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Alseres Pharmaceuticals, Inc. Reports Third Quarter 2008 Operational and Financial Results
Date:11/13/2008

t of traumatic acute spinal cord injury (SCI) by the European Commission. The European Commission's decision was adopted following the favorable opinion issued by the European Medicine Agency (EMEA) Committee of Orphan Medicinal Products (COMP) at their meeting on June 10 and 11, 2008.

-- Results of a preclinical study of ALSE-100 demonstrated that Rho inhibitors could be useful in promoting bone healing. The data were presented at the Australian and New Zealand Bone and Mineral Society Annual Meeting, August 28-30, 2008, in Melbourne, Australia.

-- A poster entitled: "Altropane(R) SPECT in Parkinson Disease patients and healthy controls" was presented at the 2nd International Symposium on Neuroimaging in Parkinson's Disease and Related Disorders, October 21-22, 2008, in Chatham, MA.

-- We amended the Option Agreement with BioAxone to extend the date by which we can exercise our option from October 27, 2008 to November 27, 2008.

Financial Highlights of the Third Quarter 2008

-- Cash, cash equivalents and marketable securities at September 30, 2008 totaled $1.3 million as compared to $4.2 million at December 31, 2007. Convertible notes payable totaled $33.3 million at September 30, 2008 as compared to $23.3 million at December 31, 2007.

-- Net loss attributable to common stockholders was $5.1 million, or $0.25 per share, for the third quarter of 2008, as compared to $4.7 million, or $0.23 per share, in the third quarter of 2007.

-- Research and development (R&D) expenses totaled $2.8 million in the third quarter of 2008 as compared to $2.5 million in the third quarter of 2007. The increase in R&D expenses was primarily due to higher Altropane clinical costs.

-- General and administrative (G&A) expenses totaled $1.7 million for the third quarter of 2008 as compared to $2.0 million in the third quarter of 2007. The decrease in G&A expenses was primarily related to lower legal, patent and consulting costs.

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SOURCE Alseres Pharmaceuticals, Inc.
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