Allon Therapeutics, Inc.'s CEO Presenting at BIO-Europe Spring

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 09, 2010) - Allon Therapeutics Inc. (TSX: NPC) President and CEO Gordon McCauley will present an update of the Company’s business progress on Wednesday, March 10 at 11:15 CET at the BIO-Europe Spring 2010 4th Annual International Partnering Conference in Barcelona, Spain.

BIO-Europe Spring attracts international executives from established and biotech companies, pharmaceutical companies, financial firms with expertise in the biotech sector, and private investors. Presenting companies use the conference to identify new business opportunities and to develop strategic relationships. The conference is sponsored by EBD Group, a leading partnering firm for the global life science industry with offices in Canada, the United States, the United Kingdom and Switzerland.

In this presentation, McCauley will include an update of Allon’s clinical program to develop lead neuroprotective drug candidate davunetide as the first approved treatment for frontotemporal dementia (FTD), a group of rapidly progressive and fatal degenerative brain diseases, often mis-diagnosed as Parkinson’s or Alzheimer’s disease.

On January 26th and January 28th, Allon announced the commencement of two clinical trials in its FTD program. In addition, the Company announced January 12th that the United States Food and Drug Administration (FDA) granted Orphan Drug Designation to davunetide for the treatment of progressive supranuclear palsy (PSP), one type of several types of FTD in which the pathology is known to involve impairment of the brain protein tau.

Davunetide’s potential as a treatment for PSP and other tau dementias has been confirmed in animal studies and in a Phase 2 human clinical trial with patients with amnestic mild cognitive impairment (aMCI), a precursor to Alzheimer’s in which the neuropathology also involves tau impairment.

Allon announced March 3, 2010 that it has entered into a $10 million three-year standby equity distribution agreement (SEDA) with YA Global Master SPV Ltd., a fund managed by Yorkville Advisors, LLC. This equity facility provides the Company with a flexible, low-cost source of capital, in an amount, and at the time of Allon’s choosing, with a built-in minimum price.

About davunetide

Davunetide is derived from a naturally occurring neuroprotective brain protein known as activity dependent neuroprotective protein (ADNP). Allon’s laboratory and animal studies have shown that davunetide improves cognition in a number of disease models through a mechanism believed to involve effects on structures in the brain - known as microtubules which are critical to communication between brain cells and the structure of individual cells.

In 2008, Allon reported Phase IIa clinical trial results showing that davunetide had a statistically significant positive impact on memory function in patients with amnestic mild cognitive impairment (aMCI), a precursor to Alzheimer’s disease (AD). The data was presented July 28 and July 30, 2008 to the International Conference on Alzheimer’s Disease and Related Disorders (ICAD 2008).

On December 7, 2009, Allon reported Phase IIa clinical trial results showing that davunetide improved memory function of schizophrenia patients and had a positive impact on the ability of these patients to carry out important activities in their daily lives. The data was presented at the annual meeting of the American College of Neuropsychopharmacology.

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 II 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.