2006 - Allon Therapeutics Announces Milestones for 2006
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 18, 2006) -
Allon Therapeutics Inc. (TSX:NPC), The Neuro Protection CompanyTM, today announced the key milestones for its clinical development program in 2006 that include commencement of two Phase II human clinical trials to evaluate the company's product candidates as treatments for Alzheimer's disease, and mild cognitive impairment following cardiac artery bypass graft surgery (MCI post-CABG). In addition, Allon is evaluating a potential third indication and will consider whether to begin a third Phase II trial in 2006.
Gordon McCauley, Allon's President and Chief Executive Officer, said the company's 2006 milestones are based on its 2005 achievements. Key achievements in 2005 included:
- Phase I clinical trials evaluating product candidate AL-108 as a treatment for Alzheimer's disease;
- Phase I clinical trials evaluating product candidate AL-208 for MCI post-CABG;
- Graduation to the Toronto Stock Exchange from a listing on the TSX Venture market; and
- Completion of an equity financing, ensuring that the Company has the financial resources to execute its business plan through 2006 and into the second half of 2007.
"There are millions of people who suffer with no effective treatment in these disease markets and we are becoming increasingly recognized as a leading developer of drugs that halt or prevent serious degenerative diseases and injury to the central nervous system," McCauley said. "Our team has done a great job of meeting milestones and we will remain focused on continuing to execute."
Allon's compounds have shown efficacy in models of eight different pre-clinical central nervous system diseases where there are large unmet needs. Allon is taking advantage of the broad effectiveness with a clinical strategy to develop its compounds in two different routes of administration - intranasal and intravenous - and in disease indications where there are significant market opportunities.
Allon's clinical and regulatory milestones for 2006 are:
- Release Phase I clinical trial results for AL-208 for MCI post-CABG
- File a Canadian clinical trial application for AL-208 Phase IIa for MCI post-CABG
- Commence and complete AL-208 Phase Ib multi-dose clinical trial for MCI post-CABG
- Commence and complete AL-108 Phase Ib multi-dose clinical trial for Alzheimer's disease
- Commence AL-208 Phase IIa clinical trial for MCI post-CABG
- Commence AL-108 Phase II clinical trial for Alzheimer's disease
About Allon
Allon Therapeutics Inc. is a Canadian biotechnology company developing drugs that protect against neurodegenerative conditions such as Alzheimer's disease, mild cognitive impairment, stroke, traumatic brain injury, multiple sclerosis and neuropathy. The company is listed on the Toronto Stock Exchange under the trading symbol "NPC" (Neuro Protection Company) and based in Vancouver.
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