Allon Therapeutics Inc.

Allon Therapeutics Inc.

October 02, 2007 09:00 ET

Allon Therapeutics Completes Enrolment for Phase II Alzheimer's Trial

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2007) - Allon Therapeutics Inc. (TSX:NPC), The Neuro Protection Company™, announced today that enrolment is complete in the Phase II clinical trial evaluating Allon's drug candidate AL-108 as a treatment for Alzheimer's disease. This trial has progressed ahead of schedule and is expected to be the first of Allon's three Phase II efficacy trials to report top line data, with results expected in Q1 2008.

Gordon McCauley, President and CEO of Allon said this Phase II trial is an important step in demonstrating the effectiveness of AL-108 as a treatment for Alzheimer's disease. "We are very pleased with the enrolment of the trial and believe it is a testament to the urgent need for efficacious drugs in this disease," said McCauley. "We expect to release top line efficacy data in Q1 2008 and our team remains committed to reaching this important milestone in the same timely manner that allowed us to rapidly complete enrolment in this study."

The Company expects that the results from this trial will support further clinical development in pursuit of a treatment for Alzheimer's disease. The 150 subject Phase II trial is a multi-center, double-blind, randomized, placebo-controlled, multiple-dose study to evaluate the safety, tolerability and effect on cognitive function of AL-108 after 12 weeks of intranasal administration in patients with amnestic mild cognitive impairment, the precursor to Alzheimer's.

Allon's Alzheimer's program is unique in that AL-108 targets a fundamental underlying mechanism of neurodegenerative disease and impacts both of the classic hallmarks of Alzheimer's. The Company has established an extensive data-set showing the effects of AL-108 on neurodegeneration and, in particular, both amyloid plaques and neurofibrillary tangles the two pathologies most closely correlated with Alzheimer's disease. In 2006, over $4 billion was spent on approved drugs for Alzheimer's disease; these drugs have only a modest effect on symptoms of the disease.

About Allon

Allon Therapeutics Inc. is a clinical-stage biotechnology company developing treatments for major neurodegenerative conditions. Allon has 3 Phase II human efficacy trials underway pursuing three large underserved markets: Alzheimer's disease, schizophrenia and cognitive impairment. The Company is listed on the Toronto Stock Exchange under the trading symbol "NPC" (Neuroprotection Company™) and based in Vancouver. For additional information please visit the company's website:

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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