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Alseres Pharmaceuticals, Inc. Raises $5 Million
Date:3/20/2008

HOPKINTON, Mass., March 20 /PRNewswire-FirstCall/ -- Alseres Pharmaceuticals, Inc. (Nasdaq: ALSE) today announced that it entered into a Third Amended and Restated Convertible Promissory Note Purchase Agreement dated as of March 18, 2008, among Robert L. Gipson, Thomas Gipson, Arthur Koenig, Ingalls & Snyder Value Partners, L.P. and Highbridge International LLC (each a "Purchaser"). The agreement provides for the Company to borrow, in addition to the $25 million already borrowed from the Purchasers, $5 million from Robert L. Gipson, an existing Purchaser. The agreement further provides that the Company may borrow up to an additional $5 million from any Purchaser on the terms and conditions in the agreement. All other terms of the agreement remained the same.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070608/NEF043LOGO)

Kenneth Rice, the Company's Executive Vice President & Chief Financial Officer commented, "We are pleased to have the continuing support of Bob Gipson as a stockholder in the growth of Alseres. These additional funds and the potential to borrow additional capital in the future will enable us to continue to advance our clinical programs and our on-going partnering activities for our molecular imaging assets. We are grateful to Ingalls & Snyder Value Partners, the Gipsons, Mr. Koenig and Highbridge for their support of this amendment and their continued support of our mission and programs".

Robert Gipson, who serves as a Senior Director of Ingalls & Snyder LLC and a General Partner of Ingalls & Snyder Value Partners, L.P., served as a director of the Company from June 15, 2004 until October 28, 2004.

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SOURCE Alseres Pharmaceuticals, Inc.
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