Thallion Announces Positive Outcome in Final Arbitration of TLN-232 License Agreement

Thallion Pharmaceuticals Inc. (TSX VENTURE:TLN) ("Thallion") today announced
that it received a binding, final award (the "Final Award") from the
International Chamber of Commerce (ICC) International Court of Arbitration
regarding the dispute with the licensor of TLN-232, Expergen GmbH Drug
Development ("Expergen"). Pursuant to the Final Award, the Arbitral Tribunal
concluded, among other things, that all claims for damages by Expergen against
Thallion have been rejected. Thallion will not bear any new costs in respect of
the arbitration, other than the legal expenses incurred to date, a portion of
which the Arbitral Tribunal ordered Expergen to reimburse to Thallion. 


"We are extremely pleased with the positive outcome of these arbitration
proceedings," said Dr. Allan Mandelzys, CEO of Thallion. "The Final Award
confirms our initial position that no damages were suffered by Expergen as a
result of the termination of the license agreement."


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 any
further litigation proceedings involving Expergen. 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: 
Thallion Pharmaceuticals Inc.
Michael Singer
Chief Financial Officer
(514) 940-3600
(514) 336-2343 (FAX)
info@thallion.com
www.thallion.com

Thallion Pharmaceuticals (TSXV:TLN)
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