"We are on track to reach our year-end target of 3,000 to 3,500 new prescriptions in the U.S. for EGRIFTA^®, as announced earlier in the year. However, given the recent increase in uncertainty in financial markets, we have decided to accelerate our path to profitability," stated John-Michel T. Huss, President and Chief Executive Officer of Theratechnologies. "With patient enrolment still in its early stages, now is the time to discontinue our COPD program," added Mr. Huss.

As a result of today's announcement, there will be a 60% workforce reduction or approximately 40 positions.

"I wish, of course, to sincerely thank all affected employees for their valuable contributions. This decision was not taken lightly and is in no way a reflection of the quality of their work," concluded Mr. Huss.

The Company will now focus its efforts on tesamorelin's significant potential for the treatment of excess abdominal fat in HIV patients with lipodystrophy. Currently, applications for this indication are under review with regulatory agencies in Europe, Argentina, Brazil, Canada, Israel and Mexico. The Company will also accelerate the development of a second generation growth-hormone releasing factor (GRF) for a broad range of potential medical indications and using new, more patient-friendly methods of administration.

The clinical program evaluating tesamorelin in muscle wasting associated with chronic obstructive pulmonary disease (COPD) was initiated in February 2011. The Phase II clinical trial was launched in September 2011 and was still in the early stages of enrolling patients. Lead investigators have been notified that the program has been discontinued.

The Company estimates that today's announcement will translate into cost savings of approximately $10 million in 2012. The Company estimates that the program would have required a total investment of approximately $90 million over the next four years.

Following this decision, Theratechnologies currently estimates that it will incur charges of approximately $3 million related to severance costs and the termination of the clinical trial. Theratechnologies expects to register these charges in fiscal 2012.

The Board has unanimously approved these decisions at a regular Board Meeting held yesterday.

Changes to the Board
To demonstrate its commitment to these decisions, the Board aims to lower its costs by approximately 50%. This will be achieved by reducing the number of committees, lowering remuneration fees and the number of members.

In addition, Mr. Jean de Grandpré, who had previously expressed his intention to retire by the end of the year, confirmed his decision. His retirement is effective immediately.

"I would like to take this opportunity to thank Mr. Jean de Grandpré for his substantial and invaluable contributions to the Company as a member of the Board for the past 18 years, and formerly as Chairman for over ten years. We wish him all the best in his well-deserved retirement," concluded Mr. Pommier, Chairman of the Board of Theratechnologies.

Conference Call Details
A conference call will be held today at 9:00 a.m. ET to discuss today's announcement. The call will be hosted by John-Michel T. Huss, President and Chief Executive Officer, and Luc Tanguay, Senior Executive Vice President and Chief Financial Officer. The conference call is open to questions from financial analysts only. Media and other interested individuals are invited to participate in the call in "listen-only" mode.

The conference call can be accessed by dialling 1-800-698-4476 (North America) or 1-416-981-9096 (International). Audio replay of the conference call will be available until December 21, 2011 by dialling 1-800-558-5253 (North America) or 1-416-626-4100 (International) and by entering the playback code 21561901.

About Theratechnologies
Theratechnologies (TSX: TH) (NASDAQ: THER) is a specialty pharmaceutical company that discovers and develops innovative therapeutic peptide products, with an emphasis on growth-hormone releasing factor (GRF) peptides. Further information about Theratechnologies is available on the Company's website at http://www.theratech.com/. Additional information, including the Annual Information Form and the Annual Report, is also available on SEDAR at http://www.sedar.com/ and on the Securities and Exchange Commission's website at http://www.sec.gov/.

Forward-Looking Information
This press release contains certain statements that are considered "forward-looking information" within the meaning of applicable securities legislation, which statements may contain such words as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions. This forward-looking information includes, but is not limited to, information regarding the timing of our profitability, the number of new prescriptions in the United States and our ability to accelerate the development of a second generation GRF.

Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Theratechnologies' control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to, that tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy (the "Product") will be approved by regulatory agencies in the territories where applications have been filed and are intended to be filed, that no additional clinical studies will be required by these regulatory agencies to obtain approvals or as a condition to obtaining approval of the Product, that if approved, the Product will be reimbursed and accepted by the marketplace in these territories, that the number of patients being prescribed EGRIFTA^® in the U.S. will increase, that our expenses will not increase due to unexpected events, that the weekly number of new prescriptions reported by IMS before the end of the year are consistent with the average weekly data published since the beginning of October, and that results from our development work on a second generation GRF and new methods of administration will be positive. These risks and uncertainties include, but are not limited to, the risk that the Product is not approved in all of the territories where applications have been filed and are intended to be filed, that revenues and royalties generated from sales of EGRIFTA^® are lower than anticipated, that conflicts occur with our commercial partners jeopardizing the commercialization of EGRIFTA^®, that the supply of EGRIFTA^® to our commercial partners is delayed or suspended as a result of problems with our suppliers, that EGRIFTA^® is withdrawn from the market as a result of defects or recalls, that our intellectual property is not adequately protected, that even if approved, the Product is not accepted in the marketplace or is not on the list of reimbursed drugs by third-party payers, or that the results from our development work on a second generation GRF and new methods of administration are not positive.

Theratechnologies refers potential investors to the "Risks and Uncertainties" section of its Annual Information Form (AIF) dated February 22, 2011. The AIF is available at http://www.sedar.com/ and at http://www.sec.gov/ under Theratechnologies' public filings. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking statements. Forward-looking information reflects current expectations regarding future events and speaks only as of the date of this press release and represents Theratechnologies' expectations as of that date.

