Allon Therapeutics, Inc. CEO to Present at Biotech Showcase 2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - January 10, 2011) - Allon Therapeutics Inc. (TSX: NPC) President and CEO, Gordon McCauley, will present an update of the Company’s business progress today at 3:30 p.m. PST/ 6:30 p.m. EST at the Biotech Showcase 2011 conference in San Francisco. The conference is attended by investors, investment analysts, investment bankers and by biotechnology and pharmaceutical company executives.

In his presentation, McCauley will provide an update on the Company’s programs, including its pivotal Phase 2/3 clinical trial evaluating Allon’s lead neuroprotective drug candidate, davunetide, as a potential treatment for progressive supranuclear palsy (PSP), a rapidly-progressing and fatal degenerative brain disease.

The Company announced on January 4, 2011 that it reached agreement with the United States Food and Drug Administration on a Special Protocol Assessment for this pivotal trial. Enrolment in the study began in the fourth quarter of 2010. The Company expects data from this trial in about two years, forming the basis for a New Drug Application for approval of davunetide in PSP.

The presentation is being webcast live at:

http://www.corporate-ir.net/ireye/conflobby.zhtml?ticker=NPC.TO&item_id=3620693

The presentation will be immediately archived and available for viewing for three months after the live webcast and can also be viewed from the Company’s website at:

http://www.allontherapeutics.com/events_webcasts.html

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 based on davunetide are derived from ADNP, while preclinical stage drug AL-309 is derived from ADNF. Davunetide is focused on Alzheimer’s disease, cognitive impairment in schizophrenia, and frontotemporal dementia. 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. Allon’s drug davunetide has demonstrated human efficacy in amnestic mild cognitive impairment, a precursor to Alzheimer’s disease, and cognitive impairment associated with schizophrenia. Allon has Phase 2 human efficacy programs pursuing large underserved markets, such as Alzheimer’s disease and cognitive impairment associated with schizophrenia, and in orphan markets, such as frontotemporal dementias. 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.

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Technorati: Allon Therapeutics Gordon McCauley Davunetide Progressive Supranuclear Palsy PSP