ALLON TO PROCEED WITH PHASE I CLINICAL TRIAL

Allon Therapeutics announced it will begin Phase I human clinical trials next month evaluating its second drug product AL-208 intended as a treatment for mild cognitive impairment associated with cardiac artery bypass graft surgery.

The investigational new drug application was made active by the FDA during the statutory 30-day review period. This Phase I trial will administer AL-208 intravenously to 48 subjects randomized into six dose groups in a double-blind, placebo-controlled, randomized ascending study. The trial will evaluate the safety, tolerability, and pharmacokinetics of AL-208 in healthy adults. The study will be completed later this year, with data becoming available in early 2006.

Approximately 500,000 patients in the U.S. and 800,000 patients worldwide undergo cardiac artery bypass graft surgery every year. The post-CABG MCI market is estimated to be $3 billion annually. Currently there is no therapy available that ameliorates or treats the cognitive damage associated with artery bypass surgery.