Talon Therapeutics Announces Review of Strategic Alternatives

Talon Therapeutics Announces Review of Strategic Alternatives

Goldman Sachs Engaged as Financial Advisor

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

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.

The Talon Therapeutics, Inc. logo is available at

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

Talon Therapeutics, Inc. Logo
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