Theratechnologies undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.

Montreal, Canada - November 24, 2011 - Theratechnologies Inc. (TSX: TH) (NASDAQ: THER) was presented with the prestigious Product Innovation Award for its lead compound, tesamorelin, at the 21^th Quebec Association of Industrial Research (ADRIQ) Innovation Awards Gala held on November 22, 2011.

"Theratechnologies is one of the few biotechs in Quebec that has managed to successfully gain FDA approval for a product and we are very proud to be recognized by ADRIQ," stated Mr. John-Michel T. Huss, President and Chief Executive Officer of Theratechnologies.

Tesamorelin, marketed in the U.S. as EGRIFTA^® for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy, is a growth-hormone releasing factor discovered and developed by Theratechnologies in Quebec. It was approved in November 2010 by the U.S. Food and Drug Administration (FDA) and launched in the U.S. by a commercial partner in January 2011. Applications for tesamorelin are also currently under review with regulatory agencies in Canada, Europe, Latin America and the Middle East.

Founded in 1996, the Quebec Association of Industrial Research (ADRIQ) Product Innovation Award recognizes Quebec companies that have recently distinguished themselves by developing and marketing an innovative product, contributing to the company's growth in their respective markets.

About Theratechnologies
Theratechnologies (TSX: TH) (NASDAQ: THER) is a specialty pharmaceutical company that discovers and develops innovative therapeutic peptide products, with an emphasis on growth-hormone releasing factor peptides. Further information about Theratechnologies is available on the Company's website at http://www.theratech.com/. Additional information, including the Annual Information Form and the Annual Report, is also available on SEDAR at http://www.sedar.com/ and on the Securities and Exchange Commission's website at http://www.sec.gov/.

Tesamorelin is proposed for the reduction of excess visceral fat in HIV-infected adult patients suffering from lipodystrophy with lipohypertrophy of the visceral adipose tissue. Theratechnologies estimates that there are approximately 18,000 HIV-infected patients in treatment suffering from excess abdominal fat in Mexico. Currently, there are no approved treatments available for this condition in Latin America.

"With submissions under review in North and South America, Europe and the Middle East, we are pleased that an application has been filed for tesamorelin by our partner Sanofi in Mexico as well," said Mr. John-Michel T. Huss, President and Chief Executive Officer of Theratechnologies. "The geographic scope of our regulatory filings to date, with the support of our commercial partners, demonstrates our drive to help address a currently unmet medical need and our commitment to maximizing the commercial potential of tesamorelin," concluded Mr. Huss.

Theratechnologies signed a distribution and licensing agreement with an affiliate of Sanofi on December 6, 2010, granting them exclusive commercialization rights for tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy in Latin America, Africa and the Middle East.

Additional applications for tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy are currently under review with regulatory agencies in Europe, Argentina, Brazil, Canada and Israel.

About HIV-Associated Lipodystrophy
Several factors, including a patient's antiretroviral drug regimen and the HIV virus itself, are thought to contribute to HIV-associated lipodystrophy, which is characterized by body composition changes. The changes in body composition may include accumulation of excess abdominal fat, which is known as abdominal lipohypertrophy.

About Theratechnologies
Theratechnologies (TSX:TH)(NASDAQ:THER) is a specialty pharmaceutical company that discovers and develops innovative therapeutic peptide products, with an emphasis on growth-hormone releasing factor peptides. Further information about Theratechnologies is available on the Company's website at http://www.theratech.com/. Additional information, including the Annual Information Form and the Annual Report, is also available on SEDAR at http://www.sedar.com/ and on the Securities and Exchange Commission's website at http://www.sec.gov/.

Forward-Looking Information
This press release contains certain statements that are considered "forward-looking information" within the meaning of applicable securities legislation, which statements may contain such words as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions. This forward-looking information includes, but is not limited to, information regarding the potential approval of tesamorelin by COFEPRIS and other regulatory agencies for the treatment of excess abdominal fat in adult HIV-infected patients with lipodystrophy and the size of the Mexican market.

Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Theratechnologies' control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to, that COFEPRIS and other regulatory agencies will approve tesamorelin for the treatment of excess abdominal fat in adult HIV-infected patients with lipodystrophy, that no additional clinical trials will be required by COFEPRIS and other regulatory agencies in order to approve tesamorelin, and that tesamorelin will be accepted by the marketplace as a treatment for HIV-associated lipodystrophy if approved by COFEPRIS. These risks and uncertainties include, but are not limited to, the risk that COFEPRIS and other regulatory agencies do not approve tesamorelin for the treatment of excess abdominal fat in adult HIV-infected patients with lipodystrophy or that COFEPRIS or other regulatory agencies require additional clinical studies prior to making any decision regarding the approval or non-approval of tesamorelin.

Theratechnologies refers potential investors to the "Risks and Uncertainties" section of its Annual Information Form (AIF) dated February 22, 2011. The AIF is available at http://www.sedar.com/ and at http://www.sec.gov/ under Theratechnologies' public filings. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking statements. Forward-looking information reflects current expectations regarding future events and speaks only as of the date of this press release and represents Theratechnologies' expectations as of that date.

Theratechnologies undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.

