Avalon Pharmaceuticals Receives Audit Opinion Containing Going Concern Statement

GERMANTOWN, Md.--(BUSINESS WIRE)--Apr 7, 2009 - Avalon Pharmaceuticals, Inc. (Nasdaq:AVRX), today announced, in compliance with NASDAQ Marketplace Rule 4350(b)(1)(B), that the independent audit report included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 contained an unqualified audit opinion from its independent public accounting firm, Ernst & Young LLP, which included a “going concern” explanatory statement. This disclosure is required under NASDAQ rules and does not represent any change to the Company's Annual Report on Form 10-K for the year ended December 31, 2008 which was filed on March 31, 2009 with the Securities and Exchange Commission.

About Avalon Pharmaceuticals

Avalon is a biopharmaceutical company focused on the discovery, development and commercialization of first-in-class cancer therapeutics.

Contact: Avalon Pharmaceuticals, Inc.
C. Eric Winzer
Executive Vice President & Chief Financial Officer
301-556-9900
Fax: 301-556-9910
info@avalonrx.com

Posted: April 2009


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