Transition Therapeutics Receives Remaining Upfront Payment from Elan Corporation, plc



    TORONTO, Oct. 26 /CNW/ - Transition Therapeutics Inc. ("Transition")
(NASDAQ:   TTHI, TSX: TTH) announced the receipt of US$7.5 million representing
the second half of the US$15 million upfront payment under the Company's
global collaboration agreement with a subsidiary of Elan Corporation, plc
("Elan") (NYSE:   ELN) for the Alzheimer's disease drug candidate
ELND-005/AZD-103.
    ELND-005/AZD-103 has completed Phase I clinical trials and the drug
candidate appears to be safe and well tolerated at all doses and dosing
regimes examined in approximately 110 subjects. The drug candidate was also
shown to be orally bioavailable, cross the blood brain barrier, and achieve
levels in the human brain and CSF that were shown to be effective in animal
models for Alzheimer's disease.
    Transition and its collaborator Elan remain on track to commence a Phase
II clinical trial by the end of 2007 or early 2008.

    About Transition

    Transition is a biopharmaceutical company, developing novel therapeutics
for disease indications with large markets. Transition's lead products include
ELND-005/AZD-103 for the treatment of Alzheimer's disease and regenerative
therapies E1-I.N.T.TM and GLP1-I.N.T.TM for the treatment of diabetes.
Transition has an emerging pipeline of preclinical drug candidates developed
using its proprietary drug discovery engine. 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considered accurate only as of the date of the release and may be superseded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.

    %SEDAR: 00015806E




For further information:

For further information: on Transition, visit
www.transitiontherapeutics.com or contact: Dr. Tony Cruz, Chief Executive
Officer, Transition Therapeutics Inc, Phone: (416) 260-7770 x.223,
tcruz@transitiontherapeutics.com; Mr. Elie Farah, CFO and VP, Corporate
Development, Transition Therapeutics Inc., Phone: (416) 260-7770 x.203,
efarah@transitiontherapeutics.com; For further information on Elan, visit
www.elan.com

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Transition Therapeutics Inc.

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