Allon Therapeutics Inc.

Allon Therapeutics Inc.

December 06, 2006 09:15 ET

Allon Receives Approval for Phase II Clinical Trial in Alzheimer's-Related Condition

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 6, 2006) - Allon Therapeutics Inc. (TSX:NPC), The Neuro Protection Company™, today announced IRB (Institutional Review Board) approval to begin enrolling patients for a Phase II human clinical trial evaluating the Company's lead product AL-108. The trial will evaluate the efficacy of AL-108 in improving cognitive function in patients who suffer from Mild Cognitive Impairment (MCI), often a pre-cursor to Alzheimer's disease.

Gordon McCauley, President and CEO of Allon, said the Phase II trial is an important next step in determining the effectiveness of AL-108 as a treatment for Alzheimer's disease. It has been estimated that 85% of people diagnosed with MCI develop Alzheimer's within 10 years of diagnosis.

"There is compelling data that MCI patients have similar neurofibrillary tangles as Alzheimer's patients which makes this trial a logical next step for AL-108 and Allon," said McCauley. "We have established in several preclinical 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."

Allon expects that the results of this trial will support further clinical development in Alzheimer's and MCI. The Phase II trial will be a multi-center, double-blind, randomized, placebo-controlled, multiple-dose study to evaluate the safety, tolerability and effect on cognitive function of AL-108 after 12 weeks of intranasal administration in patients with MCI aged 55 to 85 years. As many as 15 clinical sites in the United States will participate. Allon expects enrolment to begin early in 2007.

About MCI-Alzheimer's

According to the Alzheimer's Society, the leading international research and funding organization dedicated to helping people affected by Alzheimer's disease, approximately 15 per cent of the general population has MCI - and 85 per cent of these people will develop Alzheimer's disease. To date, no drugs have been shown to prevent or delay Alzheimer's in people with MCI, says the Alzheimer's Society.

Although more than $4 billion was spent in 2005 on approved drugs for Alzheimer's disease, these drugs treated only symptoms - not the causes of the disease.

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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