Founding Meeting for FTD Study Group Led by Allon Therapeutics, Inc. and Chaired by Dr. Adam Boxer of University of California, San Francisco (UCSF) Memory and Aging Center

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 08, 2010) - Allon Therapeutics Inc. (TSX: NPC) -

- Group scheduled to meet during the Annual International Conference of the American Academy of Neurology -

Allon Therapeutics Inc. announced today that it is an organizer and co-sponsor for the founding meeting of a study group dedicated to advancing the treatment of frontotemporal dementia (FTD) and related disorders.

The establishment of this body has been led by Allon, and the initial meeting is scheduled for April 11th, to coincide with the Annual International Conference of the American Academy of Neurology, the largest annual neurology conference in the world, being held in Toronto April 10-17. Dr. Adam Boxer, Director of the Alzheimer’s Disease and FTD Clinical Trials Program at the Memory and Aging Center at the University of California, San Francisco, will chair over meeting, which will be attended by academics, clinicians and executives from leading medical centres, non-profit advocacy organizations, government agencies and pharmaceutical companies.

Gordon McCauley, President and CEO of Allon, said the study group will work cooperatively to increase and optimize research on the causes, improving diagnosis, and developing treatments for FTD, the second most prevalent cause of dementia in middle age. Allon expects to start an efficacy study in progressive supranuclear palsy (PSP) one of the FTDs in the first half of 2010.

“Our initial meeting has attracted a cross section of the leading medical, advocacy, industry and government specialists,” said McCauley. “We are also fortunate that the UCSF’s Memory and Aging Center, a recognized leader in FTD research, is helping to spear-head the formation of this study group.”

Dr. Boxer said the cooperative work of the FTD study group will enable sharing of the most successful practices and results, and will ultimately increase the rate of progress of development of FTD-specific therapies.

“There are no approved treatments for FTD or related disorders, although these diseases are increasingly common causes of dementia and movement problems,” said Dr. Boxer. “Considerable progress is being made in understanding the mechanisms of disease in FTD and we need to translate these advances into actual treatments. We believe that a cooperative approach involving academia, advocacy groups, industry and the NIH will lead to faster progress than can be achieved by individual researchers and centers working independently.”

About frontotemporal dementia (FTD)

Frontotemporal dementia (FTD) is a group of progressive degenerative diseases that gradually damage or shrink the front of the brain - the frontal and anterior temporal lobes. These two areas are the center of many important brain functions, including language skills and the ability to focus attention, make plans and decisions and control impulses. Patients gradually lose the ability to behave appropriately, empathize with others, learn, reason, make judgments, communicate and carry out daily activities. These diseases may also cause characteristic loss of language ability and movement disorders. In people under age 60, FTD is the most common cause of early-onset dementia.

FTD affects approximately 250,000 Americans and 25,000 Canadians a year, or about 6.7 people per 100,000 among people ages 45 to 64. There are several forms of the disease that lead to slightly different behavioral, language and/or motor symptoms. FTD can be mistaken for Alzheimer’s disease, Parkinson’s disease or a primarily psychiatric disorder like depression, manic-depression, obsessive-compulsive disease or schizophrenia. There is no treatment that can prevent or repair the damage.

Based on the distinct patterns of signs and symptoms, six different clinical syndromes have been grouped together under the category of frontotemporal dementia (FTD):

1. Behavioral-variant frontotemporal dementia (bvFTD)

2. Semantic dementia (SD)

3. Progressive non-fluent aphasia (PNFA)

4. Corticobasal degeneration (CBD)

5. Progressive supranuclear palsy (PSP)

6. Frontotemporal dementia with amyotrophic lateral sclerosis (FTD-ALS)

Approximately half of FTDs, including PSP, are tauopathies, which are pathologies that involve impairment of the tau protein in brain cells.

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 associated with schizophrenia, and progressive supranuclear palsy. 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

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