Allon Therapeutics Inc.

Allon Therapeutics Inc.

January 08, 2008 08:30 ET

Allon Therapeutics Confirms Milestones for 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2008) - Allon Therapeutics Inc. (TSX:NPC), The Neuro Protection Company™, confirmed today that its 2008 milestones include results from three Phase II human clinical trials that will indicate whether the Company's drugs AL-108 and AL-208 have an effect on three of the most underserved diseases - Alzheimer's disease (AD), stroke and cognitive impairment associated with schizophrenia.

Gordon McCauley, Allon's President and CEO, said positive results from the Company's three Phase II trials would establish AL-108 and AL-208 as the first drugs in development to impact a patient's cognition by targeting the mechanisms that lead to physical damage in the brain.

"We were the first company to achieve this in preclinical animal models of Alzheimer's and now we expect to demonstrate the same capability in people," McCauley said.

"Drugs available today treat only the symptoms of these degenerative diseases. The clinical trial results we release in 2008 will demonstrate whether our drugs have the potential to treat the processes that cause them."

McCauley said Allon's consistent track record of achievement since the Company began publicly disclosing its annual milestones in 2004 should provide a high level of confidence that it will also successfully achieve its 2008 milestones. Allon's business and clinical milestones for 2008 are:

- Complete patient assessment, analyze data and release results from a Phase II clinical trial evaluating the safety, tolerability and effect of AL-108 (intranasal administration) on patients with amnestic mild cognitive impairment (aMCI), a precursor of AD.

- Complete enrolment and dosing, analyze data and release results of a Phase II clinical trial evaluating the safety, tolerability and effect of AL-208 (intravenous administration) as a prevention for the mild cognitive impairment (MCI) resulting from ischemic damage during coronary bypass graft surgery (CABG). Trial results will also indicate AL-208's potential as a treatment for the ischemic damage resulting from stroke.

- Complete dosing, analyze data and release results of a Phase II clinical trial evaluating the safety, tolerability and effect of AL-108 (intranasal administration) on cognitive impairment associated with schizophrenia (CIAS). Cognitive impairments are common at the onset of schizophrenia and can frequently be identified before psychotic symptoms emerge.

- To supplement the three trials outlined above, initiate, complete and release results of a Phase I human clinical trial evaluating the cerebrospinal fluid pharmacokinetics of AL-108 (intranasal administration) and AL-208 (intravenous administration) in healthy adult subjects.

- Evaluate the safety and tolerability of AL-108 in patients with mild to moderate AD. Trial results will help Allon optimize design of a Phase IIb trial to evaluate the effect of AL-108 in this patient population.

- Initiate a Phase IIb clinical trial to evaluate the effect of AL-108 on patients with mild and moderate AD.

- Complete a development and commercialization partnership with a large pharmaceutical company for AL-108 and AL-208.

Allon's milestones for 2008 are a result of progress and success achieved during 2007. These 2007 achievements included:

- Completion of patient dosing for the Phase II clinical trial evaluating AL-108 in aMCI.

- Signing of a collaboration with the United States' National Institute of Mental Health funded-project Treatment Unit for Research of Neurocognition in Schizophrenia (TURNS).

- Initiation of the TURNS-sponsored Phase II clinical trial evaluating AL-108 in CIAS.

- Completion of a bought deal financing with gross proceeds of $15 million.

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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