Financial Highlights:

• Consolidated revenues rose sharply to $3.5 million for the third quarter of 2011 and $10.5 million for nine-month period
• R&D expenses, which include costs related to the launch of the muscle wasting in COPD clinical program, remain stable at $2.9 million for the quarter
• Liquidities of $40 million available at quarter end

"Theratechnologies has had another productive quarter and I am pleased that our revenues from royalties have increased," stated John-Michel T. Huss, President and Chief Executive Officer of Theratechnologies. "As part of our 2011 objective to maximize the commercial potential of EGRIFTA^®, we have grown the geographic scope of regulatory filings for tesamorelin by adding Canada, Europe, Israel, Brazil and Argentina to the list. We also launched our phase 2 muscle wasting in COPD clinical program, as planned, to potentially address a currently unmet medical need affecting millions of patients worldwide. Finally, we have begun pre-clinical feasibility studies with a newly discovered GRF peptide that may be suitable for the treatment of a broader range of medical indications and methods of administration than tesamorelin," concluded Mr. Huss.

"I am pleased that all of our key financial metrics are tracking well; revenues are increasing, cost of sales is decreasing, and our expenses are stable. Overall, we are in a solid financial position and on target to meet all of our financial objectives for 2011," added Luc Tanguay, Senior Executive Vice President and Chief Financial Officer of Theratechnologies.

Financial Overview

For the three-month and nine-month periods ended August 31, 2011. For reference, the Management's Discussion and Analysis for the third quarter of 2011 and associated financial statements can be found at http://www.theratech.com/, http://www.sedar.com/ and http://www.sec.gov/. Unless specified otherwise, all amounts in this press release are in Canadian dollars.

Consolidated revenues for the three-month period ended August 31, 2011 amounted to $3,517,000 compared to $1,717,000 for the same period in 2010, an increase of 105%. Revenues in 2011 include revenues generated from the sales of EGRIFTA^® to EMD Serono for re-sale and royalties received from EMD Serono on U.S. sales to customers. There were no product sales or royalties received in the third quarter of 2010.

Under the terms of our agreement, we supply EGRIFTA^® to EMD Serono for resale. The revenues generated from these sales amounted to $1,878,000 in the three-month period and $5,681,000 in the nine-month period ended August 31, 2011.

Royalties on sales are paid quarterly in arrears based on the calendar year. In the three-month period ended August 31, 2011, we received royalty and license revenues of $569,000 for the selling period from April 1, 2011 to June 30, 2011. In the nine-month period ended August 31, 2011, we received royalty revenues of $772,000 for the selling period from January 1, 2011 to June 30, 2011. Royalty revenues grew throughout the period, due to an increase in the prescription base, which includes both new and renewed prescriptions.

Revenues also include the amortization of the initial payment of $27,097,000 received upon the closing of the agreement with EMD Serono. For the three-month period ended August 31, 2011, an amount of $1,070,000 ($1,711,000 for the same period in 2010) was recognized as revenue related to this transaction. For the nine-month period ended August 31, 2011, an amount of $4,065,000 ($5,134,000 in 2010) was recognized as revenue. Decreases in the amortization amounts for the current year reflect a change in the service period attributed to the initial payment. Prior to the second quarter of 2011, the initial payment was to be fully amortized by year end 2012. However, the addition of some further development work has caused us to extend the service period to year end 2013. At August 31, 2011, the remaining deferred revenues related to this transaction recorded on the statement of financial position amounted to $9,627,000.

Consolidated revenues for the nine-month period ended August 31, 2011 amounted to $10,518,000 compared to $5,151,000 for the same period in 2010, an increase of 104%. Higher revenues in 2011 are due to the inclusion of nine months of product sales and six months of royalties, tempered by the adjustment to the rate of amortization applied to the initial payment in the three-month periods ended May 31, 2011 and August 31, 2011, as described in the previous paragraph.

For the three- and nine-month periods ended August 31, 2011, the cost of sales of EGRIFTA^® totaled $1,971,000 and $7,128,000 respectively. Product sales are expected to become profitable when our old inventory is depleted, which is expected in 2012, and when the costs associated with validating additional suppliers are behind us. Cost of sales is detailed in note 6 "Cost of sales" of our consolidated financial statements for the nine-month periods ended August 31, 2011 and 2010.

Cost of sales of EGRIFTA^® for the three-month period ended August 31, 2010 was $120,000. There were no costs related to the production of EGRIFTA^® prior to that, as we only began building inventories through our third-party suppliers during the third quarter of 2010, in anticipation of the launch of EGRIFTA^® in the United States.

Research and development ("R&D") expenses, net of tax credits, totaled $2,907,000 for the three-month period ended August 31, 2011 and $8,972,000 for the nine-month period compared to $2,591,000 and $10,892,000 for the same periods in 2010. R&D expenses incurred in the current year are related to the preparation for the Phase 2 clinical trial evaluating tesamorelin in muscle wasting associated with COPD, which was launched on September 6, 2011, to the work on a new formulation and a new presentation of EGRIFTA^® and to the development of novel GRF peptides. R&D expenses also include the cost of filing for regulatory approval of EGRIFTA^® in Canada, all regulatory and clinical activities to support our three commercial partners, and follow-up on post-approval commitments made to the FDA. R&D expenses incurred in 2010 were mainly related to the pursuit of the regulatory filing for EGRIFTA^® with the FDA.

Selling and market development expenses amounted to $443,000 for the three-month period ended August 31, 2011 and $1,489,000 for the nine-month period, compared to $524,000 and $1,909,000 for the same periods in 2010, decreases of 15% and 22%, respectively. The decreases result primarily from the execution of distribution and licensing agreements with Sanofi and Ferrer in the first quarter of 2011, which transferred responsibility for all marketing expenses to the licensees. Selling and market development expenses continue to include activities associated with the management of the agreements with our three commercial partners.

