Allon Therapeutics, Inc. Receives Japanese Patent Allowance for Treatment and Prevention of Major Neurological Diseases

VANCOUVER, BRITISH COLUMBIA--(Marketwire - January 06, 2010) - Allon Therapeutics Inc. (TSX: NPC) announced today that it has been allowed a Japanese patent, covering its two neuroprotection technology platforms. This patent provides protection for the treatment and prevention of a large number of disorders involving learning and memory deficits, such as those in Alzheimer’s disease, Down syndrome and normal aging.

The Japanese patent covers the combination use of various derivatives of compounds from Allon’s activity-dependent neuroprotective protein (ADNP) and activity-dependent neurotrophic factor (ADNF) platforms.

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 unique molecules with different mechanisms of action and distinct commercial opportunities. The clinical-stage drug, davunetide is based on ADNP, and its therapeutic potential is focused on frontotemporal dementia, Alzheimer’s disease, and cognitive impairment in schizophrenia. The preclinical stage drug candidate AL-309 is derived from ADNF and is being developed for the treatment of peripheral neuropathies.

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 advanced human clinical programs pursuing large markets of unmet medical need, such as Alzheimer’s disease and cognitive impairment associated with schizophrenia, and in orphan markets, such as frontotemporal dementia. 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

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