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Transition Therapeutics Announces Fiscal 2010 Year End Financial Results

TORONTO, Sept. 27, 2010 (GLOBE NEWSWIRE) -- Transition Therapeutics Inc. ("Transition" or the "Company") (Nasdaq:TTHI) (TSX:TTH) a product-focused biopharmaceutical company developing therapeutics for disease indications with large markets, today announced its financial results for the year ended June 30, 2010.

Selected Highlights

During fiscal 2010 and up to the date of this press release, the Company announced the following:

ELND005 (AZD-103) – Alzheimer's Disease:
  • On August 9, 2010, Elan Pharma International Limited ("Elan") and Transition announced topline summary results of a Phase II study and plans for Phase III for ELND005 (AZD-103). Also, Elan and Transition have agreed to work together to systematically explore all strategic, operational, and global options for the asset with the intent of maximizing the value of this innovative potential therapeutic;
  • On December 15, 2009, Elan and Transition announced modifications to ELND005 (AZD-103) Phase II clinical trials in Alzheimer's disease;
  • On July 13, 2009, Elan and Transition announced Phase I data showing ELND005 (AZD-103) achieves desired concentrations in brain tissue and cerebrospinal fluid when given orally.

TT-301/TT-302 – Inflammation Indications:
  • On June 30, 2010, Transition announced the initiation of a Phase I clinical study of TT-301.

TT-401/ TT-402 – Diabetes:
  • On March 3, 2010, Transition announced a licensing agreement with Eli Lilly and Company to acquire the rights to a series of preclinical compounds in the area of diabetes;

TT-223 – Diabetes:
  • On September 17, 2010, Transition announced the clinical study of TT-223 in combination with a GLP-1 analogue did not meet study efficacy endpoints. Given these findings, there will be no further development of TT-223;
  • On January 25, 2010, Transition announced results from a Phase II clinical study of gastrin analogue, TT-223, in patients with type 2 diabetes.

Corporate Development:
  • On September 28, 2009, the Company filed a preliminary short form base shelf prospectus with securities regulatory authorities. The shelf prospectus has become effective and provides for the potential offering in selected Canadian provinces and the United States of up to an aggregate amount of US$75 million of Transition's common shares, warrants, or a combination thereof, from time to time in one or more offerings until November 8, 2011. Utilization of the US shelf prospectus is dependent upon meeting certain market capitalization thresholds at the time of financing.

"This year, 2010, has seen a number of clinical milestones accomplished across our pipeline programs. These have included: the announcement of our first Phase III trial, completion of Phase II studies in our Alzheimer's disease program, the commencement of clinical development of a new class of compounds and the strengthening of our pipeline through a partnership with Lilly,"  said Dr. Tony Cruz, Chairman and CEO of Transition. "The year ahead will be filled with progress in many aspects of our business. Our commitment and dedication remain steadfast as we work to fulfil our mission of delivering life changing therapies."

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