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Alseres Pharmaceuticals, Inc. Raises $5 Million

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.


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.

About Alseres Pharmaceuticals, Inc.

Alseres Pharmaceuticals, Inc. (ALSE) is engaged in the development of therapeutic and diagnostic products primarily for disorders in the central nervous system (CNS). The Company maintains a world-class intellectual property position in the field of regenerative therapeutics. The Company's energy and focus is reflected in several important initiatives. Cethrin(R), a recombinant-protein-based drug designed to promote nerve repair after acute spinal cord injury, demonstrated positive interim results in a Phase I/IIa clinical trial. The Company's research and pre-clinical programs include, Inosine for the treatment of spinal cord injury and stroke, Oncomodulin for the treatment of ocular injury and disease and research programs directed at a number of regenerative therapies including bone repair. The Company has a robust molecular imaging development program targeting diagnosis of Parkinson's disease and potentially dementia and ADHD. The Company's lead molecular imaging product candidate is ALTROPANE(R) which is in Phase III clinical trials for the diagnosis of Parkinsonian Syndromes including Parkinson's Disease. The Company has research collaborations with Harvard Medical School and Children's Hospital Boston.

Safe Harbor

The foregoing release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include statements regarding Alseres' future expectations, beliefs, intentions, goals, strategies, plans or prospects regarding the future, including the development and commercialization of ALTROPANE and Cethrin, the prospects of the Company's CNS therapeutics program, the Company's strategies to develop and commercialize axon regeneration technologies and the breadth of the Company's technologies and intellectual property portfolio. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 filed with the Securities and Exchange Commission under the section "Risk Factors," as well as other documents that may be filed by Alseres from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. Alseres is providing the information in this press release as of this date and assumes no obligations to update the information in this press release.

Contact: Sharon Correia -- 508-497-2360 ext 224

Alseres Pharmaceuticals, Inc.

SOURCE Alseres Pharmaceuticals, Inc.
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