Allon Therapeutics Inc.
TSX : NPC

Allon Therapeutics Inc.

August 28, 2006 08:30 ET

Allon Begins Dosing for AL-108 Phase Ib Clinical Trial

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 28, 2006) - Allon Therapeutics Inc. (TSX:NPC), The Neuro Protection Company™, today announced it has begun dosing in a Phase Ib human clinical trial evaluating the Company's product AL-108 as a treatment for Alzheimer's disease.

The Phase Ib trial is a double-blind, placebo-controlled, randomized study to evaluate the safety, tolerability, and pharmacokinetics of seven days of intranasal administration of AL-108 in healthy, elderly subjects. This Phase 1b trial uses repeated daily dosing and will support Phase II trials using prolonged administration of AL-108 to test efficacy.

"This trial is another demonstration of the strength of our drug platforms and clinical program," said Gordon McCauley, President and CEO of Allon. "This keeps the Alzheimer's program on track to move into Phase II human efficacy trials and complement our ongoing Phase II trial with AL-208 in mild cognitive impairment."

Dosing will be concluded in the fourth quarter and results will be analysed and released shortly thereafter. A Phase Ia trial has already demonstrated that a single ascending intranasal dose administered at up to 15 milligrams was safe and well tolerated in healthy adults.

Allon has shown in preclinical animal studies that AL-108 is effective in targeting both amyloid plaques and neurofibrillary tangles in the brain, two pathologies most closely correlated with Alzheimer's disease in humans. No drug on the market today has any impact on these plaques and tangles. Rather, drugs on the market today treat only the symptoms of Alzheimer's - that is, they slow memory loss or modify emotional volatility or treat other behavioral symptoms.

Professor Illana Gozes, Chief Scientific Officer of Allon, presented the Company's latest preclinical studies at the 10th International Conference on Alzheimer's disease and related disorders held in Madrid, Spain July 15-20, 2006.

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.

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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