Allon selected as Top 10 partnering prospect by CNS experts
VANCOUVER, Nov. 29, 2012 /PRNewswire/ – Allon Therapeutics Inc. (TSX: NPC) was selected as one of the “Top 10 CNS Licensing Prospects”
and will present today at the Windhover Therapeutics Area Partnerships
(TAP) conference in Boston, MA . A panel of independent experts
commissioned by the conference has selected Allon as one of the Top 10
partnering prospects globally in the neuroscience field.
Allon announced November 13 that patient treatment has been completed in
the multinational pivotal phase 2/3 clinical trial that is evaluating
the Company’s lead product davunetide as a potential treatment for progressive supranuclear palsy (PSP), a rapidly progressing and fatal degenerative brain disease.
Allon expects to disclose top line data from this pivotal study in the
second half of December.
Dr. Michael Gold, Vice President, Clinical Development and Chief Medical
Officer, said that the Company is on track to meet its objective of
releasing top-line data from the clinical trial in the second half of
December. “Given how close we are to data, and that davunetide is the
most advanced tau related therapy in the world, there has been a lot of
partnering interest” Gold said.
Gold said that positive data from the clinical trial would present Allon
with several options, including pursuing regulatory approval in the
U.S. and other markets for PSP. Allon estimates the market potential
for the first approved treatment for PSP could exceed $700 million in
the U.S. and Europe. PSP is suffered by approximately 25,000 people in
the United States and 40,000 people in the European Union.
Attendees at the Windhover TAP conference include financing and business
development leaders eager to assess some of the most promising drugs in
development and available for partnering in the hottest therapeutic
areas. Allon and other companies selected as “Top Projects to Watch”
make their presentations today and then hold one-on-one partnership
meetings today and Friday.
Conference officials said criteria for selection as Top Projects were
-- Large market, large unmet need, with increasing opportunity; -- History of the molecule and drug; -- Strong science; -- Strong company; -- Diversity of indications; -- Potential for new opportunities beyond the initial indications; and -- Multi-level partnering opportunities, i.e., biotech to biotech as well as pharma to biotech
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 before the end of 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
Forward Looking Statements
Statements contained herein, other than those which are strictly
statements of historical fact may include forward-looking information.
Such statements will typically contain words such as “believes”, “may”,
“plans”, “will”, “estimate”, “continue”, “anticipates”, “intends”,
“expects”, and similar expressions. While forward-looking statements
represent management’s outlook based on assumptions that management
believes are reasonable, forward-looking statements by their nature are
subject to 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 them. Such factors include, among others, the
inherent uncertainty involved in scientific research and drug
development, Allon’s early stage of development, lack of product
revenues, its additional capital requirements, the risks associated
with successful completion of clinical trials and the long lead-times
and high costs associated with obtaining regulatory approval to market
any product which Allon may eventually develop. Other risk factors
include the limited protections afforded by intellectual property
rights, rapid technology and product obsolescence in a highly
competitive environment and Allon’s dependence on collaborative
partners and contract research organizations. These factors can be
reviewed in Allon’s public filings at www.sedar.com and should be considered carefully. Readers are cautioned not to place
undue reliance on such forward-looking statements. Similarly, nothing
in this press release is meant to promote a pharmaceutical product or
make a regulated claim of efficacy.
SOURCE Allon Therapeutics Inc.