Paladin Labs, Inc. has acquired Allon Therapeutics in accordance with the Order for Reorganization in Allon’s proposal proceedings under Canada’s Bankruptcy and Insolvency Act and Business Corporations Act, becoming the sole shareholder of Allon.
 
In May, Allon and Paladin entered an agreement under which Paladin would obtain all outstanding shares of Allon through a reorganization of Allon’s share structure and make a cash payment to Allon of $900,000.
 
Immediately prior to Paladin becoming the sole shareholder of Allon, all existing issued and outstanding shares and other securities of Allon were cancelled without payment or other consideration. As the sole shareholder of Allon, Allon will cease being a reporting issuer in Canada.