Allon Therapeutics Inc. TSX : NPC

November 10, 2008 09:00 ET

Allon Therapeutics Reviews Clinical Development Program at Rodman and Renshaw Healthcare Conference

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2008) - Allon Therapeutics Inc. (TSX:NPC), will review progress of its Alzheimer's disease clinical development program today, November 10 at the 10th Annual Rodman and Renshaw Healthcare Conference in New York City. The conference has attracted investors, venture capitalists, pharma partnering executives and medical experts from around the world.

Gordon McCauley, President and CEO of Allon, will also review the Company's cash management strategy. The Company completed a $20 million equity financing July 15 ensuring its ability to continue progress in its Alzheimer's disease clinical development program, and providing sufficient funds to undertake and complete a Phase IIb clinical trial in patients with mild-to-moderate Alzheimer's.

Allon's progress to date during 2008 includes results in February from a Phase IIa clinical trial evaluating the Company's drug candidate AL-108 in patients diagnosed with amnestic mild cognitive impairment (aMCI), a precursor to Alzheimer's disease. The data showed statistically significant, dose-dependent and durable improvements on key endpoints that measure short-term recall and working memory - two types of memory that are clinically relevant in Alzheimer's disease.

In July 2008, Allon's scientific presentations at the International Conference on Alzheimer's Disease and Related Disorders (ICAD 2008) in Chicago demonstrated that the Phase IIa aMCI clinical trial data support the results of several studies in animals that show AL-108 reduced the classic Alzheimer's "tangles" pathology and also increased memory function.

Allon's ongoing corporate initiatives include:

- Negotiations on a development and commercialization partnership with a large pharmaceutical company;

- Patient enrolment in a Phase II trial evaluating AL-108 as a treatment for schizophrenia-related cognitive impairment;

- Preparations for a Phase IIb clinical trial evaluating AL-108 in mild to moderate Alzheimer's disease; and

- Preclinical studies to enable an Investigational New Drug application with the United States Food and Drug Administration for approval to begin evaluating product candidate AL-309 in clinical trials.

About Allon's neuroprotective platforms

Allon's two neuroprotective technology platforms are based on naturally occurring proteins secreted by the brain in response to a range of insults. The platforms are activity-dependent neuroprotective protein (ADNP) and activity-dependent neurotrophic factor (ADNF). Because the two platforms are based on different proteins, the drugs from each are different molecules with different therapeutic mechanisms and distinct commercial opportunities. Clinical-stage drugs AL-108 and AL-208 are derived from ADNP, while preclinical stage drug AL-309 is derived from ADNF.

About Allon

Allon Therapeutics Inc. is a clinical-stage biotechnology company developing treatments for major neurodegenerative conditions. In Q1 2008, Allon's drug AL-108 demonstrated human efficacy in amnestic mild cognitive impairment, a precursor to Alzheimer's disease. Allon has Phase II human efficacy programs pursuing two large underserved markets: Alzheimer's disease and schizophrenia-related cognitive impairment. The Company is listed on the Toronto Stock Exchange under the trading symbol "NPC" (Neuro Protection CompanyTM) and based in Vancouver. For additional information please visit the Company's website: www.allontherapeutics.com.

Forward Looking Statements

Statements contained herein, other than those which are strictly statements of historical fact may include forward-looking information. Such statements will typically contain words such as "believes", "may", "plans", "will", "estimate", "continue", "anticipates", "intends", "expects", and similar expressions. While forward-looking statements represent management's outlook based on assumptions that management believes are reasonable, forward-looking statements by their nature are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by them. Such factors include, among others, the inherent uncertainty involved in scientific research and drug development, Allon's early stage of development, lack of product revenues, its additional capital requirements, the risks associated with successful completion of clinical trials and the long lead-times and high costs associated with obtaining regulatory approval to market any product which Allon may eventually develop. Other risk factors include the limited protections afforded by intellectual property rights, rapid technology and product obsolescence in a highly competitive environment and Allon's dependence on collaborative partners and contract research organizations. These factors can be reviewed in Allon's public filings at www. SEDAR.com and should be considered carefully. Readers are cautioned not to place undue reliance on such forward-looking statements and Allon disclaims any obligation to update or announce changes in any such factors except in its periodic filing.