Allon receives Qualifying Therapeutic Discovery Project grants for drug development from U.S. government

08-Nov-2010 - Canada

Allon Therapeutics Inc. announced that its wholly-owned United States subsidiary has been awarded two non-taxable grants totalling approximately $500,000 from the United States government under the Qualifying Therapeutic Discovery Project (QTDP) program. Therapeutic discovery projects that show reasonable potential to result in new therapies to treat areas of unmet medical need; prevent, detect, or treat chronic or acute disease and conditions; and reduce long-term health care costs in the United States are eligible for the QTDP program under the Patient Protection and Affordable Health Care Act of 2010.

The grants awarded to the Company will help fund development of Allon’s clinical-stage neuroprotective drug candidate davunetide as a treatment for progressive supranuclear palsy (PSP) and preclinical-stage drug candidate AL-309 as a treatment for peripheral neuropathy.

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