Allon’s CEO presenting at BIO CEO conference in NYC,
Allon’s founder honoured for neuroscience research

VANCOUVER, February 12, 2008— Allon Therapeutics Inc. (TSX: NPC), The Neuro Protection CompanyTM, has announced that President and CEO Gordon McCauley will present a corporate and clinical progress update today at 2 p.m. EST at the 10th annual BIO CEO Conference in New York City.

BIO CEO is attended by institutional investors, investment bankers and other industry experts. McCauley’s presentation can be viewed at the following Bio CEO link: Click here for webcast

During the first quarter of 2008 Allon will report results of a Phase II human efficacy trial evaluating its drug AL-108 on patients with amnestic mild cognitive impairment (aMCI), a precursor of Alzheimer’s disease.

Allon will also report data in 2008 from two other Phase II human efficacy clinical trials evaluating the Company’s drugs AL-108 and AL-208 in major underserved neurodegenerative diseases.

Prof. Illana Gozes honoured
Allon also announced today that Prof. Illana Gozes, the Company’s founder and chief scientist, has been honoured by her peers in Israel for her neuroscience research.

Prof. Gozes was selected as the 2007 recipient of the Tel Aviv University Applied Research Award. The award is given to one faculty member annually for outstanding achievements in applied research exemplified by numerous versatile inventions and patents.

Prof. Gozes was also elected as the President-elect of the Israel Society for Neuroscience to serve a term as President beginning in December 2008. The goal of the Israel Society for Neuroscience is to promote understanding of how the central and peripheral nervous systems operate under normal and pathological conditions.

Prof. Gozes is a professor of clinical biochemistry, the Lily and Avraham Gildor Chair for the Investigation of Growth Factors and the Director of the Adams Super Center for Brain Studies at Tel Aviv University. She is also a member of the Sackler Faculty of Medicine, the editor-in-chief of the Journal of Molecular Neuroscience, and a member or chair of several national and international scientific committees.

Gordon McCauley, President and CEO of Allon, said Prof. Gozes’ research achievements include the discovery and development of the novel class of proprietary compounds that is now being evaluated in Allon’s clinical trials.

“We join with Illana’s colleagues in honouring her achievements. Her research is the foundation of a new class of drugs that treats the causes of neurodegenerative disease,” said McCauley. “Illana’s extensive library of more than 200 peer-reviewed articles, and numerous pre-clinical efficacy studies in the most severe models of Alzheimer’s and other diseases, have led directly to our three Phase II human clinical trials.”

About Allon
Allon Therapeutics Inc. is a clinical-stage biotechnology company developing treatments for major neurodegenerative conditions. Allon has three Phase II human efficacy trials under way pursuing three large underserved markets: Alzheimer's disease, stroke and cognitive impairment associated with schizophrenia. The Company is listed on the Toronto Stock Exchange under the trading symbol "NPC" (Neuroprotection CompanyTM) and based in Vancouver. For additional information please visit the Company's website: www.allontherapeutics.com.

Forward Looking Statements
There are forward-looking statements contained herein that are not based on historical fact, including without limitation statements containing the words "believes", "may", "plans", "will", "estimate", "continue", "anticipates", "intends", "expects", and similar expressions. Such forward-looking statements involve 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 such forward-looking statements. Such factors include, among others, Allon's stage of development, lack of product revenues, additional capital requirements, risks associated with the completion of clinical trials and obtaining regulatory approval to market Allon's products, the ability to protect its intellectual property and dependence on collaborative partners. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.

FOR FURTHER INFORMATION PLEASE CONTACT:
Allon Therapeutics Inc. - Investor and Media Contact
Aaron Keay
Manager, Investor Relations
(604) 742-2540 or Cell: (604) 323-6911
Email: akeay@allontherapeutics.com
Website: www.allontherapeutics.com