TLN Thallion Pharmaceuticals

Thallion Pharmaceuticals Inc. (TSX VENTURE:TLN) ("Thallion" or "Company") today
announced that a Special Committee comprised of independent directors of its
Board of Directors (the "Board") has engaged a leading healthcare-specialized
investment banking group to conduct both a strategic review of the Company and
to assist the Board in identifying and evaluating potential corporate
opportunities, all with a view to maximizing the full value of the Company's
assets and shareholder value. Although the outcome of this review is uncertain,
the possibilities include, but are not limited to, the continued development of
Shigamabs(R), in-licensing of additional clinical assets, merger, acquisition or
sale transaction. Thallion has not established a definitive timeline to complete
its review and will be assessing all available alternatives within the next few
months. It is Thallion's current intention not to disclose developments with
respect to the process, unless and until the Board has approved a specific
transaction, if any, reached a conclusion with respect to available
alternatives, or otherwise determines that disclosure is necessary or
appropriate. The Company cautions that there are no assurances or guarantees
that the process will result in a transaction or, if a transaction is
undertaken, the terms or timing of such a transaction. In the meantime, Thallion
will complete the one year patient follow-up safety assessment and close out the
SHIGATEC trial as per protocol over the next three months. All other material
spending on the Shigamabs(R) program will be temporarily suspended.  


"With more than $10 million in capital, limited liabilities and a clean balance
sheet, we believe Thallion's intrinsic value continues to far exceed its current
market capitalization," said Dr. Allan Mandelzys, CEO of Thallion. "With the
help of our advisors and the support of our Board, we are hopeful in leveraging
our cash, management team and clinical development expertise to generate the
best value creating opportunities available for the benefit of all our
shareholders." 


About Thallion Pharmaceuticals Inc. 

Thallion Pharmaceuticals Inc. (TSX VENTURE:TLN) is a biotechnology company
developing pharmaceutical products in the areas of infectious disease and
oncology. The Company's clinical programs include Shigamabs(R) and TLN-4601, a
novel anti-cancer therapy. Shigamabs(R) is a dual antibody product being
evaluated in a Phase II clinical trial for the treatment of Shiga
toxin-producing E. coli bacterial infections. Additional information about
Thallion can be obtained at www.thallion.com. 


Forward-Looking Statements 

This press release contains certain forward-looking statements, including,
without limitation, statements containing the words "believe", "may", "plan",
"will", "estimate", "continue", "anticipate", "intend", "expect" and other
similar expressions which constitute "forward-looking information" within the
meaning of applicable Canadian securities laws. Forward-looking statements
reflect Thallion's current expectation and assumptions, and are subject to a
number of risks and uncertainties that could cause actual results to differ
materially from those anticipated. These forward-looking statements involve
risks and uncertainties including, but not limited to, risks relating to the
outcome of the strategic review process. Given these risks and uncertainties,
readers are cautioned not to place undue reliance on such forward-looking
statements. Thallion undertakes no obligation to publicly update or revise any
forward-looking statements either as a result of new information, future events
or otherwise, except as required by applicable Canadian securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Michael Singer
Chief Financial Officer
(514) 940-3600
(514) 336-2343 (FAX)
info@thallion.com
www.thallion.com

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