Allon Therapeutics Inc.

Allon Therapeutics Inc.

April 24, 2007 09:15 ET

Allon Therapeutics Confirms Oral Bioavailability of AL-309

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 24, 2007) - Allon Therapeutics Inc. (TSX:NPC), The Neuro Protection Company™, today released new data confirming that the Company's product AL-309 has robust oral bioavailability in preclinical studies. This new data also shows that AL-309 enters the brain and that effective concentrations can be detected for extended periods of time. This information serves to confirm the potential of AL-309 as a highly novel central nervous system drug.

Gordon McCauley, President and CEO of Allon, said earlier preclinical studies demonstrated that AL-309 had neuroprotective effects in several animal models of neurodegenerative disease.

"These new results are quite significant as they show that AL-309 passes through two meaningful barriers to drug delivery: the intestinal wall and the blood-brain barrier (BBB). These characteristics are essential for an orally administered central nervous system drug and validate the Company's program to develop AL-309 as a treatment for neurodegenerative disease," McCauley said.

McCauley said AL-309 will be the first product to move into clinical development from the Company's second platform of neuroprotective compounds. AL-309 will complement development of AL-108 and AL-208, which are currently being evaluated in Phase II clinical trials as treatments for Alzheimer's disease and for mild cognitive impairment associated with coronary artery bypass graft surgery. A third Phase II trial will begin in mid-2007 to evaluate AL-108 as a treatment for schizophrenia-related cognitive impairment.

Allon's two technology platforms are based on neuroprotective proteins that are formed naturally in the brain, namely activity-dependent neuroprotective protein (ADNP) and activity-dependent neurotrophic factor (ADNF). AL-108 and AL-208 use an eight amino acid peptide derived from ADNP. AL-309 is a nine amino acid fragment of ADNF, modified for additional stability.

The BBB refers to the capillaries that protect the brain from harmful substances in the blood stream. Unlike capillaries throughout the rest of the body that allow relatively free exchange of substance between cells, the BBB strictly limits transport into the brain and is often the rate-limiting factor in determining permeation of therapeutic drugs into the brain.

McCauley will include the AL-309 results in his corporate presentation at Biofinance 2007 where he will also provide an update on Allon's Phase II clinical programs. The presentation will take place on Wednesday, April 26 at 3:oopm EST, at the Toronto Marriot Eaton Centre, located on 525 Bay Street. Biofinance is a leading Canadian life science industry investor conference that brings together senior life science executives, institutional and venture capital investors, industry analysts, corporate finance executives and experts from the scientific and medical communities in Canada, the United States, Europe and Asia.

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:

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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