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Alseres Pharmaceuticals, Inc. Reports First Quarter 2008 Operational and Financial Results
Date:5/14/2008

Conference Call To Be Held Thursday, May 15, 2008 at 9:00 a.m. Eastern Time

HOPKINTON, Mass., May 14 /PRNewswire-FirstCall/ -- Alseres Pharmaceuticals, Inc. (Nasdaq: ALSE) today reports operational and financial results for the quarter ended March 31, 2008 and provides further information for fiscal year 2008. Recent highlights include:
- Encouraging 12 month interim results from the Phase I/IIa Cethrin(R)

clinical trial in acute spinal cord injury

- Entry into an option agreement which provides the Company with an

option to amend its Cethrin license to lower milestone payments and

royalty rates in exchange for a fee

- Expansion of sites for the first stage of the Parkinson's or Essential

Tremor, or POET-2, Altropane(R) Phase III clinical trial program

- $5 million raised in March 2008

"Our programs continue to show promising progress," said Peter G. Savas, Chairman and Chief Executive Officer of Alseres. "We are encouraged by the unprecedented sensory and motor recovery seen in patients treated with Cethrin in our Phase I/IIa clinical trial. Key opinion leaders with whom we have spoken are highly impressed by the efficacy findings in the study. Armed with these results and after discussions with regulatory authorities and expert advisors, we were able to reduce the planned size of our Phase IIb clinical trial from 200 patients to a maximum of 100 patients providing us with potential time savings and cost reductions."

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

"We plan to start this trial in acute cervical spinal cord injury patients in the seco
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SOURCE Alseres Pharmaceuticals, Inc.
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