Exhibit 99.1
Company Contact:
Craig Johnson
TorreyPines Therapeutics, Inc.
858-623-5665, x158
cjohnson@tptxinc.com
TorreyPines Therapeutics Reports First Quarter 2009 Financial Results
LA JOLLA, CA, May 1, 2009 – TorreyPines Therapeutics, Inc. (Nasdaq: TPTX) today reported financial results for the first quarter ended March 31, 2009.For the three-month period, the company posted a net loss of $2.1 million. Cash and cash equivalents totaled $6.3 million at March 31, 2009.
On April 15, 2009, the Company hired Merriman Curhan Ford as its financial advisor to assist in the evaluation of strategic options, including the possible sale of the Company or its assets.
Financial Results
Revenue for the three month period ended March 31, 2009 was $0 compared to revenue of $2.0 million for the same period in 2008. Operating expenses for the quarter ended March 31, 2009 were $2.1 million, with $0.9 million attributable to research and development. This compares to operating expenses of $6.7 million and research and development expenses of $5.3 million for the same period last year. The company reported a net loss for the quarter ended March 31, 2009 of $2.1 million compared to a net loss of $3.9 million for the previous year.
About TorreyPines Therapeutics
TorreyPines Therapeutics, Inc. is a biopharmaceutical company committed to providing patients with better alternatives to existing therapies through the 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, acute and 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.
(Tables Follow)
TorreyPines Therapeutics, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
| | | | | | |
| | | March 31,
2009 | | December 31,
2008 |
| | | (Unaudited) | | |
Assets | | | | | | |
Current assets | | | | | | |
Cash and cash equivalents | | $ | 6,319 | | $ | 10,864 |
Prepaid expenses and other current assets | | | 379 | | | 187 |
| | | | | | |
Total current assets | | | 6,698 | | | 11,051 |
Long-term assets | | | 11 | | | 79 |
| | | | | | |
Total assets | | $ | 6,709 | | $ | 11,130 |
| | | | | | |
Liabilities and stockholders’ equity | | | | | | |
Current liabilities | | $ | 4,878 | | $ | 5,305 |
Long-term debt, net of current portion | | | — | | | 2,112 |
| | | | | | |
Total liabilities | | | 4,878 | | | 7,417 |
Total stockholders’ equity | | | 1,831 | | | 3,713 |
| | | | | | |
Total liabilities and stockholders’ equity | | $ | 6,709 | | $ | 11,130 |
| | | | | | |
TorreyPines Therapeutics, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
| | | | | | | | |
| | | Three months ended
March 31, | |
| | | 2009 | | | 2008 | |
Revenue | | $ | — | | | $ | 2,046 | |
Operating expenses: | | | | | | | | |
Research and development | | | 855 | | | | 5,260 | |
General and administrative | | | 1,268 | | | | 1,448 | |
| | | | | | | | |
Total operating expenses | | | 2,123 | | | | 6,708 | |
Loss from operations | | | (2,123 | ) | | | (4,662 | ) |
Other income (expense) | | | | | | | | |
Interest income | | | 8 | | | | 217 | |
Interest expense | | | (45 | ) | | | (147 | ) |
Other income (expense), net | | | 40 | | | | 699 | |
| | | | | | | | |
Total other income | | | 3 | | | | 769 | |
| | | | | | | | |
Net loss | | $ | (2,120 | ) | | $ | (3,893 | ) |
| | | | | | | | |
Basic and diluted net loss per share | | $ | (0.13 | ) | | $ | (0.25 | ) |
| | | | | | | | |
Weighted average shares used in the computation of basic and diluted net loss per share | | | 15,974,058 | | | | 15,739,646 | |
| | | | | | | | |
