Stockholder Suits Related to TorreyPines Therapeutics, Inc. Dismissed
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LA JOLLA, Calif., March 30 /PRNewswire/ -- TorreyPines Therapeutics, Inc.
(Nasdaq: TPTX) 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.
Company contact: Investor contact:
Paul Schneider Rhonda Chiger
TorreyPines Therapeutics, Inc. Rx Communications Group
858-623-5665 x 125 (917) 322-2569
pschneider@TPTXinc.com rchiger@rxir.com
SOURCE TorreyPines Therapeutics, Inc.
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.
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