Allon CEO updates BioFinance Conference on pivotal trial progress and DSMB recommendation

VANCOUVER, May 30, 2012 /PRNewswire/ - Allon Therapeutics Inc. (TSX: NPC) President and CEO Gordon McCauley is presenting an update of the Company's progress today at the BioFinance 2012 investor conference in Toronto. McCauley's presentation will include the latest review of the Company's on-going pivotal trial in progressive supranuclear palsy (PSP) by the independent Data Safety Monitoring Board (DSMB) and its recommendation to continue the trial.

The DSMB recently completed its fourth review and unanimously recommended continuing the trial without any change or modification to the protocol. A DSMB is a group of clinical experts with the primary responsibility of monitoring the safety and well-being of subjects and to assure scientific integrity of the study. The DSMB is unblinded to treatment and independent of the company and the clinical investigators, who are blinded from the safety and efficacy data until all treatment has been completed.

McCauley's presentation will include an update of the Company's programs, including the pivotal clinical trial evaluating its lead neuroprotective drug candidate, davunetide, as a potential treatment for PSP, a rapidly progressing and fatal degenerative brain disease. The trial is fully enrolled and on track to complete patient dosing, analyze data and release top-line results by late 2012.

BioFinance is the leading investor conference in Canada for the life sciences industry. Participants from Canada, the U.S. and Europe include company CEOs and other senior executives, institutional and private equity investors, and experts from pharmaceutical and biotech communities. The presentation will be immediately archived and available for viewing from the Company's website at www.allontherapeutics.com/corporate/news/events-and-webcasts/

About Allon
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 fully enrolled and is expected to complete patient dosing and release top-line data by late 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.

[email protected]
www.allontherapeutics.com

SOURCE Allon Therapeutics Inc.