General and administrative expenses amounted to $2,124,000 for the three-month period ended August 31, 2011 compared to $2,262,000 for the same period in 2010. Expenses incurred in the three-month period ended August 31, 2011 include costs related to the change in leadership of the Company and the costs of the listing of our shares on NASDAQ. Expenses for the same period in the prior year include professional fees related to the recruitment of a new president and chief executive officer as well as expenses related to stock-based compensation. (The comparable stock-based compensation expenses for 2011 were incurred in the first quarter of 2011.)

General and administrative expenses amounted to $9,034,000 for the nine-month period ended August 31, 2011 compared to $5,966,000 for the same period in 2010. Expenses in the nine-month period ended August 31, 2011 also include $1,881,000 in costs associated with the planned public offering of shares.

Taking into account the revenues and expenses described above, we recorded a net loss of $4,170,000, or $0.07 per share, in the three-month period ended August 31, 2011 compared to a net loss of $3,357,000, or $0.06 per share, for the same period in 2010. For the nine-month period, net loss was $16,043,000 ($0.26 per share) in 2011 compared to $12,369,000 ($0.20 per share) for the same period in 2010.

Net loss for the three-month period ended August 31, 2011 decreased by 30% compared to the first and second quarters of 2011.

At August 31, 2011, liquidities, which include cash and bonds, amounted to $39,355,000 and tax credits and grants receivable amounted to $754,000, for a total of $40,109,000.

Taking into account the revenues and expenses described above, for the three- and nine-month periods ended August 31, 2011, use of cash from operating activities was $9,175,000 and $24,896,000 respectively, compared to $5,827,000 and $18,601,000 for the same periods in 2010. The uses of cash in the three- and nine-month periods ended August 31, 2011 include increases in inventory levels of $2,748,000 and $6,560,000, respectively, as well as increases in trade and other receivables related to product sales of $788,000 and $2,271,000, respectively.

Conference Call Details
A conference call will be held today at 8:30 a.m. ET to discuss the third quarter results. The call will be hosted by John-Michel T. Huss, President and Chief Executive Officer, and Luc Tanguay, Senior Executive Vice President and Chief Financial Officer. The conference call is open to questions from financial analysts. Media and other interested individuals are invited to participate in the call on a "listen-only" basis.

The conference call can be accessed by dialling 1-800-954-0647 (North America) or 1-416-981-9000 (International). The conference call will also be accessible via webcast at http://www.theratech.com/. Audio replay of the conference call will be available until October 27, 2011 by dialling 1-800-558-5253 (North America) or 1-416-626-4100 (International) and by entering the playback code 21539749.

About Theratechnologies
Theratechnologies (TSX:TH) (NASDAQ:THER) is a specialty pharmaceutical company that discovers and develops innovative therapeutic peptide products, with an emphasis on growth-hormone releasing factor peptides. For more information about Theratechnologies, please visit http://www.theratech.com/. Additional information, including the Annual Information Form and the Annual Report, is also available on SEDAR at http://www.sedar.com/ and on the Securities and Exchange Commission's website at http://www.sec.gov/.

Forward-Looking Information
This press release contains certain statements that are considered "forward-looking information" within the meaning of applicable securities legislation, which statements may contain words such as "will", "may", "could", "should", "outlook", "believe", "plan", "envisage", "anticipate", "expect" and "estimate", or the negatives of these terms, or variations of them. This forward-looking information includes, but is not limited to, the timing of obtaining the results of our Phase 2 study, information regarding the regulatory approval of tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy in various territories outside of the United States, the maximization of the commercial value of EGRIFTA^®, our ability to discover and develop new therapeutic GRF analogs and the profitability of our product sales.

Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions made in preparing the forward-looking information include, but are not limited to, the assumption that our Phase 2 study and the analysis of the results therefrom will be completed by the end of 2012, that tesamorelin for the reduction of excess abdominal fat in HIV-infected patients with lipodystrophy will receive approvals in the territories referred to in this press release, that no additional clinical studies will be required to obtain these regulatory approvals, that EGRIFTA^® will be accepted by the marketplace in these territories and will be on the list of reimbursed drugs by third-party payers in these territories, that our relationship with commercial partners and third-party suppliers will be conflict-free and that such third-party suppliers will have enough capacity to manufacture and supply EGRIFTA^® to meet demand and on a timely basis, that we will have the capacity to discover and develop new therapeutic GRF analogs, that the prescription base in the United States for EGRIFTA^® will continue to grow, that our old inventory of stock will be depleted in 2012 and that we will be successful in validating additional suppliers. These risks and uncertainties include, but are not limited to, the risk that results from our Phase 2 study are not ready in 2012, that such results are negative, that tesamorelin is not approved in all or some of the territories referred to in this press release, that revenues and royalties generated from sales of EGRIFTA^® are lower than anticipated, that conflicts occur with our commercial partners jeopardizing the commercialization of EGRIFTA^®, that the supply of EGRIFTA^® to our commercial partners is delayed or suspended as a result of problems with our suppliers, that EGRIFTA^® is withdrawn from the market as a result of defects or recalls, that our intellectual property is not adequately protected, that even if approved, EGRIFTA^®is not accepted in the marketplace or is not on the list of reimbursed drugs by third-party payers, that we are unable to discover and develop new therapeutic GRF analogs, or that product sales are not profitable because we are unable to deplete our old inventory of stock and/or are unable to successfully validate additional suppliers.

