* TorreyPines board approves plan of dissolution

* To hold shareholders' meeting to seek approval

May 29 (Reuters) - TorreyPines Therapeutics Inc TPTX.O said its board approved a plan to liquidate the company's assets, after considering potential strategic alternatives.

The biopharmaceutical company plans to hold a special meeting of the shareholders to seek approval of the plan of dissolution and has also filed related proxy materials with the Securities and Exchange Commission.

Under the plan of dissolution, the company will be looking at an orderly wind down of its operations.

"Although the board of directors has approved the plan of dissolution, the company continues to seek and will consider any reasonable alternative strategic or financing proposals presented to the company," TorreyPines said.

Investment firm Merriman Curhan Ford will advise the company in the evaluation of strategic options.

Shares of the company closed at 31 cents Friday on Nasdaq.

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