Allon Therapeutics Inc.
TSX : NPC

Allon Therapeutics Inc.

November 17, 2008 09:00 ET

Allon Therapeutics Reviews Product Development at BIO-Europe 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2008) - Allon Therapeutics Inc. (TSX:NPC), will review progress of its clinical-stage Alzheimer's disease and preclinical-stage peripheral neuropathy programs November 18 at BIO-Europe 2008 in Mannheim, Germany, the largest European partnering conference for the global biotechnology industry.

Gordon McCauley, President and CEO of Allon, will also review the Company's cash management strategy. The Company completed a $20 million equity financing July 15 ensuring its ability to continue progress in all its drug development programs, including providing sufficient funds to undertake and complete a Phase IIb clinical trial in patients with mild-to-moderate Alzheimer's.

Allon's progress to date during 2008 includes results in February from a Phase IIa clinical trial evaluating the Company's drug candidate AL-108 in patients diagnosed with amnestic mild cognitive impairment (aMCI), a precursor to Alzheimer's disease. The data showed statistically significant, dose-dependent and durable improvements on key endpoints that measure short-term recall and working memory - two types of memory that are clinically relevant in Alzheimer's disease.

In July 2008, Allon's scientific presentations at the International Conference on Alzheimer's Disease and Related Disorders (ICAD 2008) in Chicago demonstrated that the Phase IIa aMCI clinical trial data support the results of several studies in animals that show AL-108 reduced the classic Alzheimer's "tangles" pathology and also increased memory function.

Allon's ongoing corporate initiatives include:

- Negotiations on a development and commercialization partnership with a large pharmaceutical company;

- Patient enrolment in a Phase II trial evaluating AL-108 as a treatment for schizophrenia-related cognitive impairment;

- Preparations for a Phase IIb clinical trial evaluating AL-108 in mild to moderate Alzheimer's disease; and

- Preclinical studies to enable an Investigational New Drug application with the United States Food and Drug Administration for approval to begin evaluating product candidate AL-309 in clinical trials as a treatment for peripheral neuropathy.

About BIO-Europe

Allon will be one of 190 companies presenting to more than 2,400 delegates. BIO-Europe brings together international decision-makers from the biotechnology, pharmaceutical and financial sectors, offering networking opportunities, workshop participation, and private, pre-scheduled one-to-one meetings. Investment and collaboration opportunities developed in prior BIO- Europe conferences have produced many highly successful business partnerships. BIO-Europe is organized by EBD Group with the support of the Biotechnology Industry Organization and European Biopharmaceutical Enterprises.

About Allon's neuroprotective platforms

Allon's two neuroprotective technology platforms are based on two naturally occurring proteins produced by the brain in response to a range of insults. The platforms are activity-dependent neuroprotective protein (ADNP) and activity-dependent neurotrophic factor (ADNF).

Because the two platforms are based on different proteins, the drugs from each are different molecules with different therapeutic mechanisms and distinct commercial opportunities. Clinical-stage drugs AL-108 and AL-208 are derived from ADNP, while preclinical stage drug AL-309 is derived from ADNF. ADNP drugs AL-108 and AL-208, focused on Alzheimer's disease and cognitive impairment, are administered intranasally and intravenously respectively. ADNF drug candidate AL-309 is being developed for the treatment of peripheral neuropathies and is administered orally or subcutaneously.

About Allon

Allon Therapeutics Inc. is a clinical-stage biotechnology company developing treatments for major neurodegenerative conditions. In Q1 2008, Allon's drug AL-108 demonstrated human efficacy in amnestic mild cognitive impairment, a precursor to Alzheimer's disease. Allon has Phase II human efficacy programs pursuing two large underserved markets: Alzheimer's disease and schizophrenia-related cognitive impairment. 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

Statements contained herein, other than those which are strictly statements of historical fact may include forward-looking information. Such statements will typically contain words such as "believes", "may", "plans", "will", "estimate", "continue", "anticipates", "intends", "expects", and similar expressions. While forward-looking statements represent management's outlook based on assumptions that management believes are reasonable, forward-looking statements by their nature are subject to 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 them. Such factors include, among others, the inherent uncertainty involved in scientific research and drug development, Allon's early stage of development, lack of product revenues, its additional capital requirements, the risks associated with successful completion of clinical trials and the long lead-times and high costs associated with obtaining regulatory approval to market any product which Allon may eventually develop. Other risk factors include the limited protections afforded by intellectual property rights, rapid technology and product obsolescence in a highly competitive environment and Allon's dependence on collaborative partners and contract research organizations. These factors can be reviewed in Allon's public filings at www. SEDAR.com and should be considered carefully. Readers are cautioned not to place undue reliance on such forward-looking statements and Allon disclaims any obligation to update or announce changes in any such factors except in its periodic filings.

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