Allon Receives Court Approval for Proposal and Reorganization

Jul 10, 2013, 16:29 ET from Allon Therapeutics Inc.

VANCOUVER, July 10, 2013 /CNW/ - Allon Therapeutics Inc. (TSX: NPC) ("Allon" or the "Company") refers to its news release dated May 30, 2013 regarding the proposal (the "Proposal") made by the Company to its creditors pursuant to the Bankruptcy and Insolvency Act (Canada) and the reorganization (the "Reorganization") of the Company's share structure. Allon announces that, on July 5, 2013, the Supreme Court of British Columbia granted an order (the "Order") whereby the Court approved the Proposal and the Reorganization. Pursuant to the Order, the Company is authorized to file its Articles of Reorganization under Section 191 of the Canada Business Corporations Act.

The Company's previously announced reorganization transaction with Paladin Labs Inc. is expected to close the week of July 15, 2013.

SOURCE Allon Therapeutics Inc.