N@N

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2010) - [ Allon Therapeutics Inc. ] (TSX:NPC) has been designated one of the "Top 15 Biotech Companies to Watch" and invited to present at the [ 17th annual Windhover Euro-Biotech Forum ] in Paris June 28-30. Allon President and CEO [ Gordon McCauley ] will present an update of the Company's business progress today at 6:45 am PDT (3:45 pm CEST).

Euro-Biotech Forum organizer, and biopharma publisher, Elsevier Business Intelligence, said Allon was chosen for the Top 15 list because of the company's overall strength, product pipeline and potential for an alliance with a pharmaceutical and/or biotech company.

The Forum is attended by executives responsible for partnering and dealmaking at the world's largest pharmaceutical companies.

McCauley's presentation will include an update of Allon's clinical program to develop its lead neuroprotective drug candidate, davunetide, as the first approved a potential treatment for progressive supranuclear palsy (PSP), a type of frontotemporal dementia (FTD). FTD is a group of rapidly progressive and fatal degenerative brain diseases, often mis-diagnosed as Parkinson's or Alzheimer's disease.

Allon expects to begin an advanced efficacy trial in PSP patients during the third quarter of 2010. The Company's progress thus far in 2010 in its PSP program includes:

• Orphan Drug designation for davunetide for a treatment for PSP in the United States and the European Union, the world's two largest pharmaceutical markets;
• Fast Track status in the U.S. for davunetide for the treatment of PSP;
• Completion of a Phase 1 clinical trial that began enrolling patients January 28, 2010. The resulting Phase 1 data expanded the demonstrated safety range and pharmacokinetic profile of davunetide at dosage levels higher than previously used in the Company's clinical trials; and
• Initiation of a pilot study at University of California, San Francisco to validate the trial design for the efficacy clinical trial.

About davunetide

Davunetide is derived from a naturally occurring neuroprotective brain protein known as activity dependent neuroprotective protein (ADNP). Allon's laboratory and animal studies have shown that davunetide improves cognition in a number of disease models through a mechanism believed to involve effects on microtubules, structures in the brain critical to communication between cells.

About Allon's neuroprotective platforms Allon's two neuroprotective technology platforms are based on two naturally occurring proteins produced by the brain in response to a range of insults. The platforms are activity-dependent neuroprotective protein (ADNP) and activity-dependent neurotrophic factor (ADNF).

Because the two platforms are based on different proteins, the drugs from each are different molecules with different therapeutic mechanisms and distinct commercial opportunities. Clinical-stage drugs based on davunetide are derived from ADNP, while preclinical stage drug AL-309 is derived from ADNF. Davunetide is focused on Alzheimer's disease, cognitive impairment associated with schizophrenia, and progressive supranuclear palsy (PSP). AL-309 is being developed for the treatment of peripheral neuropathies and is administered orally or subcutaneously.

About Allon

Allon Therapeutics Inc. is a clinical-stage biotechnology company developing treatments for major neurodegenerative conditions. Allon's drug davunetide has demonstrated human efficacy in amnestic mild cognitive impairment, a precursor to Alzheimer's disease, and cognitive impairment associated with schizophrenia. Allon has Phase 2 human efficacy programs pursuing large underserved markets, such as Alzheimer's disease and cognitive impairment associated with schizophrenia, and in orphan markets, such as frontotemporal dementias. The Company is listed on the Toronto Stock Exchange under the trading symbol "NPC" (Neuro Protection Company™) and based in Vancouver. For additional information please visit the Company's website: [ www.allontherapeutics.com ].

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.