Transition Therapeutics Inc.: Late Filing of Business Acquisition Report

    TORONTO, Aug. 9 /CNW/ - Transition Therapeutics Inc. ("Transition" or the
"Company") (TSX: TTH), today announced that on August 9, 2007 it filed a
business acquisition report ("BAR") regarding the completion of its step
acquisition of the issued and outstanding securities of Ellipsis
Neurotherapeutics Inc. ("ENI"). Between November 4, 2004 and March 10, 2006,
the Company acquired a 33.2% interest in ENI and the remaining 66.8% was
acquired on March 10, 2006, all of which has been previously disclosed in
Company press releases which were filed on the System for Electronic Document
Analysis and Retrieval (SEDAR).
    Pursuant to Section 8.2 of National Instrument 51-102 Continuous
Disclosure Obligations, Transition was required to file the BAR within 75 days
of the closing of the transaction or May 24, 2006. The Company filed the BAR
following a notice of the BAR deficiency received from the Ontario Securities
Commission on July 17, 2007. Transition reported that the BAR was not filed as
it was the assessment of management that the filing was not necessary as the
purchase of ENI was an asset acquisition and not a business acquisition
requiring the filing of a BAR. The Ontario Securities Commission did not
concur with the opinion of management and has required the filing of the BAR.
Management has filed the BAR to ensure that the Company's continuous
disclosure record is current.
    Details regarding the transaction involving the completion of the step
acquisition of ENI were reported in press releases dated February 27, 2006 and
March 13, 2006.

    About Transition

    Transition is a biopharmaceutical company, developing novel therapeutics
for disease indications with large markets. Transition's lead products include
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
Toronto Stock Exchange under the symbol "TTH". For additional information
about the company, please visit

    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    superseded by more recent information we have disclosed in later press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 or otherwise. Press releases may contain
    forward-looking statements based on the expectations of our management as
    of the date of the release. Actual results may materially differ based on
    many factors, including those described in the press releases.

For further information:

For further information: visit or
contact: Dr. Tony Cruz, Chief Executive Officer, Transition Therapeutics Inc.,
Phone: (416) 260-7770 x 223,; Elie Farah,
Chief Financial Officer, Transition Therapeutics Inc., Phone: (416) 260-7770 x

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