We refer potential investors to the "Risks and Uncertainties" section of our Annual Information Form (AIF) dated February 22, 2011. The AIF is available at http://www.sedar.com/ and at http://www.sec.gov/ under our public filings. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking information. Forward-looking information reflects current expectations regarding future events and speaks only as of the date of this press release and represents our expectations as of that date.

We undertake no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.

"Theratechnologies is the undisputed leader in the field of GRF discovery. This new molecule, which is unpartnered and wholly-owned by Theratechnologies, is extremely promising and may lead to applications in a number of therapeutic areas," said Mr. John-Michel T. Huss, President and Chief Executive Officer of Theratechnologies. "While we continue to maximize the commercial value of tesamorelin, we are also looking to further expand within our area of expertise, and this is a significant step in that direction," concluded Mr. Huss.

"The discovery of GRF peptides with improved pharmaceutical properties and similar potency and efficacy to tesamorelin opens the door for alternative routes of drug delivery. We are excited to begin pre-clinical studies with the new peptide," added Dr. Krishna Peri, Vice-President, Research, of Theratechnologies.

The new peptide is shorter than tesamorelin and also demonstrates better pharmaceutical properties. A patent application for this new peptide has been filed and any corresponding patents will have an expiry date beyond 2030 if granted.

About Tesamorelin
Tesamorelin is an analogue of the human growth-hormone releasing factor and studies have shown that it reduces excess abdominal fat in HIV-infected patients with lipodystrophy. Tesamorelin is administered through injection only.

About Theratechnologies
Theratechnologies (TSX:TH) (NASDAQ:THER) is a specialty pharmaceutical company that discovers and develops innovative therapeutic peptide products, with an emphasis on growth-hormone releasing factor peptides. For more information about Theratechnologies, please visit http://www.theratech.com/. Additional information, including the Annual Information Form and the Annual Report, is also available on SEDAR at http://www.sedar.com/ and on the Securities and Exchange Commission's website at http://www.sec.gov/.

Forward-Looking Information
This press release contains certain statements that are considered "forward-looking information" within the meaning of applicable securities legislation, which statements may contain such words as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions. This forward-looking information includes, but is not limited to, information regarding the successful completion of our pre-clinical studies and any additional studies regarding the development of the new GRF peptide, our capacity to develop new methods of administration and the use of the new GRF peptide in various therapeutic areas.

Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Theratechnologies' control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to, that the results from the pre-clinical studies and any additional studies will be positive, that these results will allow the conduct of clinical trials in various therapeutic areas, that the new GRF peptide will be administered in a manner other than by injection, that patents relating to the new GRF peptide will be delivered and that regulatory authorities will approve the new GRF peptide for commercialization. These risks and uncertainties include, but are not limited to, the risk that the results obtained from our pre-clinical and/or additional studies are not positive enough leading to a discontinuation of clinical studies using the new GRF peptide, that we are unable to administer the new GRF peptide other than by injection, that no patent is delivered in relation to the new GRF peptide or that regulatory authorities do not approve new drug submissions based on the new GRF peptide.

Theratechnologies refers potential investors to the "Risks and Uncertainties" section of its Annual Information Form (AIF) dated February 22, 2011. The AIF is available at http://www.sedar.com/ and at http://www.sec.gov/ under Theratechnologies' public filings. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking statements. Forward-looking information reflects current expectations regarding future events and speaks only as of the date of this press release and represents Theratechnologies' expectations as of that date.

Theratechnologies undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.

"I am pleased that we have launched our COPD clinical program as planned and on schedule, in our pursuit of a second indication for our lead compound tesamorelin," said Mr. John-Michel T. Huss, President and Chief Executive Officer. "There are millions of patients worldwide suffering from COPD-associated muscle wasting and if successful, we will be able to address a currently unmet medical need," concluded Mr. Huss.

Based on available market and industry data, the Company estimates that in 2010 there were approximately 3.1 million COPD patients in Global Initiative for Chronic Obstructive Lung Disease (GOLD) Stage II or III only, suffering from a muscle wasting condition with a body mass index under 25, when including the United States, France, Germany, Italy, Spain, United Kingdom and Japan.

The COPD clinical program is a multi-center, double-blind, randomized, placebo-controlled phase 2 clinical trial. It is now open for the screening and enrollment of eligible patients and it will be conducted in up to 25 centers in the United States and Canada. The study will examine the safety and efficacy of a daily administration of either a 2 mg or 3 mg dose of a new formulation of tesamorelin for a period of 26 weeks. The primary endpoint is an increase in LBM as measured by dual-emission X-ray absorptiometry (DXA). The study will also assess the effect of tesamorelin on patient functionality and quality of life. This will include a six-minute walking distance test, quadriceps muscle strength and a St. George's Respiratory Questionnaire. The Company expects to enroll approximately 200 patients in the study and its results are expected before the end of 2012.

Tesamorelin is a stabilized analogue of the growth hormone-releasing factor (GRF) that induces growth hormone production in a specific and physiological manner. The anabolic properties of tesamorelin have led Theratechnologies to pursue its development in muscle wasting in patients with COPD as a second indication for the compound. A previously completed phase 2 trial in stable ambulatory COPD patients demonstrated a statistically significant increase in LBM.

"Muscle-wasting in patients with COPD represents an important medical concern. If we can demonstrate that tesamorelin can reverse muscle loss, it could go a long way toward improving functionality of these patients in their daily activities and more generally, their quality of life," stated Dr. Richard Casaburi, Professor of Medicine at the UCLA School of Medicine and Medical Director of the Rehabilitation Clinical Trials Center of the Los Angeles Biomedical Research Institute. Dr. Casaburi is the Lead Investigator for the COPD clinical program.

