MONTRÉAL, QUÉBEC--(Marketwire - Dec. 4, 2012) - Thallion Pharmaceuticals Inc. (TSX:TLN) ("Thallion") today announced that it has obtained conditional approval to list its common shares on the TSX Venture Exchange (the "TSX-V") and expects that it will satisfy the remaining conditions for TSX-V listing approval. Concurrently, Thallion has applied for a voluntary delisting of its common shares from the Toronto Stock Exchange (the "TSX"). The delisting from the TSX is expected to become effective on or around December 21, 2012.

This announcement follows a previous announcement made by the Company on July 11, 2012 that the TSX notified Thallion that it was reviewing the securities of Thallion with respect to meeting the continued listing requirements of the TSX. As Thallion's securities did not meet the minimum requirements during the review period for remaining listed on the TSX, the company opted to voluntarily delist in order to ensure the uninterrupted trading of its common shares.

"Our business objectives remain unchanged and our new listing on the TSX-V will continue to allow our shareholders access to a regulated market and continue to provide liquidity for our common shares," said Dr. Allan Mandelzys, Thallion's Chief Executive Officer.

About Thallion Pharmaceuticals Inc.

Thallion Pharmaceuticals Inc. (TSX:TLN) is a biotechnology company developing pharmaceutical products in the areas of infectious disease and oncology. The Company's clinical programs include Shigamabs® and TLN-4601, a novel anti-cancer therapy. Shigamabs® 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, the satisfaction of the conditions to listing on the TSXV, the timing of receipt of the TSXV's final listing approval and the listing of Thallion's common shares on the TSXV. 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.

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