NEWS
TORONTO, Jun 1, 2007 (Canada NewsWire via COMTEX News Network) --
Transition Therapeutics Inc. ("Transition") (TSX: TTH) announced today that Transition has acquired all of the remaining outstanding common shares of NeuroMedix Inc. ("NeuroMedix") pursuant to the compulsory acquisition provisions of the Business Corporations Act (Ontario). Transition now beneficially owns 100% of the common shares of NeuroMedix.
NeuroMedix's common shares were delisted from the Toronto Venture Stock Exchange as of the close of the market on May 15, 2007. NeuroMedix has applied to securities regulators to cease to be a reporting issuer under Canadian securities laws.
About Transition
Transition is a biopharmaceutical company, developing novel therapeutics for disease indications with large markets. Transition's lead products include AZD-103/ELND005 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 www.transitiontherapeutics.com.
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SOURCE: Transition Therapeutics Inc.
SOURCE: NeuroMedix Inc.
on Transition or NeuroMedix, visit www.transitiontherapeutics.com or contact Dr. TonyCruz, Chief Executive Officer, Transition Therapeutics Inc, Phone: (416) 260-7770,x.223, tcruz@transitiontherapeutics.com; Mr. Elie Farah, CFO and VP CorporateDevelopment, Transition Therapeutics Inc., Phone: (416) 260-7770, x.203,efarah@transitiontherapeutics