This excerpt taken from the TPTX 8-K filed Mar 25, 2008.
Item 1.02. Termination of Material Definitive Agreement.
On March 20, 2008 TPTX, Inc., the subsidiary of TorreyPines Therapeutics, Inc. (TorreyPines), and Johnson & Johnson Development Corporation (JJDC), entered into a mutual agreement terminating the letter agreement between TPTX, Inc. and JJDC dated August 26, 2004 (the Original Agreement). The material terms of the Original Agreement are described in TorreyPines Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2006 and are incorporated herein by reference. As a result of the termination of the Original Agreement, the rights and obligations of the parties, including but not limited to the right of first negotiation granted to JJDC by TPTX, Inc., with respect to rights or products related to TPTX, Inc.s M1 agonist program have terminated.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.