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Alseres Pharmaceuticals, Inc. Reports 2007 Financial Results and Provides Company Highlights

Conference Call To Be Held Tuesday, April 1, 2008 At 10:00 a.m. Eastern

Daylight Time

HOPKINTON, Mass., March 31 /PRNewswire-FirstCall/ -- Alseres Pharmaceuticals, Inc. (Nasdaq: ALSE) today reported consolidated financial results for the year ended December 31, 2007 and company highlights.

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"2007 was a year of significant clinical, regulatory, pipeline and business accomplishments that helped advance our mission of building a leading biopharmaceutical company focused on disorders of the central nervous system," commented Peter G. Savas, Chairman and Chief Executive Officer of Alseres. "Our progress reinforces our confidence in the broad potential of our pipeline and in our leadership in nerve repair and regenerative therapeutics. Our focus in 2008 will be on commencing the Phase IIb trial of CETHRIN, partnering our molecular imaging assets and closing collaborations for our regenerative therapeutics."

2007 and Recent Corporate Highlights

Product Pipeline and Scientific Highlights

Advanced the Regenerative Therapeutics pipeline.

-- In April 2007, the Company reported 6-month interim data from its Phase

I/IIa Clinical Trial in Acute Spinal Cord Injury on the first 37

subjects treated with CETHRIN at doses up to 6 mg. The data indicated

that CETHRIN was safe and well tolerated. The overall population of

patients treated with CETHRIN demonstrated an improvement in their

impairment level on the American Spinal Injury Association scale that

was approximatelmay differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. Alseres is providing the information in this press release as of this date and assumes no obligations to update the information in this press release.

Contact: Sharon Correia -- 508-497-2360 ext 224

y 400% greater than the conversion rate for patients in

a comparable historical study who did not receive CETHRIN. When

analyzed as a subset, patients with cervical (neck) injuries who were

treated with CETHRIN showed improvement using the same impairment scale

that was almost 700% greater than the full patient group treated with

only the standard of care reported in the comparable study. In

subjects with cervical injuries, the interim efficacy data also suggest

that the conversion rate was dose-dependent.

-- In April and June 2007, Health Canada and the U.S. Food and Drug

Administration (FDA), respectively, authorized enrollment at an

increased dose level (9mg) in the CETHRIN Phase I/IIa clinical trial.

-- In January 2008, we ended enrollment in the CETHRIN Phase I/IIa

clinical trial. In total, 48 patients were enrolled at nine sites in

the United States and Canada. The results of the trial will continue

to be analyzed and communicated as the post-treatment evaluations are


-- At the end of 2007 and in early 2008, the Company met with the FDA,

Health Canada and the European Medicines Agency (EMEA), to review the

Phase I/IIa results and our CETHRIN clinical development plan. Based

on these discussions, Alseres plans to initiate a double-blind,

randomized, placebo-controlled, multi-center Phase IIb trial in up to

200 subjects with acute cervical SCI at up to 80 sites in the United

States, Canada, Europe and other selected countries during the second

half of 2008.

Presented results at major scientific and medical meetings.

During 2007, the Company presented data from its clinical programs at a

number of peer-reviewed scientific and medical meetings including:

-- Canadian Spine, March 2007;

-- American Association of Neurological Surgeons (AANS), April 2007;

-- American Spinal Injury Association (ASIA), June 2007;

-- World Spine, July 2007;

-- Congress of Neurological Surgeons, September 2007; and

-- North American Spine Society, October 2007

Advanced the Molecular Imaging Program.

-- In July 2007, Alseres completed a study with our collaborators that

optimized ALTROPANE's image acquisition protocol. We believe the

optimized protocol will enhance ALTROPANE's use once commercialized.

-- After a series of discussions with the FDA and our expert advisors, our

POET-2 program was designed as a two-part Phase III program using the

optimized ALTROPANE image acquisition protocol. The first part of the

program was initiated in December 2007 in a multi-center clinical study

in subjects to acquire a set of ALTROPANE images to train the expert

readers. The second part involves two concurrent, replicate, multi

center Phase III trials. These two concurrent trials will be initiated

once final agreement on the design of the two trials is reached with

the FDA.

-- Data from a study to evaluate the Test/Re-test reliability of ALTROPANE

in Parkinson disease patients were presented at Movement Disorder

Society's 11th International Congress of Parkinson's Disease and

Movement Disorders in June 2007. The data demonstrated that ALTROPANE

uptake is reduced in Parkinson's Disease patients with moderate PD and

has excellent test/re-test reliability.

