Dr. Tony Cruz reports

TRANSITION THERAPEUTICS ANNOUNCES THE DEPARTURE OF ITS PRESIDENT AND CHIEF FINANCIAL OFFICER

Elie Farah, Transition Therapeutics Inc.'s president and chief financial officer, has left the company to pursue new challenges. During his time at Transition, Mr. Farah played an instrumental role in the company listing on the Nasdaq Stock Market, completing several equity financings, managing and executing multiple company acquisitions, as well as licensing agreements with large pharmaceutical companies.

Dr. Tony Cruz, chairman and chief executive officer of Transition, commented: "Mr. Farah is a talented executive who always served the company in a highly committed and effective manner that was appreciated by the board. We are very grateful for his many meaningful contributions during his tenure at Transition, and we wish him much success in his future endeavours."

We seek Safe Harbor.