Allon Therapeutics Inc.

Allon Therapeutics Inc.

March 27, 2006 14:00 ET

Allon Begins Dosing First Patient for AL-208 Phase Ib Clinical Trial

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 27, 2006) - Allon Therapeutics Inc. (TSX:NPC), The Neuro Protection Company™, today announced that it has begun dosing its first patient for a Phase Ib human clinical trial evaluating the safety, tolerability and pharmacokinetics of the Company's second product AL-208 as a treatment for neurodegenerative indications where multiple doses are required.

Allon will also evaluate the efficacy of AL-208 this year in a Phase IIa clinical trial as treatment for mild cognitive impairment resulting from cardiac bypass surgery.

The Phase Ib clinical trial will complete dosing mid-year. The trial is a double-blind, placebo-controlled multiple ascending dose study to evaluate the safety, tolerability and pharmacokinetics in both healthy elderly and diabetic subjects. This trial is being conducted in San Antonio, Texas by Healthcare Discoveries Inc., a division of Catalyst Pharma Group Inc.

Gordon McCauley, President and CEO of Allon, said the Phase Ib study is consistent with the Company's clinical strategy of maximizing the opportunities for its compounds to succeed. "Our clinical program is designed to take advantage of our two broad technology platforms, each with novel compounds that have demonstrated extensive preclinical efficacy in different indications and different routes of administration."

Allon's product AL-108 is being evaluated in clinical trials as a treatment for Alzheimer's disease. Phase Ia results released in 2005 demonstrated AL-108 was safe and well tolerated. A Phase Ib trial and a Phase IIa trial will begin in 2006.

Drugs to treat the symptoms and effects of neurodegenerative conditions represent a rapidly growing market, at approximately $24.4 billion in 2004.

About Allon

Allon Therapeutics Inc. is a development-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.

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