Allon Therapeutics Inc.

Allon Therapeutics Inc.

July 07, 2011 08:30 ET

Allon Appoints Biotech Leader to its Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2011) - Allon Therapeutics Inc. (TSX:NPC) announced today the appointment of Michael Aldridge as a director of the Company. Michael currently serves as Executive Director and member of the Board of biopharmaceutical company Xenome Limited. Aldridge replaces Michael O'Brian, who is retiring from the Board of Directors after serving since 2004.

In May 2010 Aldridge joined Xenome, a pain company focused on the development of peptide-based therapeutics with a product in late-stage clinical trials. From 2003 to 2008, he led Peplin, Inc., a public company that grew under his leadership into a global dermatology company with two skin cancer products in late-stage clinical trials. Peplin was sold to LEO Pharma A/S, a European dermatology company, for US$287.5 million in cash. Previous to his leadership at Peplin, Aldridge had a successful investment banking career in Australia, New York, and London.

Gordon McCauley, Allon's President and CEO, said Aldridge brings experience that will help Allon as the Company executes its Phase 2/3 pivotal clinical trial evaluating lead product davunetide as a treatment for progressive supranuclear palsy (PSP), a rapidly progressing and fatal degenerative brain disease. The Company is on track to complete enrollment of the clinical trial by the end of 2011 and to report data approximately one year later.

"Michael Aldridge has a track record that is extremely relevant to Allon. He successfully led a growing biotech company through late-stage trials, while building significant value for shareholders," McCauley said. "Furthermore Michael's investment banking expertise will be quite valuable as we mature and address more global capital markets."

"Allon has been fortunate to enjoy Michael O'Brian's guidance and steadfast support from our early days," McCauley said. "His experience in the capital markets and as an entrepreneur were a great benefit to our shareholders, board and management team. We are deeply grateful to Michael for his service."

About Allon

Allon Therapeutics Inc. is focused on bringing to market innovative central nervous system therapies. Allon's lead drug davunetide is proceeding in a pivotal Phase 2/3 clinical trial in an orphan indication, progressive supranuclear palsy (PSP), under an SPA with the FDA. This pivotal trial is based upon statistically significant human efficacy demonstrated in amnestic mild cognitive impairment (a precursor to Alzheimer's disease), cognitive impairment associated with schizophrenia, and positive biomarker data.

The Company is listed on the Toronto Stock Exchange under the trading symbol "NPC".

About Davunetide

Allon is currently enrolling patients in a pivotal Phase 2/3 clinical trial evaluating davunetide as a potential treatment for progressive supranuclear palsy (PSP), a rapidly-progressing and fatal movement disorder with dementia which is often misdiagnosed as Parkinson's or Alzheimer's disease. Allon reached agreement on a Special Protocol Assessment with the U.S. Food and Drug Administration, as well as Orphan Drug and Fast Track Status in the U.S. Similarly, Allon has Orphan Status for davunetide in the EU.

Davunetide is derived from a naturally occurring neuroprotective brain protein known as activity dependent neuroprotective protein (ADNP). Allon's human clinical and pre-clinical data suggest that davunetide works on microtubules, structures in the brain critical to communication between cells, and central to the tau pathway. Davunetide has shown statistically significant impacts on memory, activities of daily living, and a biomarker of brain cell function and integrity. Allon has extensive intellectual property protecting davunetide.

Forward Looking Statements

Statements contained herein, other than those which are strictly statements of historical fact may include forward-looking information. Such statements will typically contain words such as "believes", "may", "plans", "will", "estimate", "continue", "anticipates", "intends", "expects", and similar expressions. While forward-looking statements represent management's outlook based on assumptions that management believes are reasonable, forward-looking statements by their nature are subject to 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 them. Such factors include, among others, the inherent uncertainty involved in scientific research and drug development, Allon's early stage of development, lack of product revenues, its additional capital requirements, the risks associated with successful completion of clinical trials and the long lead-times and high costs associated with obtaining regulatory approval to market any product which Allon may eventually develop. Other risk factors include the limited protections afforded by intellectual property rights, rapid technology and product obsolescence in a highly competitive environment and Allon's dependence on collaborative partners and contract research organizations. These factors can be reviewed in Allon's public filings at and should be considered carefully. Readers are cautioned not to place undue reliance on such forward-looking statements. Similarly, nothing in this press release is meant to promote a pharmaceutical product or make a regulated claim of efficacy.

Contact Information