Allon to study AL-108 drug distribution in Alzheimer's patients

VANCOUVER, February 20, 2008 — Allon Therapeutics Inc. (TSX: NPC), The Neuro Protection CompanyTM, announced today that it has expanded the scope of its ongoing clinical trial evaluating the pharmacokinetics of the Company’s drug AL-108 by adding Alzheimer’s disease patients to the study.

Allon announced January 10, 2008 that it had commenced dosing in an additional trial designed specifically to evaluate the cerebrospinal fluid (CSF) and plasma pharmacokinetics (PK) of the Company’s drugs AL-108 and AL-208 in healthy adult subjects.

Gordon McCauley, Allon's President and CEO, said that adding Alzheimer’s patients to this trial reflects the Company’s commitment to methodically advance its clinical programs and ensure that it has the most robust data set to design a Phase IIb clinical trial in Alzheimer’s. Allon expects to start this Phase IIb trial in 2008 after it reports data this quarter from its Phase IIa efficacy trial in patients with amnestic mild cognitive impairment (aMCI), a precursor to Alzheimer’s.

“Adding these Alzheimer’s patients to our PK study will look at whether Alzheimer’s patients handle our drugs any differently from healthy adult subjects and will make sure we know what to expect when we move into Phase IIb study in Alzheimer’s,” said McCauley. “It also allows us to include some experimental CSF biomarkers for Alzheimer’s to look at the disease modification mechanism of action in humans.”

McCauley said the Company expects to release results from this PK study in Q2 this year.

CSF is the fluid that surrounds the brain and spinal cord. Its close proximity to brain tissue means that measuring drug levels in the CSF gives an evaluation of brain concentrations without having to remove brain tissue. By comparing drug levels in the CSF and plasma it is possible to estimate the portion of drug dose that crosses into the brain.

AL-108 is being evaluated in a Phase II trial in patients with amnestic mild cognitive impairment (aMCI), a precursor to Alzheimer’s disease, and in a Phase II trial in cognitive impairment associated with schizophrenia. AL-108 is administered intranasally.

AL-208 is being evaluated in a Phase II trial as prevention for the mild cognitive impairment (MCI) resulting from ischemic damage during coronary bypass graft surgery (CABG). Trial results will also indicate AL-208’s potential as a treatment for the ischemic damage resulting from stroke. AL-208 is administered intravenously.

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.

- 30 -

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