Transition Therapeutics completes US$25 million private placement

On November 8, 2006, Transition Therapeutics Inc., a biopharmaceutical company developing novel therapeutics for disease indications with large markets, announced the closing of its previously disclosed private placement financing. It issued 26,881,720 common shares at a price of $0.93 per common share, raising gross proceeds of $25 million from two funds managed by Great Point Partners, LLC. The proceeds from the offering will be used to fund Transition's clinical studies, research and product development, working capital and general corporate purposes. Stephen Erlichman and John Sabetti of Fasken Martineau acted as Canadian legal advisors to Great Point Partners in this transaction.