RESEARCH TRIANGLE PARK, N.C.–Tranzyme, Inc. (Nasdaq:TZYM) announced today that its Board of Directors has made a determination to explore and evaluate strategic alternatives, including the possibility of a merger, sale, other form of business combination, or other transaction to maximize value to its stockholders.

The Company has not made a decision to pursue any specific transaction or other strategic alternative, and there is no set timetable for the strategic review process. There can be no assurance that the exploration of strategic alternatives will result in the identification or consummation of any transaction. The Company does not intend to comment further regarding this process until such time as its Board of Directors has determined the outcome of the process or otherwise has deemed that disclosure is required or appropriate.

The Company has retained Stifel as its financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as its legal counsel to assist with the strategic review process.

About Tranzyme Pharma

Tranzyme Pharma is a biopharmaceutical company focused on discovering, developing and commercializing novel, mechanism-based therapeutics for the treatment of unmet medical needs. The Company has two preclinical programs, TZP-201, a motilin antagonist for chemotherapy-induced diarrhea, and TZP-301, a ghrelin antagonist for the treatment of metabolic diseases. All of Tranzyme’s drug discovery activities are based on its proprietary small molecule macrocyclic template chemistry (MATCH™) technology, which has also been successfully used to generate drug candidates in partnership with other pharmaceutical companies. MATCH™ enables the rapid construction of synthetic libraries of drug-like macrocyclic compounds that display the desirable characteristics exhibited by large biomolecules, such as high potency and selectivity, while maintaining the benefits typically associated with small molecule drugs, such as high oral bioavailability, favorable PK/ADME properties and low cost of goods.

Further information about Tranzyme Pharma can be found on the Company’s website at www.tranzyme.com.