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Alseres Pharmaceuticals, Inc. Announces $1 Million Financing
Date:11/21/2008

HOPKINTON, Mass., Nov. 21 /PRNewswire-FirstCall/ -- Alseres Pharmaceuticals, Inc. (Nasdaq: ALSE), today announced that it has entered into a securities purchase agreement with Robert Gipson for the private placement of 543,478 shares of common stock of the Company, together with warrants to purchase 543,478 additional shares of common stock at an exercise price of $1.84 per share, for a total purchase price of $1.84 per share. The financing resulted in total gross proceeds of $1 million. The Company intends to use the net proceeds from this private placement to fund its research and development programs and otherwise for general corporate purposes.

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The securities offered and sold by Alseres in this private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission ("SEC") or an applicable exemption from registration requirements. Alseres has agreed to file a registration statement with the SEC covering resale of the shares of common stock and the shares of common stock issuable upon exercise of the warrants issued in the private placement.

This notice is issued pursuant to Rule 135c under the Securities Act and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

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