Allos Therapeutics Announces Public Offering of 9,000,000 Shares of Common Stock

  
    
  
  
    
      Allos Therapeutics, Inc. (Nasdaq:ALTH) announced today that it is 
      offering to sell, subject to market and other conditions, 9,000,000 
      shares of newly issued common stock in an underwritten public offering. 
      In connection with the offering, the Company expects to grant the 
      underwriters a 30-day option to purchase an additional 1,350,000 shares 
      of common stock from the Company to cover overallotments. The Company 
      plans to use the net proceeds from the financing primarily for clinical 
      and preclinical research and development of its product candidates, 
      manufacture of clinical trial material and pre-commercial scale-up 
      activities for PDX, working capital and general corporate purposes.
    
    
      Merrill Lynch & Co. is acting as sole bookrunner for this offering. Banc 
      of America Securities LLC and Citigroup Global Markets Inc. are acting 
      as co-lead managers. Information about the offering is available in the 
      prospectus supplement filed with the Securities and Exchange Commission. 
      Copies of the prospectus supplement may be obtained from Merrill Lynch & 
      Co., by mail at Merrill Lynch's prospectus department at 4 World 
      Financial Center, New York, NY 10080.
    
    
      The shares will be issued pursuant to a shelf registration statement 
      filed with the Securities and Commission on May 23, 2007 and declared 
      effective on June 5, 2007. This press release does not and shall not 
      constitute an offer to sell or the solicitation of an offer to buy the 
      Company's common stock, nor shall there be any sale of the common stock 
      in any state or jurisdiction in which such an offer, solicitation or 
      sale would be unlawful prior to registration or qualification under the 
      securities laws of any state. Any offer, if at all, will be made only by 
      means of a prospectus, including a prospectus supplement, forming a part 
      of the effective shelf registration statement.
    
    
      About Allos Therapeutics, Inc.
    
    
      Allos Therapeutics is a biopharmaceutical company focused on developing 
      and commercializing small molecule therapeutics for the treatment of 
      cancer. The Company's lead product candidate, PDX (pralatrexate), is a 
      novel antifolate currently under evaluation in a pivotal Phase 2 
      (PROPEL) trial in patients with relapsed or refractory peripheral T-cell 
      lymphoma. The PROPEL trial is being conducted under an agreement reached 
      with the U.S. Food and Drug Administration under its special protocol 
      assessment, or SPA, process. The Company is also investigating PDX in 
      patients with non-small cell lung cancer and a range of lymphoma 
      sub-types. The Company's other product candidate is RH1, a targeted 
      chemotherapeutic agent currently being evaluated in a Phase 1 trial in 
      patients with advanced solid tumors or non-Hodgkin’s 
      lymphoma (NHL). For additional information, please visit the Company’s 
      website at www.allos.com.
    
    
      Safe Harbor Statement
    
    
      This press release contains forward-looking statements that are made 
      pursuant to the safe harbor provisions of the Private Securities 
      Litigation Reform Act of 1995. Such forward-looking statements include 
      statements concerning the completion of the proposed financing, the 
      potential to complete our ongoing development programs with the proceeds 
      of the financing, and other statements which are other than statements 
      of historical facts. In some cases, you can identify forward-looking 
      statements by terminology such as "may," "will," "should," "expects," 
      "intends," "plans," anticipates," "believes," "estimates," "predicts," 
      "projects," "potential," "continue," and other similar terminology or 
      the negative of these terms, but their absence does not mean that a 
      particular statement is not forward-looking. Such forward-looking 
      statements are not guarantees of future performance and are subject to 
      risks and uncertainties that may cause actual results to differ 
      materially from those anticipated by the forward-looking statements. 
      These risks and uncertainties include, among others: the risk that the 
      financing may be delayed or may not occur due to market or other 
      conditions and the risk that additional capital may be required in the 
      future to complete on-going trials. Additional information concerning 
      these and other factors that may cause actual results to differ 
      materially from those anticipated in the forward-looking statements is 
      contained in the "Risk Factors" section of the Company's Annual Report 
      on Form 10-K for the year ended December 31, 2007, the Company's other 
      periodic reports and filings with the SEC and the prospectus supplement 
      related to the proposed offering filed with the SEC on May 19, 2008. The 
      Company cautions investors not to place undue reliance on the 
      forward-looking statements contained in this press release. All 
      forward-looking statements are based on information currently available 
      to the Company on the date hereof, and the Company undertakes no 
      obligation to revise or update these forward-looking statements to 
      reflect events or circumstances after the date of this presentation, 
      except as required by law.