Allon Therapeutics Inc.
TSX : NPC

Allon Therapeutics Inc.

March 27, 2007 09:05 ET

Allon Receives Approval to Begin a Phase II Clinical Trial for Schizophrenia

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 27, 2007) - Allon Therapeutics Inc. (TSX:NPC), The Neuro Protection Company™, announced today that its IND (Investigational New Drug) application with the Unites States Food and Drug Administration (FDA), filed on February 20th, 2007, is now active and the Company may begin human clinical trials evaluating the Company's product AL-108 as a treatment for schizophrenia-related cognitive impairment. Allon was selected by the United States National Institute of Mental Health-funded project TURNS (Treatment Units for Research of Neurocognition in Schizophrenia) for a Phase II clinical trial.

Gordon McCauley, President and CEO of Allon, said the Company continues to advance their products into multiple Phase II trials and applauded the ability of Allon's team to progress quickly with the application process.

"Our team has executed effectively with this application like it has on others and we look forward to initiating the clinical trial in collaboration with a group as prestigious as TURNS," said McCauley. "This application is important in that it supports the Company's third Phase II efficacy trial testing the unique underlying mechanism of our drugs."

In North America, it is estimated that over 2 million people suffer from schizophrenia with approximately 60% suffering from cognitive impairment related to their condition, according to Datamonitor. TURNS was created by the U.S. National Institute of Mental Health, one of the U.S. National Institutes of Health, to identify drugs that improve cognition and that can be combined with anti-psychotic drugs that control the psychotic episodes that characterize schizophrenia. To date, first and second generation anti-psychotic drugs have shown little impact on cognition impairment suffered by schizophrenia patients.

The TURNS group plans to commence a Phase II clinical trial evaluating the effectiveness of AL-108 as treatment for schizophrenia related cognitive impairment. The trial is scheduled to be conducted at the 7 TURNS participating sites: Harvard Medical School, The University of California at Los Angeles, Maryland Psychiatric Research Center, Washington University Medical Center, Nathan Kline Institute, Columbia University Medical Center and Duke University.

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. For additional information please visit the company's website: www.allontherapeutics.com.

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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