VANCOUVER, March 27, 2013 /CNW/ - Allon Therapeutics Inc. (TSX: NPC) today announced its audited operating results for 2012.
During the fourth quarter of 2012, Allon announced that its pivotal
clinical trial evaluating its lead product candidate davunetide as a treatment for progressive supranuclear palsy (PSP) failed to demonstrate efficacy in this population.
Gordon McCauley, Allon's President & CEO, said "the Company is
continuing to evaluate its strategic options going forward, and
believes that there are logical strategic options for the business.
Assuming that one of these transactions completes, we believe the
Company will be able to meet its obligations, however until that
process is complete we will continue to aggressively manage cash."
This strategic review includes all options for exploiting Allon's assets
and aggressive management of ongoing operating expenses.
Results of operations
Allon reported a net loss of $14,916,297 ($0.12 per share) for the year
ended December 31, 2012, compared to a net loss of $12,774,995 ($0.15
per share) for the year ended December 31, 2011, representing an
increase in net loss of $2,141,302. At December 31, 2012, the Company
had cash and cash equivalents of approximately $1.37 million.
Allon Therapeutics Inc. is a clinical-stage biotechnology company
focused on bringing to market innovative central nervous system
therapies. The Company is listed on the Toronto Stock Exchange under
the trading symbol "NPC".
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.
For further information:
Allon Therapeutics Inc.