Allon's CEO presenting at 2012 BIO Investor Forum and Updating Guidance

VANCOUVER, Oct. 10, 2012 /PRNewswire/ - Allon Therapeutics Inc. (TSX: NPC) President and CEO Gordon McCauley will present an update of the Company's business progress today at the 11^th Annual BIO Investor Forum in San Francisco attended by public and private equity investors, research analysts, investment bankers, and the pharma community.

McCauley's presentation includes an update of the Company's programs, including its fully enrolled pivotal phase 2/3 clinical trial evaluating lead neuroprotective drug candidate, davunetide, as a potential treatment for progressive supranuclear palsy (PSP), a rapidly progressing and fatal degenerative brain disease.  In addition, McCauley updated the Company's guidance on top-line data release from this study, indicating that management expected to release data in the latter part of the fourth quarter.

The fully enrolled pivotal trial is proceeding under a Special Protocol Assessment with the U.S. Food and Drug Administration and is expected to complete patient dosing and release top-line data in Q4 2012. It is being conducted at leading medical institutions in the United States, Canada, the United Kingdom, France, Germany, and Australia. Details can be found at clinical trials.gov.

The live webcast may be viewed at 10:00 a.m. PDT (1:00 p.m. EDT) at
http://www.veracast.com/webcasts/bio/investorforum2012/67204389.cfm
The presentation will be immediately archived and available for viewing for three months from the Company's website at www.allontherapeutics.com/corporate/news/events-and-webcasts/

About BIO Investor Forum
The BIO Investor Forum is sponsored by the Biotechnology Industry Organization, the world's largest organization representing the biotech industry. The forum is exploring investment trends and opportunities in life sciences, with a focus on venture-stage growth and emerging public companies as well as those poised to join the growth "watch list" in 2013.

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 on track to complete the study, 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.

Carrie Christenson
Allon Therapeutics Inc.
(604) 736-0634
[email protected]
www.allontherapeutics.com

SOURCE Allon Therapeutics Inc.

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