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Genaera Corporation Announces First Quarter Financial Results
Date:5/9/2008

PLYMOUTH MEETING, Pa., May 9 /PRNewswire-FirstCall/ -- Genaera Corporation (Nasdaq: GENR) today announced its financial results for the quarter ended March 31, 2008. The net loss for the quarter ended March 31, 2008 was $4.3 million, or $(0.24) per basic and diluted share, as compared to a net loss of $4.2 million, or $(0.24) per basic and diluted share, for the quarter ended March 31, 2007.

Genaera's research and development expenses for the quarter ended March 31, 2008 were $3.8 million compared to $3.5 million for the same period in 2007. The increase was due to increases in expenses related to the trodusquemine (MSI-1436) program for obesity and type 2 diabetes and a net increase in indirect expenses due to an increase in stock-based compensation related to stock options granted, partially offset by decreases in realignment costs and other indirect costs. These increases were partially offset by decreases in expenses related to the squalamine program for the treatment of wet age-related macular degeneration, the LOMUCIN(TM) program for the treatment of cystic fibrosis and the anti-IL9 antibody program.

Genaera's general and administrative expenses for the quarter ended March 31, 2008 were $2.2 million compared to $1.4 million for the same period in 2007. The increase was due to increases in stock-based compensation expense and an increase in legal fees.

The Company's cash, cash equivalents and short-term investments balance was $17.1 million at March 31, 2008.

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 rede
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