Allon Therapeutics Inc.

Allon Therapeutics Inc.

January 22, 2007 08:30 ET

Allon Confirms Progress in AL-208 Phase II Clinical Trial

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 22, 2007) - Allon Therapeutics Inc. (TSX:NPC), The Neuro Protection Company™, today announced that it has progressed into the randomized portion of its Phase II human clinical trial evaluating the Company's product AL-208 as a treatment for the mild cognitive impairment (MCI) that commonly occurs following coronary artery bypass graft (CABG) surgery. The Company also announced the selection of the 300 mg dose, the highest one tested, in the randomized portion of the trial.

"This progress confirms the safety profile of the drug in a very sick patient population, thereby preserving the opportunity to use it in the numerous diseases and conditions where we have shown pre-clinical efficacy," said Gordon McCauley, President and CEO of Allon. "We are also pleased with the enrollment and expect to complete the trial and report efficacy data in the second half of 2007, which is consistent with our previous guidance," McCauley added. The Phase II trial is evaluating the safety and effectiveness of AL-208 at preventing or reducing MCI in CABG surgery patients.

The initial portion of the study, which assessed the safety of AL-208 in this patient population, was open label meaning that all trial subjects were given the drug. It will now be followed by a randomized placebo-controlled portion where patients will be treated with AL-208 or placebo during surgery. The patients will be assessed using standard cognitive tests, administered several weeks after surgery, to determine the impact on cognitive function of patients treated with AL-208. The trial will be conducted in approximately 25 hospitals in the US and Canada.

Allon is currently engaged in another Phase II trial designed to show the applicability of its drug AL-108 as a treatment for Alzheimer's disease. The Company announced in January 2007, that a third Phase II trial will begin mid-year in collaboration with the United States National Institute of Mental Health funded project TURNS (Treatment Units for Research of Neurocognition in Schizophrenia) that will evaluate AL-108 as a treatment for Schizophrenia related cognitive impairment. Allon's compounds have been shown to be effective in preventing and repairing brain cells from disease or injury in 15 different pre-clinical animal models of nine central nervous system conditions.

About MCI-post CABG

Mild cognitive impairment is a common result after coronary artery bypass graft surgery (CABG - commonly known as "bypass surgery").

Some studies estimate that cognitive impairment occurs in 90% of cases in the first week post-surgery, that more than 50% of patients show impairment when discharged from the hospital, and that 24% continue to show impairment after six months.

Approximately 500,000 patients in the United States and 800,000 patients worldwide undergo coronary artery bypass graft surgery every year. Currently there is no therapy available that ameliorates or treats the cognitive damage associated with artery bypass surgery. The market for a treatment of MCI-CABG is estimated to be $500-million.

About Allon

Allon Therapeutics Inc. is a Canadian biotechnology company developing drugs that protect against neurodegenerative conditions such as Alzheimer's disease, mild 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.

Forward-Looking Statements

There are forward-looking statements contained herein that are not based on historical fact, including without limitation statements containing the words "believes"," "may", "plans", "will", "estimate", "continue", "anticipates", "intends", "expects", and similar expressions. Such forward-looking statements involve 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 such forward-looking statements. Such factors include, among others, Allon's stage of development, lack of product revenues, additional capital requirements, risks associated with the completion of clinical trials and obtaining regulatory approval to market Allon's products, the ability to protect its intellectual property and dependence on collaborative partners. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.

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