About COPD-Associated Muscle Wasting
COPD is characterized by progressive airflow obstruction due to chronic bronchitis or emphysema, two commonly coexisting lung diseases. Many COPD patients are affected by a systemic manifestation which may lead to muscle wasting. Muscle wasting, a decrease or thinning of the muscle mass, is associated with several abnormalities, including impaired exercise capacity and functioning, and decreased muscle strength. Muscle wasting is an independent predictor of a COPD patient's functional deterioration and mortality, and is a common symptom in patients with moderate to severe COPD.

About Theratechnologies
Theratechnologies (TSX:TH)(NASDAQ:THER) is a specialty pharmaceutical company that discovers and develops innovative therapeutic peptide products, with an emphasis on growth-hormone releasing factor peptides. For more information about Theratechnologies, please visit http://www.theratech.com/. Additional information, including the Annual Information Form and the Annual Report, is also available on SEDAR at http://www.sedar.com/ and on the Securities and Exchange Commission's website at http://www.sec.gov/.

Forward-Looking Information
This press release contains certain statements that are considered "forward-looking information" within the meaning of applicable securities legislation, which statements may contain such words as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions. This forward-looking information includes, but is not limited to, information regarding that the clinical program outlined in treating patients with muscle wasting in COPD will be successful in building lean body mass and that our assumptions of the market size are accurate.

Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Theratechnologies' control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to, that tesamorelin will build lean body mass for patients with muscle wasting in COPD, that clinical trials will be completed on schedule and on budget, that no serious adverse events negatively impact our business, that physicians desire a treatment for those patients with muscle wasting in COPD, that relations with third-party suppliers of tesamorelin will be conflict-free and that such third-party suppliers will have enough capacity to manufacture and supply tesmorelin to meet its demand and on a timely-basis and that our estimated market size is accurate. These risks and uncertainties include, but are not limited to, the risk that the results of the administration of tesamorelin for muscle wasting in COPD patients differ from those in HIV-patients suffering from excess abdominal fat associated with lipodystrophy, that the clinical trials take longer than expected and are more costly, that unexpected serious adverse events impact negatively our business, that physicians do not perceive a need to treat these patients, that our third-party manufacturers will be unable to supply tesamorelin for these studies without impacting our other programs and that the market size is smaller than anticipated.

Theratechnologies refers potential investors to the "Risks and Uncertainties" section of its Annual Information Form (AIF) dated February 22, 2011. The AIF is available at http://www.sedar.com/ and at http://www.sec.gov/ under Theratechnologies' public filings. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking statements. Forward-looking information reflects current expectations regarding future events and speaks only as of the date of this press release and represents Theratechnologies' expectations as of that date.

Theratechnologies undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.

Tesamorelin is proposed for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy. Theratechnologies estimates that there are approximately 13,000 HIV-infected patients suffering from excess abdominal fat in Argentina. Currently, there are no approved treatments available for this condition in South America.

"We are committed to maximizing the commercial potential of tesamorelin and this cannot be done without the efficient filing of regulatory applications in new markets. Through our partner, Sanofi, we are making great progress in this regard and we are very pleased," said Mr. John-Michel T. Huss, President and Chief Executive Officer of Theratechnologies. "Argentina and Brazil, where an application was also filed, represent important Latin American markets," concluded Mr. Huss.

Theratechnologies signed a distribution and licensing agreement with an affiliate of Sanofi on December 6, 2010, granting them exclusive commercialization rights for tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy in Latin America, Africa and the Middle East.

Additional applications for tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy are currently under review with regulatory agencies in Europe, Brazil, Canada and Israel.

About Theratechnologies
Theratechnologies (TSX:TH)(NASDAQ:THER) is a specialty pharmaceutical company that discovers and develops innovative therapeutic peptide products, with an emphasis on growth-hormone releasing factor peptides. Further information about Theratechnologies is available on the Company's website at http://www.theratech.com/. Additional information, including the Annual Information Form and the Annual Report, is also available on SEDAR at http://www.sedar.com/ and on the Securities and Exchange Commission's website at http://www.sec.gov/.

Forward-Looking Information
This press release contains certain statements that are considered "forward-looking information" within the meaning of applicable securities legislation, which statements may contain such words as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions. This forward-looking information includes, but is not limited to, information regarding the potential approval of tesamorelin by ANMAT and other regulatory agencies for the treatment of excess abdominal fat in adult HIV-infected patients with lipodystrophy and the size of the Argentinian market.

Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Theratechnologies' control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to, that ANMAT and other regulatory agencies will approve tesamorelin for the treatment of excess abdominal fat in adult HIV-infected patients with lipodystrophy, that no additional clinical trials will be required by ANMAT and other regulatory agencies in order to approve tesamorelin and that tesamorelin will be accepted by the marketplace as a treatment for HIV-associated lipodystrophy if approved by ANMAT. These risks and uncertainties include, but are not limited to, the risk that ANMAT and other regulatory agencies do not approve tesamorelin for the treatment of excess abdominal fat in adult HIV-infected patients with lipodystrophy or that ANMAT or other regulatory agencies require additional clinical studies prior to making any decision regarding the approval or non-approval of tesamorelin.

