Allon CEO updates Bloom Burton & Co. Healthcare Investor Conference

VANCOUVER, June 21, 2012 /CNW/ - Allon Therapeutics Inc.TSX: NPC President and CEO Gordon McCauley is presenting an update of the Company's progress today at the Bloom Burton & Co. Healthcare Investor Conference at the Toronto Board of Trade in Toronto.

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 the study, analyse the data and release top-line results before the end of 2012.

Bloom Burton & Co. is Canada's largest and most active healthcare-specialized investment banking group. The team of healthcare specialists merges scientific, medical, clinical, intellectual property and commercial expertise with a strong understanding of the capital markets, to advise and raise capital for private and public companies.

The conference brings together U.S., Canadian and European investors who are interested in the latest developments in the Canadian healthcare sector. Attendees will have an opportunity to obtain corporate updates from the premier Canadian public and private companies through presentations and break-out Q&A sessions.

Allon's 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 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
604-742-2546
[email protected]
www.allontherapeutics.com