Israeli-Canadian biopharmaceutical company Allon Therapeutics Inc. (TSX: NPC), disclosed in its third quarter results last week that it intends to "complete a development and commercialization partnership with a major pharmaceutical company" by the end of this year.
The company added that it "continues to make progress toward achieving its 2008 milestones, including commencing a Phase IIb clinical trial in Alzheimer’s disease," for its flagship drug AL-108 The company also expects to "complete patient enrolment of a Phase II trial evaluating AL-108 as a treatment for schizophrenia-related cognitive impairment, and expects enrolment to be completed during the fourth quarter and top-line results to be announced during the first quarter of 2009."
Allon Therapeutics is currently traded at a market cap of $34.4 million, following its successful completion of a Phase IIa trial in amnestic mild cognitive impairment (aMCI) patients, a precursor to Alzheimer’s disease. The drug improved patients' functioning compared with the placebo. The next stage will be a much large trial on actual Alzheimer patients.
Allon also expects that its R&D spending in the fourth quarter will be the same as in the third quarter.
Allon was founded in Israel by Ramot at Tel Aviv University Ltd., the university's technology transfer arm, on the basis of technology developed by the company's chief scientist, Prof. Ilana Gozes of the Sackler School of Medicine at Tel Aviv University, thanks to funding and support from businessman Ephraim Gildor, who invested in it at the seed stage.
Published by Globes [online], Israel business news - www.globes-online.com - on November 10, 2008
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