Allegiance Equity Corporation Announces Positive Results of In Vitro Studies and an Open Label Trial for Relieva in Treating Atopic Dermatitis

TORONTO, February 21, 2007 /PRNewswire-FirstCall/ -- Prime Pharmaceutical Corporation (with 37.5% equity interest held by Allegiance Equity Corporation ) is pleased to announce that its licensee, Apollo Pharmaceuticals, has conducted preclinical research studies to characterize the Pharmacological profile of Relieva(R), a topical preparation containing Psorberine in Novasome(R), a proprietary liposome formulation. The in vitro studies to specifically determine the immunoregulatory effects of Psorberine show that:

    1. It inhibits the growth of bacteria.

    2. It inhibits the release of the pro-inflammatory cytokines such as IL-8,

       TNF-alpha and IL-1beta, as well as the inflammatory cytokine IL-2. This

       effect of Psorberine may contribute to its anti-inflammatory activity.

    3. It inhibits the chemotaxis of T cells toward chemokines. An activity

       that is important for any anti-inflammatory compound.

The anti-inflammatory and antibacterial activity of psorberine suggests that it might be useful in patients with Atopic Dermatitis.

To determine the efficacy and tolerability of Relieva(R) in adult patients with Atopic Dermatitis, an open label study was conducted in the USA. Forty two patients were enrolled in the 12 week trial. The study was very successful and the final results will be available as soon as the analysis is completed.

Relieva(R) for Psoriasis

Psoriasis is an incurable skin disease that is characterized by rapid cell proliferation and inflammation. It affects 3% of the world's population, and The Medical Technology Stock Letter estimates the global market for psoriasis therapies to exceed $7 billion annually. Current treatments are primarily topical creams and ointments, most of which have side effects or safety concerns that preclude long-term use.

A major new clinical trial accepted and published in the American Journal of Therapeutics (American Journal of Therapeutics 13, pp.121-126 (2006)) recognized that Prime's Relieva(R) is a major breakthrough in the treatment of psoriasis providing effective relief without side effects. For further information visit www.relievaforpsoriasis.com

The TSX Venture Exchange has not reviewed and does not accept responsibility FOR THE ADEQUACY OR ACCURACY FOR THIS PRESS RELEASE, WHICH HAS BEEN PREPARED BY MANAGEMENT.

For further information on Allegiance Equity Corporation, contact David Solomon, President, by telephone at 416-944-2840 or or visit www.allegianceequity.com. dsolomon@primepharmaceutical.com

This press release was issued through GroupWeb EmailWire.Com: http://www.emailwire.com.

CONTACT: David Solomon, President, of Allegiance Equity Corporation,+1-416-944-2840, dsolomon@primepharmaceutical.com

Web site: http://www.allegianceequity.com/http://www.relievaforpsoriasis.com/http://www.emailwire.com/

Ticker Symbol: (:ANQ.)

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Posted: February 2007

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