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Transition Therapeutics Inc.: News Release

TORONTO, Feb. 22, 2011 (GLOBE NEWSWIRE) -- Transition Therapeutics Inc. ("Transition" or "Company") (TSX:TTH) (Nasdaq:TTHI) is aware of the significant increase in its share price in TSX and NASDAQ trading today. At the request of the Investment Industry Regulatory Organization of Canada ("IIROC") on behalf of the TSX, Transition reports that the Company has no material events to announce.

About Transition

Transition is a biopharmaceutical company, developing novel therapeutics for disease indications with large markets. Transition's lead product is ELND005 (AZD-103) for the treatment of Alzheimer's disease and Transition also has an emerging pipeline of innovative preclinical and clinical drug candidates. The other drugs in the pipeline that the Company is developing are for anti-inflammatory and metabolic indications. Transition's shares are listed on the NASDAQ under the symbol "TTHI" and the Toronto Stock Exchange under the symbol "TTH". For additional information about the Company, please visit www.transitiontherapeutics.com .

Notice to Readers: Information contained in our press releases should be considered accurate only as of the date of the release and may be superseded by more recent information we have disclosed in later press releases, filings with the OSC, SEC or otherwise. Except for historical information, this press release may contain forward-looking statements, relating to expectations, plans or prospects for Transition, including conducting clinical trials. These statements are based upon the current expectations and beliefs of Transition's management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include factors beyond Transition's control and the risk factors and other cautionary statements discussed in Transition's quarterly and annual filings with the Canadian commissions.

For further information on Transition, visit www.transitiontherapeutics.com, or contact

CONTACT: Dr. Tony Cruz
         Chairman & Chief Executive Officer
         Transition Therapeutics Inc.
         Phone: (416) 260-7770, x.223
         tcruz@transitiontherapeutics.com
         
         Elie Farah
         President & Chief Financial Officer
         Transition Therapeutics Inc.
         Phone: (416) 260-7770, x.203
         efarah@transitiontherapeutics.com

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