptoms of cognitive impairment associated with schizophrenia, that NGX267 will successfully treat xerostomia or that TorreyPines will be able to complete the necessary development work and receive regulatory approval for tezampanel or NGX267. 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 31,2006 and TorreyPines other SEC reports. The forward-looking statements are based on current information that is likely to change and speak only as of the date hereof.
CONTACT: Craig Johnson of TorreyPines Therapeutics, Inc., +1-858-623-5665,
ext. 158, cjohnson@torreypinestherapeutics.com; or media, David Schull of
Russo Partners, LLC, +1-212-845-4271, david.schull@russopartnersllc.com; or
investors, Rhonda Chiger of Rx Communications, +1-917-322-2569,
rchiger@RxIR.com; or John Baldissera of BPC Financial Marketing,
1-800-368-1217, all for TorreyPines Therapeutics, Inc.
Web site: http://www.torreypinestherapeutics.com/
