This document provides an overview of Allon Therapeutics Inc., a biopharmaceutical company developing novel neuroprotective peptides. Their lead product, davunetide, has demonstrated human proof of concept in Phase 2 trials for Alzheimer's disease and is currently in an international Phase 2/3 pivotal trial for Progressive Supranuclear Palsy. Allon has a portfolio of neuroprotective peptides targeting various conditions and is pursuing orphan drug approval and commercialization while advancing their second generation products.

1. Corporate Overview June 2011

2. Forward Looking Statements ©2011 Allon Therapeutics Inc. 2 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 presentation is meant to promote a pharmaceutical product or make a regulated claim of efficacy.

4. International pivotal study underway in orphan market with SPA, Orphan Status (US & EU) and Fast Track

5. Lead demonstrated human proof of concept in two Phase 2 studies + positive imaging biomarker data

6. Pursue orphan market for first approval and proceed to major markets post approval with 2nd generation product

7. Financial resources to execute through major milestones

8. Strong intellectual property estate

9. Management team with proven & repeated track recordAllon Overview 3 ©2011 Allon Therapeutics Inc.

11. Dementia/Cognitive impairment

13. SAL; AL-209 (9 a.a.)

15. Tau hyperphosphorylation

16. Progressive loss of function

18. Reduces Tau hyperphosphorylation

19. Stabilizes and repairs microtubules

22. 2 doses (5 mg/QD, 15 mg BID)

23. 12 weeks

24. Randomized, placebo controlled, double blind

26. 2 doses (5 mg QD, 15 mg BID)

27. 12 weeks

28. Randomized, placebo controlled double blind

30. 2 doses (5 mg/QD, 15 mg BID)

31. 12 weeks

32. Randomized, placebo controlled double blind

34. Early onset dementia

35. Rapid decline

36. No effective treatment

37. Validated rating scale

38. Powered as a pivotal study

39. Defining future steps in AD/Schizophrenia

41. Safety to 60 mg/day

42. CSF penetration

43. Brain via systemic distribution

44. Healthy normal/aged, AD, FTD

45. 35 P/C studies in 17 models410 subjects dosed with davunetide

51. Strong basis for PSP pivotal study

52. Most advanced tau therapy in the world©2011 Allon Therapeutics Inc. 12

54. Davunetide appears to be efficacious on this pathology in both pre-clinical and human clinical studies

55. Decline is rapid -- facilitates reasonable study length

56. No effective therapy whatsoever

57. Patients are reliably diagnosed

60. 300 subjects randomized 1:1

61. 30 mgdavunetideBID or placebo

62. 12 months treatment

63. US, Canada, UK, France, Germany, & Australia

64. Primary outcomes: PSP Rating Scale and SEADL

65. Secondary outcomes: CGI, MRI, + various exploratory

66. Very tight inclusion/exclusion criteria

67. Enrolment commenced Q4 ’10; 50% enrolled (Q2’11)©2011 Allon Therapeutics Inc. 14

69. Modest literature on prevalence rates

71. Blinded davunetide product profile

72. Aim to understand the roles of specialists that refer, diagnose & treat

73. Pricing and reimbursement study in EU

74. Pricing and reimbursement study in US (underway)

76. ~25,000 cases US / ~40,000 cases EU

77. Twice as prevalent as Huntington’s

78. More prevalent than ALS

79. Clinicians said if approved davunetide would be clinically appropriate for 84% of their patients

80. Very conservative pricing assumptions suggest PSP has the potential to be a >$700-mm market©2011 Allon Therapeutics Inc. 16

81. ©2011 Allon Therapeutics Inc. 17 Important to my practice 2% 65% 2 1 3 7 6 4 5 Strongly disagree Strongly agree Offers a unique benefit 3% 2% 51% 78% Clear 2 2 1 1 3 3 7 7 6 6 4 5 4 5 Strongly disagree Strongly agree Strongly disagree Strongly agree Important to my patients 2% 75% 1% 49% Believable 2 1 3 2 7 6 1 4 5 3 7 6 4 5 Strongly disagree Strongly agree Strongly disagree Strongly agree Motivating to prescribe 3% 72% 2 1 3 7 6 4 5 Strongly disagree Strongly agree Davunetide Product Profile Perceptions Neuros agree that davunetideis valuable, unique, important and motivating to prescribe; less agreement that the product profile is clear and believable Top 2 Bottom 2 Top 2 Bottom 2 By % of Neuros: Distribution Valuable addition to my armamentarium 2% 80% 2 1 3 7 6 4 5 Strongly disagree Strongly agree ----------------------------------------------------------------------------------Q: Please select the response below which best describes your reaction to Product X for each of the statements below. Perceptions ordered descending by Top 2-box score. (N = 81) 17

83. Move to other tau-FTDs post approval (~ 4x the market)

84. Use 2nd generation product to exploit major markets

85. Allon market in North America pursue commercialization partner xUS

88. ~78-mm shares (106-mm fd), no prefs, no debt

89. Market cap ~ $35-mm

90. Volume ~ 125 k/day

91. Institutional ownership ~ 60%©2011 Allon Therapeutics Inc. 21

93. International pivotal study underway with SPA

94. First clinical program validating the tau pathway

95. Blockbuster market potential

96. 15 families of 55 issued composition of matter and use patents & 35+ pending

97. Broaden the pipeline assets

98. Management team with consistent track record of execution and achievement©2011 Allon Therapeutics Inc. 22

99. www.allontherapeutics.com 23 ©2011 Allon Therapeutics Inc.