TorreyPines Therapeutics Reduces Workforce to Three Employees
LA JOLLA, Calif., March 31, 2009 /PRNewswire-FirstCall/ -- TorreyPines Therapeutics, Inc. today announced that, effective March 31, 2009, the Company will reduce its work force to three employees. This reduction is intended to further conserve financial resources, providing the Board of Directors additional time to evaluate strategic alternatives, including a possible sale of the Company. The three remaining employees, the Company's Chief Executive Officer, Chief Financial Officer, and Vice President and General Counsel will assist the Board of Directors in assessing and completing any possible strategic transaction.
"It was a very difficult decision to dismiss these talented and dedicated individuals who have contributed significantly to TorreyPines," said Ev Graham, Chief Executive Officer of TorreyPines. "We deeply appreciate their insights and hard work and wish them all well. While the workforce reduction is a difficult step, we believe it is appropriate at this time in order to provide us with the best opportunity to complete a strategic transaction."
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, 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.
Company Contact: Investor Contact:
Paul Schneider Rhonda Chiger
TorreyPines Therapeutics, Inc. Rx Communications
858-623-5665, x125 917-322-2569
pschneider@TPTXinc.com rchiger@RxIR.com
CONTACT: Paul Schneider of TorreyPines Therapeutics, Inc.,+1-858-623-5665, ext. 125, , or Investors, RhondaChiger of Rx Communications, +1-917-322-2569, , forTorreyPines Therapeutics, Inc. pschneider@TPTXinc.com rchiger@RxIR.com
Web site: http://www.tptxinc.com/
Ticker Symbol: (NASDAQ-NMS:TPTX)
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