Allon Therapeutics, Inc. CEO to Present at Rodman & Renshaw Annual Global Investment Conference

VANCOUVER, BRITISH COLUMBIA--(Marketwire - September 09, 2009) - Allon Therapeutics Inc. (TSX: NPC) President and CEO Gordon McCauley will present an update of the Company’s business progress tomorrow at 3:15pm EDT at the Rodman and Renshaw Annual Global Investment Conference.

On July 9th, Allon achieved a major milestone when it released top-line Phase IIa clinical trial data demonstrating that its lead neuroprotective drug candidate, davunetide, had a statistically significant impact on the functional capacity of schizophrenia patients to carry out important activities in their daily lives.

Last year, Allon’s Phase IIa clinical trial data showed that davunetide has a positive impact on memory function in patients with amnestic mild cognitive impairment (aMCI), a precursor to Alzheimer’s disease (AD).

In his presentation, Mr. McCauley will provide an update on the Company’s clinical plans and progress in its forthcoming human clinical trial examining the potential of davunetide to treat frontotemporal dementia (FTD). FTD is a group of related conditions that share many clinical features and all result from progressive degeneration of specific areas of the brain. There are no approved treatments for FTD and no effective way to slow its progression. Approximately half of FTD cases are tauopathies, or disease resulting from the aggregation of tau. Davunetide is the most clinically advanced tau therapy in the world.

The presentation is being webcast live at http://www.wsw.com/webcast/rrshq15/npc.to.

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.

Rodman & Renshaw is an investment bank dedicated to providing investment banking services to companies that have significant recurring capital needs due to their growth and development strategies.. The firm hosts conferences such as this one to bring together institutional investors and high potential development companies.

About Allon

Allon Therapeutics Inc. is a clinical-stage biotechnology company focused on developing the first drugs that impact the progression of neurodegenerative diseases. Allon’s drug davunetide has demonstrated human efficacy in amnestic mild cognitive impairment, a precursor to Alzheimer’s disease, and schizophrenia-related cognitive impairment. Allon has Phase II human efficacy programs pursuing large underserved markets: Alzheimer’s disease, frontotemporal dementia, 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.