VANCOUVER, Dec. 21, 2012 /CNW/ - Allon Therapeutics Inc. (TSX: NPC) announced today that, after the negative results in its
pivotal davunetide study, it has implemented staff and administrative
As part of this process approximately 40% of its staff has been
terminated. These changes are consistent with the strategic review
announced on December 18. As part of that strategic review, a number
of additional personnel have accepted working notice of potential
future termination while the Company assesses its strategic options.
Allon also announced that Dr. Michael Gold, Vice President, Clinical
Development and Chief Medical Officer of the Company, has resigned.
"We are grateful for Mike's leadership and expertise, which contributed
so much to a well-designed and executed pivotal study", said Gordon
McCauley, President and CEO.
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.
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