Genaera Corporation Announces Third Quarter Financi...( PLYMOUTH MEETING Pa. Nov. 9 /- Ge...)

PLYMOUTH MEETING, Pa., Nov. 9 /PRNewswire-FirstCall/ -- Genaera Corporation (Nasdaq: GENR) today announced its financial results for the three- and nine-month periods ended September 30, 2007. The net loss for the three-month period ended September 30, 2007, was $3.7 million, or $(0.21) per basic and diluted share, as compared to a net loss of $4.5 million, or $(0.26) per basic and diluted share, for the three-month period ended September 30, 2006. The net loss for the nine-month period ended September 30, 2007, was $9.9 million, or $(0.57) per basic and diluted share, as compared to a net loss of $17.6 million, or $(1.30) per basic and diluted share, for the nine- month period ended September 30, 2006.

Genaera's research and development expenses for the three- and nine-month periods ended September 30, 2007, were $2.9 million and $9.5 million, respectively, compared to $3.9 million and $14.6 million, respectively, for the same periods in 2006. The decrease was primarily due to a decrease in clinical and personnel costs as a result of the discontinuation of the EVIZON(TM) (squalamine lactate) program for the treatment of wet age-related macular degeneration, partially offset by an increase in clinical and personnel costs related to the trodusquemine (MSI-1436) program for the treatment of obesity.

Genaera's general and administrative expenses for the three- and nine- month periods ended September 30, 2007, were $1.2 million and $4.3 million, respectively, compared to $1.4 million and $4.5 million, respectively, for the same periods in 2006. The decrease in the three-month period ended September 30, 2007, was due principally to decreases in stock-based compensation expense for stock options and restricted s
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