Talon Therapeutics Announces Review of Strategic Alternatives

Mon Jan 7, 2013 9:02am EST

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SOUTH SAN FRANCISCO, Calif., Jan. 7, 2013 (GLOBE NEWSWIRE) -- Talon Therapeutics (OTCBB:TLON), a
biopharmaceutical company focused on expert and efficient clinical development of product
candidates targeting hematologic malignancies and solid tumors, as well as a product candidate for
the treatment-limiting skin toxicities of the EGFR-inhibitor class of cancer therapeutics, today
announced that the Board has authorized a review of strategic alternatives. Goldman Sachs has been
engaged to provide financial advisory services. The review of strategic alternatives may lead to a
possible transaction, including the merger, business combination, or sale of the company.

No decision has been made to enter into a transaction at this time, and there can be no assurance
that Talon will enter into a transaction in the future. The company does not plan to disclose or
comment on developments regarding the strategic review process until further disclosure is deemed
appropriate.

About Talon Therapeutics

Talon Therapeutics, Inc. is a biopharmaceutical company dedicated to seizing upon medical
opportunities, efficiently and expertly leading product candidates through clinical development,
and transferring value to patients, patient care providers, shareholders, corporate partners, and
employees.

In addition to Marqibo (vincCRIStine sulfate LIPOSOME injection) which received accelerated
approval from the US FDA in August 2012, Talon has additional pipeline opportunities some of
which, like Marqibo, have the potential to improve delivery and enhance the therapeutic benefits
of well characterized, proven chemotherapies and enable high potency dosing without increased
toxicity.

Additional information on Talon Therapeutics can be found at www.talontx.com
http://www.globenewswire.com/newsroom/ctr?d=10017162&l=6&a=www.talontx.com&u=http%3A%2F%2Fwww.talontx.com%2F
.

The Talon Therapeutics, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3290
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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are often, but not always, made through
the use of words or phrases such as "anticipates," "expects," "plans," "believes," "intends," and
similar words or phrases. These forward-looking statements include without limitation, statements
regarding Talon's ability to complete any strategic transaction. Such statements involve risks and
uncertainties that could cause Talon's actual results to differ materially from the anticipated
results and expectations expressed in these forward-looking statements. These statements are based
on current expectations, forecasts and assumptions that are subject to risks and uncertainties,
which could cause actual outcomes and results to differ materially from these statements. Such
risks and uncertainties include: the likelihood of completing a strategic transaction; Talon's
lack of experience commercializing pharmaceutical products; that Talon will be able to secure the
additional capital necessary to fund operational activities for Marqibo, including its ongoing
research and development programs to completion; Talon's reliance on third-party clinical research
organizations to develop its product candidates, and its lack of experience in developing
pharmaceutical products. Additional risks are described in the company's Annual Report on Form
10-K for the year ended December 31, 2011 and its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2012. Talon assumes no obligation to update these statements, except as
required by law.

CONTACT: Corporate
         Talon Therapeutics, Inc.
         Investor Relations Team
         (650) 588-6641
         investor.relations@talontx.com
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