News
Allon Therapeutics closes $15.0 million bought deal financing
VANCOUVER, May 29, 2007— Allon Therapeutics Inc. (the “Corporation”) (TSX:NPC), the Neuroprotection CompanyTM, confirmed today the closing of the bought deal financing announced on May 8th, 2007. The financing was led by Blackmont Capital Inc., and included GMP Securities L.P., Cormark Securities Inc. and Versant Partners Inc. (the “underwriters”). Upon closing the “underwriters” purchased 12,500,000 units at a price of $1.20 per unit for gross proceeds to Allon Therapeutics of $15,000,000.
Each Unit consists of one common share (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant a “Warrant”) of the Corporation. 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 biotechnology company developing treatments for major neurodegenerative conditions. Allon has 3 Phase II human efficacy trials underway pursuing three large underserved markets: Alzheimer's disease, schizophrenia and cognitive impairment. 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.
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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
