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 reductions.
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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