Allon Therapeutics, Inc. Receives Approval to Begin a Phase II Clinical Trial for Schizophrenia

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 27, 2007) - Allon Therapeutics Inc. (TSX:NPC), The Neuro Protection CompanyTM, announced today that its IND (Investigational New Drug) application with the Unites States Food and Drug Administration (FDA), filed on February 20th, 2007, is now active and the Company may begin human clinical trials evaluating the Company’s product AL-108 as a treatment for schizophrenia-related cognitive impairment. Allon was selected by the United States National Institute of Mental Health-funded project TURNS (Treatment Units for Research of Neurocognition in Schizophrenia) for a Phase II clinical trial.

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