News
Allon Therapeutics announces exercise of over-allotment option and issuance of additional units
VANCOUVER, June 22, 2007 — Allon Therapeutics Inc. (TSX: NPC), The Neuro Protection CompanyTM, announced today that it has issued an additional 559,933 units (the "Units") at the price of $1.20 per Unit and 103,699.5 common share purchase warrants (the "Warrants") at a price of $0.16 per Warrant for gross proceeds to the Corporation of $688,511.52 following the exercise of a portion of the over-allotment option granted to the underwriters in connection with the Corporation’s recent public offering. The underwriting syndicate for the offering was led by Blackmont Capital Inc. and included GMP Securities L.P., Cormark Securities Inc. and Versant Partners Inc. (collectively, the “Underwriters”). The issuance of the Units and Warrants brings the total gross proceeds of the offering to $15,688,511.52.
Each Unit consists of one common share of the Corporation (a “Common Share”) and one-half of one Warrant. Each Warrant entitles the holder to purchase one Common Share at the exercise price of $1.65 for a period of 24 months following the closing of the offering.
The proceeds from the financing will be used for working capital and general corporate purposes.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
About Allon
Allon Therapeutics Inc. is a clinical-stage Canadian biotechnology company developing drugs that protect against neurodegenerative conditions, which impact the body’s central nervous system. Allon has three Phase II clinical programs in Alzheimer’s disease, mild cognitive impairment associated with coronary artery bypass graft (MCI-CABG) surgery and Schizophrenia related cognitive impairment. The Company is listed on the Toronto Stock Exchange under the trading symbol "NPC" (Neuro Protection 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.
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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
