Allon Therapeutics Inc.

Allon Therapeutics Inc.

May 30, 2006 08:30 ET

Allon Completes Patient Dosing for AL-208 Phase Ib Clinical Trial

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 30, 2006) - Allon Therapeutics Inc. (TSX:NPC), The Neuro Protection Company™, today announced that it has completed patient dosing for a Phase Ib human clinical trial evaluating the safety, tolerability and pharmacokinetics of the Company's product AL-208 as a treatment for neurodegenerative indications where multiple doses are required.

Gordon McCauley, President and CEO of Allon, said Allon expects to release the results from the 8 healthy elderly and 13 diabetic patients who participated in the double-blind, placebo-controlled multi-dose trial before the end of 3Q 2006. The trial was conducted in San Antonio, Texas by Healthcare Discoveries Inc, a division of Catalyst Pharma Group Inc., and represents the first evaluation of safety and pharmacokinetics of AL-208 in a patient population.

The Phase Ib trial was conducted consistent with the Company's clinical strategy of maximizing the opportunities for its compounds to succeed. "Our clinical program is designed to take advantage of our two broad technology platforms, each with novel compounds that have demonstrated extensive preclinical efficacy in different indications and different routes of administration," McCauley said.

Allon expects to begin a Phase II trial within a month to evaluate AL-208 as a treatment for the mild cognitive impairment that occurs following coronary artery bypass graft (MCI post-CABG) surgery.

Allon's product AL-108 is being evaluated in clinical trials as a treatment for Alzheimer's disease. Phase Ia results demonstrated AL-108 was safe and well tolerated. A Phase Ib trial and a Phase IIa trial will begin in 2006.

Drugs to treat the symptoms and effects of neurodegenerative conditions represent a rapidly growing market, at approximately $24.4 billion in 2004.

About Allon

Allon Therapeutics Inc. is a development-stage Canadian biotechnology company developing drugs that protect against neurodegenerative conditions such as Alzheimer's , cognitive impairment, stroke, traumatic brain injury, multiple sclerosis and neuropathy. The Company is listed on the Toronto Stock Exchange under the trading symbol "NPC" (Neuro Protection Company™) and based in Vancouver.

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