Allon Therapeutics, Inc. Chosen as “Top 10 Partnering Candidate” and Presenting at Major Partnership Conference

VANCOUVER, BRITISH COLUMBIA--(Marketwire - November 17, 2009) - Allon Therapeutics Inc. (TSX: NPC) announced today its lead drug candidate, davunetide, has been selected as one of the Top 10 partnership candidates by a leading industry expert. The 2009 Windhover Therapeutic Areas Partnership Conference features the Top 10 candidates. Bruce Morimoto, Vice-President of Drug Development at Allon, will present an overview of the davunetide program at the conference in Boston, MA on November 18.

Allon’s lead product davunetide was selected by Dr. Harry Tracy, President and editor of the highly respected biotechnology publication NeuroInvestment, as one of the Top 10 most promising neuroscience clinical programs available for strategic partnerships.

The conference is attended by pharmaceutical companies focused on the therapeutic areas of neuroscience, cancer, heart disease and metabolism. Previous Top 10 companies have signed a total of $17-billion worth of alliances and acquisitions. Windhover Information Inc., the conference organizer, is a subsidiary of Elsevier, the world’s leading publisher of science, technical and health information.

Dr. Morimoto will review efficacy data from Allon’s Phase II clinical trials in patients with mild cognitive impairment, a precursor to Alzheimer’s disease, and in patients with schizophrenia-related cognitive impairment. He will also provide an update on Allon’s Phase II clinical program to develop lead product davunetide as the first effective treatment for a number of brain disorders broadly categorized as frontotemporal dementia (FTD).

About Allon’s neuroprotective platforms

Allon’s two neuroprotective technology platforms are based on 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 davunetide intranasal (AL-108) and davunetide intravenous (AL-208) are derived from ADNP, while preclinical stage drugs AL-209 and AL-309 are derived from ADNF.

ADNP drugs davunetide intranasal (AL-108) and davunetide intravenous (AL-208) are focused on Alzheimer’s disease, frontotemporal dementias, and cognitive impairment. 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 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.