Theratechnologies refers potential investors to the "Risks and Uncertainties" section of its Annual Information Form (AIF) dated February 22, 2011. The AIF is available at http://www.sedar.com/ and at http://www.sec.gov/ under Theratechnologies' public filings. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking statements. Forward-looking information reflects current expectations regarding future events and speaks only as of the date of this press release and represents Theratechnologies' expectations as of that date.

Theratechnologies undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.

Tesamorelin is proposed for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy. Currently, there are no approved treatments available for this condition in South America.

"This is the first regulatory application for tesamorelin in Latin America and we are excited about the potential of this very important market," said Mr. John-Michel T. Huss, President and Chief Executive Officer of Theratechnologies. "We estimate that there are approximately 60,000 HIV-infected patients suffering from excess abdominal fat in Brazil, representing the largest potential patient base on the continent. If our product is approved, many patients will be able to benefit, and a currently unmet medical need will be addressed," concluded Mr. Huss.

Theratechnologies signed a distribution and licensing agreement with an affiliate of Sanofi on December 6, 2010, granting them exclusive commercialization rights for tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy in Latin America, Africa and the Middle East.

Additional applications for tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy are currently under review with regulatory agencies in Europe, Canada and Israel.

About Theratechnologies
Theratechnologies (TSX: TH) (NASDAQ: THER) is a specialty pharmaceutical company that discovers and develops innovative therapeutic peptide products, with an emphasis on growth-hormone releasing factor peptides. For more information about Theratechnologies, please visit http://www.theratech.com/. Additional information, including the Annual Information Form and the Annual Report, is also available on SEDAR at http://www.sedar.com/ and on the Securities and Exchange Commission's website at http://www.sec.gov/.

Forward-Looking Information
This press release contains certain statements that are considered "forward-looking information" within the meaning of applicable securities legislation, which statements may contain such words as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions. This forward-looking information includes, but is not limited to, information regarding the potential approval of tesamorelin by ANVISA and other regulatory agencies for the treatment of excess abdominal fat in adult HIV-infected patients with lipodystrophy and the size of the Brazilian market.

Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Theratechnologies' control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to, that ANVISA and other regulatory agencies will approve tesamorelin for the treatment of excess abdominal fat in adult HIV-infected patients with lipodystrophy, that no additional clinical trials will be required by ANVISA or other regulatory agencies in order to approve tesamorelin, that and that tesamorelin will be accepted by the marketplace as a treatment of HIV-associated lipodystrophy if approved by ANVISA. These risks and uncertainties include, but are not limited to, the risk that ANVISA and other regulatory agencies do not approve tesamorelin for the treatment of excess abdominal fat in adult HIV-infected patients with lipodystrophy, or that ANVISA or other regulatory agencies require additional clinical studies prior to making any decision regarding the approval or non-approval of tesamorelin.

Theratechnologies refers potential investors to the "Risks and Uncertainties" section of its Annual Information Form (AIF) dated February 22, 2011. The AIF is available at http://www.sedar.com/ and at http://www.sec.gov/ under Theratechnologies' public filings. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking statements. Forward-looking information reflects current expectations regarding future events and speaks only as of the date of this press release and represents Theratechnologies' expectations as of that date.

Theratechnologies undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.

"We are pleased that Health Canada has completed the screening of our NDS for EGRIFTA^® and has accepted to move forward with the technical review," stated Mr. John-Michel T. Huss, President and Chief Executive Officer of Theratechnologies. "We look forward to working with Health Canada throughout the review process," added Mr. Huss.

EGRIFTA^®, or tesamorelin, is an analogue of the growth hormone-releasing factor (GRF) proposed for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy. Currently, there is no approved treatment for lipodystrophy in HIV patients available in Canada.

The NDS is based on the positive results from two Phase 3 clinical trials, which enrolled more than 800 patients, and follows a marketing approval for EGRIFTA^® by the U.S. Food and Drug Administration received in November 2010. Additional applications for tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy are currently under review with regulatory agencies in Europe and Israel.

About EGRIFTA^®
EGRIFTA^®, a once-daily injection, is a novel, stabilized analogue of GRF. GRF is a hypothalamic peptide that acts on the pituitary cells in the brain to stimulate the synthesis and pulsatile release of endogenous growth hormone (GH). GH has been shown to play an important role in regulating lipid metabolism and body composition (e.g., increasing muscle mass and reducing fat) ¹. For more information about EGRIFTA^®, including its U.S. Food and Drug Administration approved indications, limitations of use and complete risk profile, please consult the full U.S. Prescribing Information available at www.egrifta.com/Pdfs/Prescribing_Information.pdf. EGRIFTA^® has not been approved in Canada.

About HIV-Associated Lipodystrophy
Several factors, including a patient's antiretroviral drug regimen and the HIV virus itself, are thought to contribute to HIV-associated lipodystrophy, which is characterized by body composition changes. The changes in body composition may include accumulation of excess abdominal fat, which is known as abdominal lipohypertrophy.

About Theratechnologies
Theratechnologies (TSX:TH)(NASDAQ:THER) is a specialty pharmaceutical company that discovers and develops innovative therapeutic peptide products, with an emphasis on growth-hormone releasing factor peptides. Its first product, EGRIFTA^® (tesamorelin for injection), was approved by the United States Food and Drug Administration in November 2010. To date, EGRIFTA^® is the only approved therapy for the reduction of excess abdominal fat in HIV-infected patients with lipodystrophy.

EGRIFTA^® is currently marketed in the United States by EMD Serono pursuant to a collaboration and licensing agreement executed in October 2008. In addition, Theratechnologies has signed distribution and licensing agreements with an affiliate of Sanofi, granting them the exclusive commercialization rights for tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy in Latin America, Africa and the Middle East and with Ferrer Internacional S.A., granting them the exclusive commercialization rights for tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy in Europe, Russia, South Korea, Taiwan, Thailand and certain central Asian countries.

