Thallion Pharmaceuticals Inc. and LFB Biotechnologies Initiate Phase II SHIGATEC Trial

MONTREAL, QUEBEC--(Marketwire - November 29, 2010) - Thallion Pharmaceuticals Inc. (TSX: TLN) and LFB Biotechnologies (LFB) Today Announced the Initiation of a Phase Ii Trial (SHIGATEC Trial) in South America Evaluating Shigamabs® as a Treatment for Shigatoxin-Producing E. Coli (Stec) Infections. the Timing of the Phase Ii Clinical Trial Coincides With the Seasonal High Period for Stec Infections in the Southern Hemisphere. the Study Will Comprise Up to 18 Clinical Sites in Argentina, Chile and Peru.

“Since signing the licensing agreement with LFB last February, our primary development goal was to get Shigamabs® back into the clinic before year end and maximize recruitment during the high incidence season in South America,” said Dr. Allan Mandelzys, Chief Executive Officer of Thallion Pharmaceuticals Inc. “STEC infection is a completely unmet medical need that affects more than 300,000 people in the industrialized world annually. No approved therapies exist today, with the current standard of care being to hydrate and then wait for disease progression. Our novel, dual-antibody approach has the potential to be the first treatment to address this patient population.”

The randomized, double-blind, placebo-controlled trial will enroll 42 patients aged six months to 18 years testing positive for STEC infection, distributed in two cohorts. The first cohort will compare standard of care combined with a low dose of Shigamabs® (1 mg/kg) versus standard of care with placebo, followed by an interim analysis of data for safety conducted by an Independent Data Monitoring Committee (IDMC). Following a positive recommendation to proceed by the IDMC, the second cohort will compare standard of care combined with a high dose of Shigamabs® (3 mg/kg) versus standard of care with placebo. The primary endpoints for the Phase II trial are safety and tolerability. Secondary endpoints include pharmacokinetics and objective measures of efficacy using single and composite endpoints. Data from the core study is expected within 9-12 months, with long term safety data available after a one year follow-up period (extension phase).

About Thallion Pharmaceuticals Inc.

Thallion Pharmaceuticals Inc. (TSX: TLN) is a biotechnology company developing pharmaceutical products in the areas of infectious disease and oncology. The Company’s clinical programs include Shigamabs® and TLN-4601, a novel anti-cancer therapy. Shigamabs® is a dual antibody product being evaluated in a Phase II clinical trial for the treatment of Shiga toxin producing E. coli bacterial infections. Additional information about Thallion can be obtained at www.thallion.com.

About LFB

LFB is a French biopharmaceutical group that develops, manufactures and commercializes medicinal products for the treatment of serious and often rare diseases in the following main therapeutic fields: Immunology, Hemostasis and Intensive Care. The LFB group is the number one manufacturer of plasma-derived medicinal products in France and 6th worldwide and via its subsidiary: LFB Biotechnologies; LFB is also among the leading European companies in the development of monoclonal antibodies and new-generation proteins based on biotechnologies.

In 2009, LFB devoted 76 million Euros to research and development, 20% of its total turnover of 376 million Euros. The LFB Group is directed by Christian Bechon and has 1700 employees.

For more information about LFB: www.lfb.fr.

Forward-Looking Statements

This press release contains certain forward-looking statements, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect” and other similar expressions which constitute “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking statements reflect Thallion’s current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time-to-time in Thallion’s ongoing filings with the Canadian securities regulatory authorities which filings can be found at www.sedar.com. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Thallion undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable Canadian securities laws.