TorreyPines Therapeutics, Inc. (TorreyPines) is a biopharmaceutical company committed to providing patients with alternatives to existing therapies through the research, development and commercialization of small molecule compounds. The Company seeks to develop product candidates each capable of treating a number of acute and chronic diseases and disorders, such as migraine, acute and chronic pain, and xerostomia. As of December 31, 2008, TorreyPines is developing three product candidates: two ionotropic glutamate receptor antagonists and one muscarinic receptor agonists. The Company’s two ionotropic glutamate receptor antagonists: tezampanel and NGX426, are clinical stage product candidates. NGX426 is an oral prodrug of tezampanel. During the year ended December 31, 2008, TorreyPines completed a Phase I clinical trial that was designed to identify the maximum tolerated single dose of NGX426 when given to healthy adults. NGX267 is a muscarinic receptor agonist.