Israeli-Canadian biopharmaceutical company Allon Therapeutics Inc. (TSX: NPC) has reported good results from a Phase IIa clinical trial. The results show that the company’s lead neuro-protective drug candidate, davunetide intranasal (AL-108), has a positive impact on the ability of schizophrenia patients to carry out important activities in their daily lives.
In 2008, Allon reported Phase IIa results showing that the same product had a positive impact on memory function in patients with mild cognitive impairment, a precursor of Alzheimer’s disease.
Allon was set up based on technology developed by Prof. Illana Gozes at the Weizmann Institute of Science and Tel Aviv University. The company has a market cap of $47.6 million. One of the main shareholders is the entrepreneur Efi Gildor.
The company claims that most existing schizophrenia treatments are aimed at preventing the psychotic attacks associated with the illness.
Published by Globes [online], Israel business news - www.globes-online.com - on July 13, 2009
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