Allon selected as Top 10 partnering prospect by CNS experts
VANCOUVER, Nov. 29, 2012 /PRNewswire/ - Allon Therapeutics Inc. (TSX: NPC) was selected as one of the "Top 10 CNS Licensing Prospects" and will present today at the Windhover Therapeutics Area Partnerships (TAP) conference in Boston, MA . A panel of independent experts commissioned by the conference has selected Allon as one of the Top 10 partnering prospects globally in the neuroscience field.
Allon announced November 13 that patient treatment has been completed in the multinational pivotal phase 2/3 clinical trial that is evaluating the Company's lead product davunetide as a potential treatment for progressive supranuclear palsy (PSP), a rapidly progressing and fatal degenerative brain disease. Allon expects to disclose top line data from this pivotal study in the second half of December.
Dr. Michael Gold, Vice President, Clinical Development and Chief Medical Officer, said that the Company is on track to meet its objective of releasing top-line data from the clinical trial in the second half of December. "Given how close we are to data, and that davunetide is the most advanced tau related therapy in the world, there has been a lot of partnering interest" Gold said.
Gold said that positive data from the clinical trial would present Allon with several options, including pursuing regulatory approval in the U.S. and other markets for PSP. Allon estimates the market potential for the first approved treatment for PSP could exceed $700 million in the U.S. and Europe. PSP is suffered by approximately 25,000 people in the United States and 40,000 people in the European Union.
Attendees at the Windhover TAP conference include financing and business development leaders eager to assess some of the most promising drugs in development and available for partnering in the hottest therapeutic areas. Allon and other companies selected as "Top Projects to Watch" make their presentations today and then hold one-on-one partnership meetings today and Friday.
Conference officials said criteria for selection as Top Projects were
- Large market, large unmet need, with increasing opportunity;
- History of the molecule and drug;
- Strong science;
- Strong company;
- Diversity of indications;
- Potential for new opportunities beyond the initial indications; and
- Multi-level partnering opportunities, i.e., biotech to biotech as well as pharma to biotech
Allon Therapeutics Inc. is a clinical-stage biotechnology company focused on bringing to market innovative central nervous system therapies. Allon's lead drug davunetide is proceeding in a pivotal clinical trial in an orphan indication, progressive supranuclear palsy (PSP), under a Special Protocol Assessment (SPA) with the U.S. Food and Drug Administration (FDA). The trial is complete and on track to analyse the data and release top-line results before the end of 2012. This pivotal trial is based upon statistically significant human efficacy demonstrated in patients with amnestic mild cognitive impairment, cognitive impairment associated with schizophrenia, and in positive biomarker data.
The Company is listed on the Toronto Stock Exchange under the trading symbol "NPC".
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. Similarly, nothing in this press release is meant to promote a pharmaceutical product or make a regulated claim of efficacy.
SOURCE Allon Therapeutics Inc.