Genaera Corporation Announces 2007 Financi...(e 2 diabetics wasinitiated in early 2008...)

Date:3/31/2008

e 2 diabetics was initiated in early 2008. We hope to demonstrate proof-of-concept for MSI-1436 in type 2 diabetes in a phase 1b multiple- ascending dose study planned to start later this year. MedImmune has initiated four phase 2 trials of MEDI-528 to date. We are excited to be part of this partnership and look forward to reporting data as it becomes available. I believe we continue to make solid progress and 2008 will be a pivotal year for Genaera."

About Genaera

Genaera Corporation is focused on advancing the science and treatment of metabolic diseases. The Company has significant market opportunities with a first-in-class molecule, trodusquemine (MSI-1436), that has the potential to redefine the treatment paradigm for obesity and type 2 diabetes and is presently in a phase 1 trial in obesity. In addition, Genaera has a value- driven, fully out-licensed partnership with MedImmune for a second core program that is presently undergoing phase 2 clinical testing in asthma. Genaera is committed to directing resources to its core program and the aggressive clinical development of its key assets to build stockholder value. For further information, please see our website at http://www.genaera.com.

This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties, known and unknown. Forward-looking statements reflect management's current views and are based on certain expectations and assumptions. Such statements include, among others, statements regarding the preliminary results, clinical development plans and prospects for Genaera's programs including trodusquemine (MSI-1436) and the IL-9 antibody program. You may identify some of these forward-looking statements by the use of words in the statements such as "anticipate," "believe," "continue," "develop," "expect," "plan" and "potential" or oth
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