Alseres Pharmaceuticals, Inc. Reports First Quarter 2008 Operational and Financi...(be reduced from 10-12% to 4% for s...),Health

from 10-12% to 4% for spinal cord injury and 1% for all other

indications. Finally, the amended license agreement will eliminate all

development milestones.

- In April 2008, Alseres announced the expansion in the number of sites

now open for enrollment in the first stage of the Altropane POET-2

Phase III clinical trial program. The sites participating in the first

stage of the POET-2 clinical trial program are: 1) University of

Alabama, Birmingham, AL, Principal Investigator: Ray Watts, M.D.;

2) University of Arizona Medical Center, Tucson, AZ, Principal

Investigator: Scott Sherman, M.D.; 3) Cedars-Sinai Medical Center,

Los Angeles, CA, Principal Investigator: Alan Waxman, M.D.;

4) University of Florida McKnight Brain Institute, Gainesville, FL,

Principal Investigator: Ramon Rodriguez, M.D.; 5) Dartmouth-Hitchcock

Medical Center, Lebanon, NH, Principal Investigator: David Coffey,

M.D.; 6) University of Texas Houston Medical School, Houston, TX,

Principal Investigator: Mya Schiess, M.D.; 7) University of Texas

Southwestern Medical Center, Dallas, TX, Principal Investigator:

Padraig O'Suilleabhain, M.D.

- On March 18, 2008, the Company entered into a Third Amended and

Restated Convertible Promissory Note Purchase Agreement 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 te
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