Allon Therapeutics Inc.

Allon Therapeutics Inc.

January 31, 2007 09:20 ET

Allon Therapeutics Confirms Milestones for 2007 and Makes Further Scientific Progress

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 31, 2007) - Allon Therapeutics Inc. (TSX:NPC), The Neuro Protection Company™, announced today the Company's key milestones for 2007 that include the completion of two ongoing Phase II human efficacy trials and the initiation of the recently announced Phase II human efficacy trial in a collaboration with the National Institute of Mental Health funded project TURNS (Treatment Unit for Research of Neurocognition in Schizophrenia).

"Our team has done a tremendous job achieving the milestones laid out in front of them that has allowed the Company to become a recognized leader in developing drugs that halt or prevent serious neurodegenerative conditions," said Gordon McCauley, President and CEO. "These accomplishments provided the Company the basis to start 2007 with the announced collaboration with TURNS and funding from the prestigious Michael J. Fox Foundation, and they both speak volumes about the work this team is doing."

Allon's clinical and business milestones for 2007 are:

- Sign collaboration for additional Phase II (completed with TURNS announcement)

- Complete Phase II human efficacy trial evaluating AL-208 for MCI-CABG

- Complete enrolment for Phase II human efficacy trial evaluating AL-108 for MCI/AD

- File IND for schizophrenia related cognitive impairment

- Initiate Phase II - schizophrenia related cognitive impairment

- Advance one pipeline compound and file IND

- Advance commercial development activities

McCauley said the Company's milestones for 2007 reflect the progress and success the Company had over the course of 2006. Some of those accomplishments in 2006 included:

- Commencement of Phase II clinical trial evaluating AL-108 as a treatment for Alzheimer's disease;

- Commencement of Phase II clinical trial evaluating AL-208 as a treatment for MCI-CABG;

- Completed $10.0M Private Placement, ensuring the company has the financial resources into mid 2008 and to execute its 2007 milestones;

- Completed and released two sets of data for Phase I clinical trials that evaluated the safety of AL-208 and released results for one Phase I clinical trial evaluating AL-108, while completing a second Phase I clinical trial for AL-108 with results to be released shortly.

Also, Allon announced today that in a recently published article in Current Pharmaceutical Design, titled "NAP and ADNF-9 Protect Normal and Down's Syndrome Cortical Neurons from Oxidative and Apoptosis", that Company's compounds have demonstrated efficacy in protecting Down's syndrome neurons and normal human neurons treated with an oxidative stress insult.

NAP (the active component of AL-108 and AL-208) and SAL (ADNF-9, the active component of AL-209 and AL-309) demonstrated the ability to improve the survival of human neurons in the presence of oxidative stress. Oxidative stress is a harmful condition that occurs when there is an excess of free radicals and or a decrease in antioxidant levels. It is a potential contributing factor in the pathology associated with Alzheimer's disease (AD) and Down syndrome (DS), and may contribute to the development of AD in DS patients. Down syndrome patients are thought to be particularly susceptible to oxidative stress since almost all develop characteristics of AD neuropathology, including neuritic plaques and neurofibrillary tangles, after middle age.

About Allon

Allon Therapeutics Inc. is a clinical-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. 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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