Allon, Paladin neurology news

Paladin proposed to purchase all issued and outstanding Allon shares for C$1 total, plus C$900,000 ($867,807) in cash. Allon believes that its creditors "will derive a greater benefit as a result" of the proposed acquisition than would result from a liquidation process under the Canadian Bankruptcy and Insolvency Act. Allon's creditors will meet on June 12 to discuss the proposed deal, which must close by Aug. 1. Additionally, Allon said the TSX has halted trading of Allon shares on the exchange, and the company expects to delist from TSX at market close on June 28. At March 31, Allon had C$589,484 ($579,080) in cash and a three-month loss of C$1.1 million ($1.1 million). Allon reported a 2012 operating loss of C$14.9 million ($15 million).

Last December, Allon said it will not allocate any additional capital to R&D for davunetide after the eight amino acid activity-dependent neuroprotective protein (ADNP) missed the co-primary endpoints in a Phase II/III trial in 313 patients with progressive supranuclear palsy (PSP). At the time, the company said it would evaluate its strategic options going forward and would take immediate action to reduce its operating expenses, including a reduction in headcount. ...