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Allon Files Preliminary Shelf Prospectus

VANCOUVER, Nov. 22, 2012 /PRNewswire/ - Allon Therapeutics Inc. (TSX: NPC) has filed a preliminary short form base shelf prospectus (the "Shelf Prospectus") with the securities commissions in each province and territory of Canada (other than Quebec).

Allon's pivotal phase 2/3 clinical trial is evaluating lead neuroprotective drug candidate davunetide as a potential treatment for progressive supranuclear palsy (PSP), a rapidly progressing and fatal degenerative brain disease. The Company is on track to release top-line data from the clinical trial in the second half of December 2012.

Matthew J. Carlyle, Allon's Chief Financial Officer, said positive data from the trial could position Allon to seek regulatory approval in the PSP market, estimated to be $700-million.

"We believe that it is important to maintain corporate finance flexibility," Carlyle said. "The prospectus is intended to help facilitate Allon's ability to efficiently access the capital markets, including in the event that the davunetide clinical trial is successful."

The Shelf Prospectus, when made final, will enable the Company to offer up to $50 million of common shares, common share purchase warrants, units consisting of common shares and whole or partial common share purchase warrants, preferred shares, debt securities and/or subscription receipts entitling the holder to acquire, upon the satisfaction of certain release conditions and for no additional consideration, common shares, warrants, units or preferred shares during the 25-month period that the Shelf Prospectus, including any amendments thereto, remains effective. Securities may be offered separately or together, in amounts, at prices and on terms to be determined based on market conditions at the time of sale and set forth in an accompanying prospectus supplement.

About Allon Allon Therapeutics Inc. is a clinical-stage biotechnology company focused on bringing to market innovative central nervous system therapies. Allon's lead drug davunetide is proceeding in a pivotal clinical trial in an orphan indication, progressive supranuclear palsy (PSP), under a Special Protocol Assessment (SPA) with the U.S. Food and Drug Administration (FDA). The trial is complete and on track to analyse the data and release top-line results during the second half of December 2012. This pivotal trial is based upon statistically significant human efficacy demonstrated in patients with amnestic mild cognitive impairment, cognitive impairment associated with schizophrenia, and in positive biomarker data.

The Company is listed on the Toronto Stock Exchange under the trading symbol "NPC".

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