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Genaera Corporation Announces 2007 Financial Results
Date:3/31/2008

(and it is not obligated) to publicly update, revise or correct these forward-looking statements or the risk factors that may relate thereto.

GENAERA CORPORATION

STATEMENTS OF OPERATIONS

(In thousands, except per share data)

Year Ended Quarter Ended

December 31, December 31,

2007 2006 2007 2006

Revenues $ 2,737 $ 892 $ 76 $ 528

Costs and expenses:

Research and development 13,097 17,669 3,640 3,057

General and administrative 6,792 5,996 2,534 1,505

19,889 23,665 6,174 4,562

Loss from operations (17,152) (22,773) (6,098) (4,034)

Interest income 1,278 1,542 268 422

Loss on sale of fixed assets -- (3) -- (3)

Loss before income taxes (15,874) (21,234) (5,830) (3,615)

Income tax benefit 147 -- -- --

Net loss $(15,727) $(21,234) $(5,830) $(3,615)

Net loss per share -

basic and diluted $ (0.90) $ (1.46) $ (0.33) $ (0.21)

Weighted average shares

outstanding - basic and 17,452 14,513 17,461 17,435

diluted

CONDENSED BALANCE SHEETS

(In thousands)

December 31, 2007 December 31, 2006

Cash, cash equivalents and

short-term investments $20,900 $33,806

Prepaid expenses and other

current assets 356
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SOURCE Genaera Corporation
Copyright©2008 PR Newswire.
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