Theratechnologies is also looking to develop tesamorelin for the treatment of patients suffering from muscle wasting associated with Chronic Obstructive Pulmonary Disease (COPD). Tesamorelin has been shown to increase muscle mass, which makes it a potential treatment for muscle wasting. The COPD clinical program is expected to begin in September 2011.

Additional Information about Theratechnologies
Further information about Theratechnologies is available on the Company's website at http://www.theratech.com/. Additional information, including the Annual Information Form and the Annual Report, is also available on SEDAR at http://www.sedar.com/ and on the Securities and Exchange Commission's website at http://www.sec.gov/.

Forward-Looking Information
This press release contains certain statements that are considered "forward-looking information" within the meaning of applicable securities legislation, which statements may contain such words as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions. This forward-looking information includes, but is not limited to, information regarding the potential approval of EGRIFTA^® for the treatment of excess abdominal fat in adult HIV-infected patients with lipodystrophy in Canada and in other jurisdictions, the timing of the beginning of the COPD clinical program and the development of tesamorelin for the treatment of patients suffering from muscle wasting associated with COPD.

Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Theratechnologies' control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to, that Health Canada and other regulatory agencies in other jurisdictions will approve EGRIFTA^® for the treatment of excess abdominal fat in adult HIV-infected patients with lipodystrophy, that no additional clinical trials will be required by Health Canada and other regulatory agencies in other jurisdictions in order to approve EGRIFTA^®, that all elements will be in place to begin the COPD clinical program in September 2011, and that the development of tesamorelin for the treatment of patients suffering from muscle wasting associated with COPD will be successful. These risks and uncertainties include, but are not limited to, the risk that Health Canada and other regulatory agencies in other jurisdictions do not approve EGRIFTA^® for the treatment of excess abdominal fat in adult HIV-infected patients with lipodystrophy, that Health Canada or other regulatory agencies in other jurisdictions require additional clinical studies prior to making any decision regarding the approval or non-approval of EGRIFTA^®, that the beginning of the COPD clinical program is delayed, or that the results of clinical studies using tesamorelin to treat patients suffering from muscle wasting associated with COPD are negative and lead to a delay in pursuing such studies or a termination thereof.

Theratechnologies refers potential investors to the "Risks and Uncertainties" section of its Annual Information Form (AIF) dated February 22, 2011. The AIF is available at http://www.sedar.com/ and at http://www.sec.gov/ under Theratechnologies' public filings. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking statements. Forward-looking information reflects current expectations regarding future events and speaks only as of the date of this press release and represents Theratechnologies' expectations as of that date.

Theratechnologies undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.

¹Grunfeld C et al. J Acquir Immune Defic Syndr; 45:286-297 (2007). Lo J et al. JAMA, 300: 509518 (2008).

This single-center, randomized, double-blind, placebo-controlled Phase 2 clinical trial was led by Dr. Michael V. Vitiello of the University of Washington in Seattle to evaluate the effect of tesamorelin on cognitive function in healthy older adults and older adults with mild cognitive impairment (MCI), also known as pre-Alzheimer's syndrome. Theratechnologies supplied the tesamorelin for the purposes of this clinical trial. Currently, tesamorelin is not indicated for treatments related to MCI.

A total of 152 older adults, half of whom were cognitively normal and half of whom were diagnosed with amnestic MCI, received either tesamorelin or a placebo. Tesamorelin improved executive function (response inhibition, set-shifting, and working memory) in both cognitively normal healthy older adults and in adults with MCI. Tesamorelin also improved delayed verbal recall in adults with MCI.

This study is the first to demonstrate that short-term administration of a human growth releasing factor (GRF) analogue improves executive function (the control or management of cognitive functions and processes) for both cognitively normal and memory-impaired older adults, and has an additional effect on verbal memory for MCI adults, who are at high risk for progression to Alzheimer's dementia.

About Theratechnologies
Theratechnologies (TSX:TH) (NASDAQ:THER) is a specialty pharmaceutical company that discovers and develops innovative therapeutic peptide products, with an emphasis on growth-hormone releasing factor peptides. Its first product, EGRIFTA^® (tesamorelin for injection), was approved by the United States Food and Drug Administration in November 2010. To date, EGRIFTA^® is the only approved therapy for the reduction of excess abdominal fat in HIV-infected patients with lipodystrophy. EGRIFTA^® has not been approved in Canada.

EGRIFTA^® is currently marketed in the United States by EMD Serono pursuant to a collaboration and licensing agreement executed in October 2008. In addition, Theratechnologies has signed distribution and licensing agreements with an affiliate of Sanofi, granting them the exclusive commercialization rights for tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy in Latin America, Africa and the Middle East and with Ferrer Internacional S.A. granting them the exclusive commercialization rights for tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy in Europe, Russia, South Korea, Taiwan, Thailand and certain central Asian countries.

Theratechnologies is also looking to develop tesamorelin for the treatment of patients suffering from muscle wasting associated with Chronic Obstructive Pulmonary Disease (COPD).

Additional Information about Theratechnologies
Further information about Theratechnologies is available on Theratechnologies' website at http://www.theratech.com/. Additional information, including the Annual Information Form and the Annual Report, is also available on SEDAR at http://www.sedar.com/ and on the Securities and Exchange Commission's website at http://www.sec.gov/.