Transition Therapeutics Strengthens Drug Discovery Group



    TORONTO, Aug. 18 /CNW/ - Transition Therapeutics Inc. ("Transition" or
the "Company") (TSX: TTH, NASDAQ:  TTHI) today announced a series of actions to
strengthen the Company's drug discovery group. Transition has acquired certain
assets and the exclusive rights to three drug discovery projects from Forbes
Medi-Tech (Research) Inc., a wholly owned subsidiary of Forbes Medi-Tech Inc.
("Forbes"). In addition, Dr. John Nestor, has joined Transition Therapeutics
(USA) Inc. as Vice President of Drug Discovery. Dr. Nestor is a medicinal
chemist with a wealth of experience in drug discovery at large pharmaceutical
and biotechnology companies and has a track record of discovering and
developing multiple pharmaceutical products.
    These newly acquired discovery projects and other early-stage internal
projects will be the focus of a group of research scientists led by Dr. Nestor
and operate through a newly formed United States-based subsidiary called
Transition Therapeutics (USA) Inc.
    In consideration for the acquisition of these assets and intellectual
property rights, Forbes will receive from Transition US$1 million, and
potentially up to an additional US$6 million in contingent consideration
dependent on all three technologies successfully achieving certain
developmental and regulatory milestones.

    About Transition
    ----------------
    Transition is a biopharmaceutical company, developing novel therapeutics
for disease indications with large markets. Transition's lead products include
ELND005 (AZD-103) for the treatment of Alzheimer's disease and TT-223 for the
treatment of diabetes. Transition has an emerging pipeline of preclinical drug
candidates acquired externally and developed internally 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considered accurate only as of the date of the release and may be superseded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; Elie Farah, President & Chief Financial
Officer, Transition Therapeutics Inc., Phone: (416) 260-7770, x.203,
efarah@transitiontherapeutics.com

Organization Profile

Transition Therapeutics Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890