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

nd half of this year," Savas noted. "Our recent agreement to improve the terms of the Cethrin license may represent a major step forward for Alseres in realizing the full value of our Cethrin spinal cord program and our Rho inhibitor technology platform and may open up key partnering opportunities."

Recent Corporate Highlights

- The 12 month interim results from the Phase I/IIa Cethrin clinical

trial in acute spinal cord injury show promising neurological recovery

in severely injured acute cervical spinal cord injury patients treated

with Cethrin. The trial enrolled a total of 48 patients of which 37

have reached the full 12 month follow up evaluation. The data for

these first 37 patients indicate that at 6 and 12 months after

treatment, 38% (5/13) of cervical injury patients showed marked

recovery of motor and sensory function after treatment as measured by a

2-grade or better improvement in the American Spinal Injury

Association, or ASIA, Impairment Scale. Subgroup analysis of ASIA

grade by dose group indicate that Cethrin doses of 1 and 3 mg appear to

be the most beneficial for cervical patients with 43% (3 of 7) showing

the same 2-grade or better recovery of motor and sensory function. In

addition, one cervical patient in each of the 1 and 3 mg dose groups

showed a 3-grade improvement to AIS D.

- We entered into an option agreement whereby the Company can exercise

its option to amend certain terms of the Cethrin license with BioAxone

Therapeutic, Inc. in exchange for a fee of $7 million. If Alseres

exercises this option, the pre-commercial milestone payments in the

amended license agreement will be reduced from $25 million to

$7 million payable on or before December 31, 2009. In addition, the

sales-based royalties in the amended license agreement will
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SOURCE Alseres Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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