-- We advanced partnering discussions for our Molecular Imaging Program

the focus of which was the completion of the Phase III clinical

program, development of the product in Dementia with Lewy Bodies,

development of the product in Europe, ultimately the launch and

commercialization of ALTROPANE and product family life cycle management

with our second generation technologies.

Progressed our preclinical programs in regenerative therapeutics,

neurodegenerative disease and molecular imaging.

-- Data from a rodent study designed to measure the levels of Inosine in

the brain during intravenous infusion of high concentrations of Inosine

were presented at the American Society for Experimental

NeuroTherapeutics (ASENT). This study showed that, when administered

intravenously using a new, high concentration formulation of Inosine,

Inosine levels in the brain increased more than 600% over baseline

levels. Inosine is a nerve regenerative factor that has been shown to

promote axon outgrowth in neurons and has potential to be used to treat

CNS disorders such as spinal cord injury, stroke, and traumatic brain


-- Findings from a study to determine brain bioavailability following oral

administration of three of Alseres' highly-selective dopamine

transporter (DAT) blockers were also presented at the ASENT meeting.

The data presented showed that all three of the Company's DAT blockers

given orally were rapidly absorbed into the blood and the brain and

provided favorable brain-to-blood plasma ratios.

-- Working with our scientific collaborators, we initiated a series of

comparative studies in which other of our regenerative technologies,

including Inosine, Oncomodulin and other compounds, are being tested in

parallel in a series of models of CNS disorders to assess their

potential to enhance nerve repair. If successful, these studies may

enable the most promising candidates and indications to be taken

forward in development.

-- We are also evaluating our Rho inhibitors in animal models to assess

their ability to stimulate cells to regenerate bone. It is estimated

by our market research resources that there are approximately two

million bone grafting procedures in the United States every year. The

market for orthopedic biomaterials used in these procedures was

estimated to be approximately $4 billion in 2006. In addition, the

fastest growing segment of this market is recombinant protein products

which is expected to grow to $2.9 billion by 2012.

-- We are developing second-generation technetium-based imaging agents to

aid in the diagnosis of PD, Dementia with Lewy Bodies (DLB), and

Attention Deficit Hyperactivity Disorder (ADHD). We have previously

demonstrated in non-human primate studies that our technetium-based

agents are effective in binding the to DAT in sufficient quantity and

with high-selectivity to provide a readable image in the normal brain.

During 2007, we devised a new radiolabeling procedure for our

technetium agents that results in a high purity, high yield product as

a prelude to obtaining definitive images in non-human primates.

Continued Intellectual Property (IP) leadership notably in regenerative


Alseres' IP portfolio includes issued, allowed or granted patents from the

U.S. and other key countries worldwide. During 2007, the company

submitted 14 new patent applications covering our regenerative

therapeutics, molecular imaging, and neurodegenerative disease assets. We

were granted three new patents covering CETHRIN, four additional patents

covering other regenerative therapies and one patent covering our DAT

blocker platform.

Business & Operational Highlights

Licensed Phase I/IIa Regenerative Therapeutics Program in acute SCI.

In December 2006, Alseres licensed, from BioAxone Therapeutic, Inc. of

Montreal, Canada, development and commercialization rights of CETHRIN, as

well as other specified compounds.

Renamed Company to reflect strategic vision.

In June 2007, Boston Life Sciences was renamed Alseres Pharmaceuticals.

The new name, which derives from the Latin meaning to take root and grow,

better reflects the transformation of the Company from a life sciences

company into a biopharmaceutical company with late stage product

candidates in clinical development for CNS disorders.

Raised $27 million in new cash in 2007, an additional $5 million in

2008 and eliminated $10 million of debt.

-- In early 2007, we borrowed $2 million in debt that, along with the $8

million of debt outstanding at December 31, 2006, converted into our

common stock in June 2007.

-- In 2007 and in March 2008, we borrowed an aggregate of $30 million

under convertible notes that mature on December 31, 2010. These notes

are convertible into our common stock at a conversion price of $2.50

per share or the right to receive future payments related to our

molecular imaging products (including ALTROPANE and FLUORATEC) in

amounts equal to 2% of our pre-commercial revenue related to such

products plus 0.5% of future net sales of such products for each

$1,000,000 of outstanding principal and interest that a purchaser under

this agreement elects to convert into future payments.

Organizational Highlights

Continued to expand management team with key additions.

In 2007, Alseres added Dr. Frank Bobe to the position of Executive Vice

President and Chief Business Officer and Susan Flint to the position of

Senior Vice President Drug Development.

Continued development of the Board of Directors.

