Genaera Corporation Announces 2007 Financi...(s primarily due to an increase inclinica...)

Date:3/31/2008

s primarily due to an increase in clinical, manufacturing, research and personnel costs related to the trodusquemine (MSI-1436) program for the treatment of type 2 diabetes and obesity and an increase in stock-based compensation related to stock options granted throughout the year. This increase was partially offset by a decrease in indirect personnel costs associated with reductions in force in 2007.

Genaera's general and administrative expenses for the year and quarter ended December 31, 2007 were $6.8 million and $2.5 million, respectively, compared to $6.0 million and $1.5 million, respectively, for the same periods in 2006. The increase in general and administrative expenses for the year ended December 31, 2007 as compared to the same period in 2006 was due principally to an increase in legal fees associated with the Company's 2007 strategic review and realignment costs associated with reductions in force in 2007. The increase in general and administrative expenses for the quarter ended December 31, 2007 as compared to the same period in 2006 was due principally to an increase in stock-based compensation related to stock options granted throughout the year.

The Company's cash, cash equivalents and short-term investment balance was $20.9 million at December 31, 2007.

"In early 2007, we conducted a comprehensive review of our development portfolio to focus on Genaera's product assets with the greatest commercial potential," stated Jack Armstrong, President and CEO. "As a result, we undertook a restructuring and strategic refocusing initiative to concentrate on two core programs, MSI-1436 for the treatment of type 2 diabetes and obesity being developed internally, and MEDI-528 for the treatment of asthma being developed by our partner, MedImmune, Inc. Both programs advanced in the clinic in 2007. The first phase 1 trial of MSI-1436 in healthy, obese and overweight volunteers was completed in October 2007 and a second phase 1 study in obese typ
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