TORONTO, Nov. 21, 2011 (GLOBE NEWSWIRE) -- Transition Therapeutics Inc.("Transition" or the "Company") (TSX:TTH) (Nasdaq:TTHI) today announced that it has entered into agreements to issue 3,703,703 common shares at a price of US$1.35 per share for gross proceeds of approximately US$5 million, by way of a non-brokered private placement (the "Offering"). Closing of the private placement is expected to occur on or about November 22, 2011. The Toronto Stock Exchange has conditionally approved the completion of the Offering.
The proceeds from the offering are expected to be used to build value for Transition's partnered Alzheimer's disease compound ELND005, its diabetes program TT-401/402, and general corporate purposes.
These securities have not been registered under the U.S. Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Transition
Transition is a biopharmaceutical company, developing novel therapeutics for disease indications with large markets. Transition's lead product is ELND005 (AZD-103) for the treatment of Alzheimer's disease and Transition also has an emerging pipeline of innovative preclinical and clinical drug candidates. The other drugs in the pipeline that the Company is developing are for anti-inflammatory and metabolic indications. 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.
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For further information on Transition, visit www.transitiontherapeutics.com