In 2007, Alseres elected Gary Frasier and Henry Brem to its Board of

Directors. The Company also formed a Science and Technology Committee

comprised of independent directors of the Board. The committee consists

of Robert Langer, Sc.D., of MIT who serves as chair of the committee,

Henry Brem, M.D., of Johns Hopkins University School of Medicine and Gary

Frashier, of Management Associates.

Named key thought leaders in the area of spinal cord injury research to

advise on the CETHRIN development program.

In May 2007, Alseres formed a scientific and clinical advisory panel. The

panel is composed of some of the world's leading experts in the field of

SCI and nerve repair: John F. Ditunno, Jr. M.D., of Jefferson Medical

College; James Fawcett, M.D., of Cambridge University Centre for Brain

Repair; Michael G. Fehlings M.D., Ph.D., of the University of Toronto and

Principal Investigator in the CETHRIN Phase I/IIa trial; Daniel P.

Lammertse, M.D., of Craig Hospital; John Steeves, Ph.D., of the University

of British Columbia (UBC) and Vancouver Coastal Health (VCH); and Mark

Tuszynski, M.D., Ph.D., of the University of California at San Diego. They

joined the Company's current scientific advisors: Larry Benowitz, Ph.D.,

Children's Hospital Boston; Zhigang He, Ph.D., Children's Hospital Boston;

and Joseph Bianchine, M.D., former advisor to Schwarz Pharma.

Financial Highlights for 2007

-- Cash, cash equivalents and marketable securities at December 31, 2007

totaled $4.2 million as compared to $1.5 million at December 31, 2006.

Convertible notes payable at December 31, 2007 totaled $23.3 million as

compared to $8 million in notes payable at December 31, 2006.

-- Net loss attributable to common stockholders for 2007 was $19.5

million, or $1.04 per share, as compared to a net loss attributable to

common stockholders of $26.4 million, or $1.59 per share, for 2006.

-- Research and development (R&D) expenses totaled $10.5 million during

2007 as compared to $18.5 million during 2006. The decrease in R&D

expenses was primarily attributable to the CETHRIN license fee of $10

million in 2006.

-- General and administrative (G&A) expenses were $8.4 million in 2007 as

compared to $7.9 million in 2006. The increase in G&A expenses was

primarily related to higher commercialization and communication costs

and higher headcount offset by lower costs related to our collaboration

and fundraising efforts.

Conference Call Access Information

The Company will host a conference call to discuss results on, April 1,

2008, at 10:00 a.m. Eastern Daylight Time. The call can be accessed by

dialing dial 877-718-5104 (or 719-325-4843 for international

participants). The participant pass code for this conference call is

7767549. Please dial in 5 to 10 minutes prior to the scheduled start

time. A replay of the call will be posted on the Investor Relations

section of the website,, within 48 hours following

the conference call and will be available through Tuesday, April 15, 2008.

About Alseres

Alseres Pharmaceuticals, Inc. (ALSE) is engaged in the development of therapeutic and diagnostic products primarily for disorders in the central nervous system (CNS). The Company maintains a world-class intellectual property position in the field of regenerative therapeutics. The Company's energy and focus is reflected in several important initiatives. CETHRIN, a recombinant-protein-based drug designed to promote nerve repair after acute spinal cord injury, demonstrated positive interim results in a Phase I/IIa clinical trial. The Company's research and pre-clinical programs include, Inosine for the treatment of spinal cord injury and stroke, Oncomodulin for the treatment of ocular injury and disease and research programs directed at a number of regenerative therapies including bone repair. The Company has a robust molecular imaging development program targeting diagnosis of Parkinson's disease and potentially dementia and ADHD. The Company's lead molecular imaging product candidate is ALTROPANE which is in Phase III clinical trials for the diagnosis of Parkinsonian Syndromes including Parkinson's Disease. The Company has research collaborations with Harvard Medical School and Children's Hospital Boston.

Forward-Looking Statements

The foregoing release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include statements regarding Alseres' future expectations, beliefs, intentions, goals, strategies, plans or prospects regarding the future, including the development and commercialization of ALTROPANE and CETHRIN, the prospects of the Company's CNS and regenerative therapeutics programs, the Company's strategies to develop and commercialize axon regeneration technologies and the breadth of the Company's technologies and intellectual property portfolio. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to in the Company's Annual Report on Form 10-K for the year ended December 31, 2007 filed with the Securities and Exchange Commission under the section "Risk Factors," as well as other documents that may be filed by Alseres from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results

SOURCE Alseres Pharmaceuticals, Inc.
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