Alseres Pharmaceuticals, Inc. Announces $1 Million...( HOPKINTON Mass. Jan. 13 /- Alseres Ph...)

HOPKINTON, Mass., Jan. 13 /PRNewswire-FirstCall/ -- Alseres Pharmaceuticals, Inc. (Nasdaq: ALSE), today announced that on January 8, 2009 it entered into a securities purchase agreement (the "Agreement") with Robert Gipson for the private placement of 1,000,000 shares of common stock of the Company at a purchase price of $1.00 per share. The financing resulted in total gross proceeds of $1 million. In connection with the Agreement, Mr. Gipson agreed to the cancellation of a warrant previously issued to him to purchase 543,478 shares of common stock of the Company at a purchase price of $1.84 per share. The Company intends to use the net proceeds from this private placement to fund its research and development programs and otherwise for general corporate purposes.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080813/NEW056LOGO )

In connection with the Agreement, the Company issued an additional 456,522 shares of its common stock to Mr. Gipson pursuant to a Letter Agreement (the "Letter Agreement") between the Company and Mr. Gipson dated November 20, 2008. The Letter Agreement provided that if the Company sold shares of its common stock at a price below $1.84, subject to certain exceptions, prior to December 31, 2009, Mr. Gipson would be entitled to receive, for no additional consideration, additional shares of common stock and warrants in accordance with a pre-determined formula. Under the Agreement, Mr. Gipson has waived his right to additional warrants.

The securities offered and sold by Alseres in this private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Ex
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