Member Press Release 

Allon granted Australian patent for learning and memory compound

September 27, 2006

VANCOUVER, September 27^th, 2006 - Allon Therapeutics Inc. (TSX: "NPC"), the "Neuro Protection Company", announced today that it has been granted an Australian patent for its class of compounds that has shown promise in the improvement of learning and memory.

The Australian Patent No. 2001275111 is entitled "Use Of Activity Dependent Neurotrophic Factor-Derived Polypeptides for Enhancing Learning and Memory". Allon has also patented the technology in the European Union, Hong Kong and New Zealand and has patents pending in the United States, Japan and Canada.

Allon’s compounds have a unique mechanism of action and have been shown to be effective in treating the underlying causes of more than nine brain diseases and conditions. Drugs on the market today treat only the symptoms — not the causes — of these diseases and injuries.

For example, Allon has shown in preclinical animal studies that its product AL-108 is effective in reducing both amyloid plaques and neurofibrillary tangles in the brain, two pathologies most closely correlated with Alzheimer’s disease in humans. No drug on the market today has any impact on these plaques and tangles.

The Company has two products in human clinical trials. AL-108 is being evaluated as a treatment for Alzheimer’s and AL-208 is being evaluated as a prevention and treatment for the mild cognitive impairment (MCI) that commonly occurs following coronary artery bypass graft (CABG) surgery.

Professor Illana Gozes, an internationally acclaimed neuroscientist, is one of three inventors of this class of compounds. Prof. Gozes is the founding scientist of Allon. Allon has exclusive worldwide rights to this granted patent via its license agreements with the U.S. National Institutes of Health and Tel Aviv University.

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.

For further information:
Investor and Media contacts:

Gordon McCauley
President & CEO
Allon Therapeutics Inc.
P: (604) 736-0634
C: (604) 218-4742
E: gmccauley@allontherapeutics.com

Or

Aaron Keay
Allon Therapeutics Inc.
Manager, Investor Relations
604 323 6911 - Cellular
604 742 2540 - Direct Office
604 736 0634 - Office
604 736 1616 - Fax
akeay@allontherapeutics.com