TPTX » Topics » The market price of our stock may be adversely affected by market volatility.

This excerpt taken from the TPTX 10-K filed Mar 16, 2006.

                    The market price of our stock may be adversely affected by market volatility.

          The market price of our common stock is likely to be volatile and could fluctuate widely in response to many factors, including:



announcements of the results of clinical trials by us or our competitors,



developments with respect to patents or proprietary rights,



announcements of technological innovations by us or our competitors,



announcements of new products or new contracts by us or our competitors,



actual or anticipated variations in our operating results due to the level of drug development expenses and other factors,



changes in financial estimates by securities analysts and whether our potential earnings or losses meet or exceed such estimates,



conditions and trends in the pharmaceutical and other industries including the successful market launch of competing products or unfavorable pricing conditions,



new accounting standards,



general economic, political and market conditions and other factors, and



the occurrence of any of the risks described in these “Risk Factors.”

          In the past two years, the price range of the bid quotations for our common stock has been between a high of $8.75 and a low of $0.99. In the past, following periods of volatility in the market price of the securities of companies in our industry, securities class action litigation, such as the lawsuits that have been filed against us, has often been instituted against those companies. Please see Item 3, Legal Proceedings, and the risk factor above entitled “We are a defendant in a class action lawsuit and a shareholder derivative lawsuit.”

          Declines in our stock price might harm our ability to issue equity under future potential financing arrangements. The price at which we issue shares in such transactions is generally based on the market price of our common stock and a decline in our stock price would result in our needing to issue a greater number of shares to raise a given amount of funds or acquire a given amount of goods or services. For this reason, a decline in our stock price might also result in increased ownership dilution to our stockholders.

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